VEHICLE TO VEHICLE V2V COMMUNICATION MARKET ANALYSIS

Vehicle to vehicle V2V communication allows cars to communicate with each other and also with infrastructure such as traffic lights. This technology can aid in preventing various types of accidents, for example, by warning drivers, or warning about another driver jumping the red light. V2V communication technology also warn drivers about blind spots, vehicles coming to a sudden stop several cars ahead, and other such scenarios that could result in accidents. This technology only works between two vehicles that have V2V installed.

Furthermore, V2V communication technology operates up to 1,000 feet or about 300 meters, by giving drivers sufficient time to respond. It uses dedicated short-range communications (DSRC) which is a wireless network similar to Wi-Fi.

Global Vehicle to vehicle (V2V) communication Market: Regional Insights

In the US, Japan, and Europe, a lot of money is invested in research and development to create the best vehicle-to-vehicle communication systems. North America, primarily the U.S. s market share in the vehicle-to-vehicle communication sector is dominant

The European market is predicted to grow the fastest. The Asia Pacific, Middle East, and Africa regions have the highest potential for the vehicle-to-vehicle communication market due to rising populations, people's acceptance of technological advancements, and an increase in the number of vehicles on the road. This is because more and more car companies are placing a heavy emphasis on these regions. Throughout the forecast period, Latin America would experience consistent growth.

Because of its adoption of cutting-edge technology and governmental guidelines, North America holds the largest market share for Vehicle to Vehicle (V2V) Communication. To increase safety and traffic efficiency, both the public and private sectors are investing heavily in this area.

Figure 1. Global Vehicle to vehicle (V2V) communication Market Share (%), By Region, 2022

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Global Vehicle to vehicle (V2V) communication Market Drivers:

Improve safety, control traffic, and help to avoid Accidents

Vehicle-to-vehicle (V2V) communication can increase security, regulate traffic, and assist in preventing crashes, these features are used to increase security and the driving experience. One of the key factors driving the market for vehicle-to-vehicle (V2V) communication is the growing concern over safety. The market will expand due to the development of wireless technology, information exchange, and increased roadside communication. Radars and cameras are used to detect collisions, but vehicle-to-vehicle (V2V) communication improves crash avoidance. Vehicle to Vehicle (V2V) communication is a growing industry because this technology can help with traffic congestion. International market growth will also be fueled by cloud-based fleet management and governmental regulations.

Global Vehicle to vehicle (V2V) communication Market Opportunities:

Technology for Traffic Safety

Traffic is one of the main issues in all regions due to the growing population. Government actions are being taken to address the traffic issues. There are market opportunities due to the requirement to address traffic issues. Real-time data from vehicle to vehicle (V2V) communication allows for a complete view of the traffic. People take advantage of cutting-edge technology to help ensure their safety because they are worried about it. One of the best ways to guarantee customer safety is through the use of vehicle-to-vehicle (V2V) communication technology, which provides information about the location, braking, and direction of the vehicle. It has a range of up to 300 meters and gives drivers a great sense of safety. Moreover, the global market for vehicle-to-vehicle (V2V) communication is seeing new opportunities as a result of these features.

Global Vehicle to vehicle (V2V) communication Market Trends:

Increasing Investment in V2V communication Technology:

The introduction of autonomous vehicle technology is one of the key trends seen in the V2V communication market. Advanced driver-assistance system (ADAS) solutions have already been introduced to the market, changing the way that driving is perceived. Autotalks Ltd. is one illustration. Offers vehicle-to-vehicle solutions for applications involving mobility and safety. Through this, the vehicle communicates driving data to other on-road vehicles, such as speed, location, and path prediction. Vehicle communication and decision-making in challenging traffic situations are thus made possible.

One of the key factors propelling the vehicle-to-vehicle communication market is the governments and OEMs' growing concern for safety and security. These V2V communication messages, according to the National Highway Traffic Safety Administration (NHTSA), can detect dangers that are hidden by weather, terrain, or traffic and have a range of more than 300 meters. Currently available crash avoidance systems that use radars and cameras to detect collision threats are extended and improved by V2V communication. Road accidents decrease as a result of these technologies' ability to decrease traffic rule violations.

Global Vehicle to vehicle (V2V) communication Market Restraints:

Standardization of protocol and security issues:

There are some market constraints that can lower market demand. Data privacy issues are one of the main obstacles in the global Vehicle to Vehicle (V2V) Communication market. The proper implementation of Vehicle to Vehicle (V2V) communication technology requires agreement from automotive manufacturers to agree with funding. A significant barrier to the market for V2V communication is protocol standardization and security concerns. Because V2V technology stores a lot of data, it requires more cloud storage, which is another market constraint. Complex processing, security concerns, and analytic technicalities are a few of the factors limiting the growth of the Vehicle to Vehicle (V2V) Communication market trends. 

Figure 2. Global Vehicle to vehicle (V2V) communication Market, By End-Use

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Global Vehicle to vehicle (V2V) communication Market Segmentation:

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 By Region.

Global Vehicle to vehicle (V2V) communication Market: Key Developments

For Instance, in June 2021, Over 1.3 million people die annually as a result of traffic accidents, with low- and middle-income countries accounting for 93% of all traffic fatalities, according to the World Health Organization. More than 90% of all fatalities in the African continent are caused by traffic accidents. WHO offers the nations technical assistance for improving road safety. The market for vehicle to vehicle (V2V) communication is therefore driven by the vehicle's increasing concern for road safety.

For instance, in October 2022, advanced vehicle-to-vehicle communication technology for the armed forces to share data more securely was introduced at Defense Expo by a communication technology company Nav Wireless Technologies Pvt. Ltd headquartered in India. Defense Expo is an optical LiFi-based technology that transfers data from one vehicle to another using the light spectrum and LEDs installed in the vehicles.

In October 2020, Delphi Technologies was purchased by US-based automotive company BorgWarner for an undisclosed sum. BorgWarner offers technological solutions for combustion, hybrid, and electric vehicles. BorgWarner's electronics and power electronics products will be strengthened, its portfolio will be expanded, and the commercial vehicle and aftermarket industries, including the market for vehicle-to-vehicle communications, will be strengthened as a result of this acquisition. Vehicle communication interface technology is offered by Delphi Technologies, a power electronics technology and Products Company based in the UK.

Global Vehicle to vehicle (V2V) communication Market: Key Companies Insights

The Global Vehicle to vehicle (V2V) communication Market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the Global 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, others. Industry participants are increasingly emphasizing on development of cellular based systems and commercialization of 5G technology, in order to enhance efficiency of these systems.

*Definition: Vehicles can communicate with one another using a method called vehicle-to-vehicle (V2V) communication, which includes sending messages about information like speed, braking, location, direction, and loss of stability. Through the use of this technology, accidents, traffic congestion, and environmental degradation can be reduced. Vehicle to Vehicle V2V communication enables vehicles with the necessary software to use the message from other vehicles to learn about potential crash threats.