The “Global Vehicle-To-Vehicle (V2V) Communication Market, By Connectivity Type (Cellular based technology, and DSRC), By Deployment Type (OEM devices, and Aftermarket devices), By Application (Traffic Safety, Traffic efficiency, Infotainment, payments and other applications), By End-use (Passenger Cars, and Commercial Vehicles), and Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)– Global Forecast to 2027” is estimated to be valued at US$ 8,990.6 million in 2027 and expected to witness a CAGR of 26.7% during the forecast period of 2019 to 2027. Browse over 90 market data tables and 40 figures through 130+ pages on "V2V Communication Market - Global forecast to 2027”. Substantial loss of life and property, owing to road incidents, specifically due to human errors, are expected to fuel demand for technology that can eliminate or reduce number of accidents. V2V communication is a technology that can provide significant reduction in human errors, through Dedicated Short Range Communications (DSRC) incorporated with traffic safety features such as hazardous location warning, sudden stop warnings, lane assistance systems, and approaching ambulances, fire trucks, and police cars.
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DSRC based technology can be utilized in vehicles to exchange information between one another over a radius of up to 1 mile. These data transmission and reception occurs in a 75 MHz band of the 5.9 GHz spectrum (which is the expected standard to gain highest traction), to be used by vehicle mobility and safety applications. This band is already allocated by the U.S. Government for automotive applications, for secure messages that can be exchanged between vehicles up to 10 times per second. These messages are utilized for location, heading, speed, acceleration and braking information exchange, which is then processed to determine threats of collision, and warning is signaled to users for initiation of appropriate action. DSRC based V2V communication is thus expected to be the standardized form of equipment, and gain highest market penetration over the forecast years.
Key Takeaways of the V2V Communication Market:
- The global V2V communication market is estimated to witness a CAGR of 26.7% during the period 2019 to 2027, primarily due to the requirement to reduce the high number of fatal accidents every year, and the expected introduction of regulatory compliances for OEMs, specifically in the U.S, Europe, Japan and Australia. For instance, in December 2016, the US Department of Transportation’s (DOT) National Highway Traffic Safety Administration (NHTSA) announced that it would take steps to enable vehicle-to-vehicle (V2V) communication for light vehicles that would help in improving the safety. Additionally, in September 2015, the DOT announced that New York City, Wyoming, and Tampa would receive up to US$ 42 million funding to test next-generation technology such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I), that will increase safety and reduce traffic congestion.
- Asia Pacific dominated the global V2V communication market with 42.47% market share in 2018, and is expected to reach 45.8% market share in 2027.
- The OEM devices segment held the dominant position in the global V2V communication market in 2017, and is expected to retain its dominance throughout the forecast period. Currently, OEMs and government agencies are working together to develop uniform communication standards and mandates for technology adoption across the globe
- For instance, National Highway Traffic Safety Administration (NHTSA) is working with the companies operating in the automotive industry such as General Motors, Denso Corp., Delphi Automotive, Qualcomm, etc. to develop efficient technology for car-to-car information transmission.
- The cellular based technology is largely reliant on commercialization of 5G and its propagation. According to Coherent Market Analysis, the technology is still in its nascent stage and would require at least three to five years to get commercialized. However, some industry participants are emphasizing on technology, owing to several drawbacks of the DSRC based systems.
- Major players operating in the global V2V communication market include 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