The global Vehicle To Vehicle (V2V) Communication Market is estimated to be valued at US$ 25.75 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vehicle to vehicle (V2V) communication is a technology that allows communication between two or more vehicles. It utilizes Wi-Fi, Bluetooth, and cellular networks to transmit safety and mobility data between nearby vehicles. Some of the key advantages of V2V communication include improved road safety, traffic management, entertainment and infotainment options for drivers and passengers.
Market key trends:
One of the major trends in the V2V communication market is the integration of 5G technologies. 5G provides high-speed network connectivity which increases data transfer speeds and reduces latency in V2V communications. This allows vehicles to receive and transmit critical safety data like accident warnings, blind spot alerts etc. almost instantly. 5G-enabled V2V communication is expected to significantly improve road safety by preventing accidents. Several automakers and tech companies are working towards developing compatible vehicle models and networking infrastructure to support 5G-based V2V networks.
Segment Analysis
The vehicle to vehicle (V2V) communication market is segmented by technology, connectivity, and application. By technology, Dedicated Short Range Communications (DSRC) dominates the market currently due to its wide acceptance and use. DSRC allows vehicles to directly communicate with surrounding vehicles and infrastructure using Wi-Fi technology. It has specific frequency bands allocated for V2V communications and allows vehicles to broadcast safety messages to nearby vehicles at high data rates of up to 27 Mbps.
Key Takeaways
Market size
The global vehicle to vehicle (V2V) communication market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing road accidents and government initiatives to improve road safety.
Regional analysis
North America dominates the global V2V communication market currently due to strong presence of key players and government support through programs and initiatives for connected vehicles in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by increasing vehicle production in countries like China and India.
Key players
Key players operating in the vehicle to vehicle (V2V) communication market are Audi, Autotalks Ltd, Cisco Systems Inc., Delphi Automotive PLC, Denso Corporation, Ford Motor Co., General Motors, Harman International Industries Inc., Infineon Technologies AG, Kapsch TrafficCom (Kapsch), Lear Corporation, Mercedes-Benz, Qualcomm Technologies Inc., Savari Inc., and Toyota Vacaville.
