The Global Vehicle to vehicle V2V communication Market was valued at US$ 22.99 Bn in terms of value in 2022. The need for vehicle-to-vehicle communication is expected to increase over the coming years as more people become aware of its potential to exchange information wirelessly about the position and speed of nearby vehicles, potentially reducing traffic congestion, preventing collisions, and improving the environment. In addition, regulatory agencies, the automotive sector, and academic institutions are working more closely together to create a secure environment for V2V communication to develop and realize its lifesaving potential.
Global Vehicle to vehicle V2V communication Market: Drivers
Increased Road Safety and Autonomous Vehicles
By enabling vehicles to communicate with one another and exchange crucial information about their surroundings, vehicle-to-vehicle (V2V) technology has the potential to significantly increase road safety. V2V communication can also increase the efficiency of transportation systems by lowering congestion, enhancing traffic flow, and increasing fuel efficiency. This can help prevent accidents, reduce fatalities and injuries, and improve overall road safety. V2V technology is a crucial part of the development of autonomous vehicles, and it can benefit both individual drivers and commercial fleets by reducing costs and increasing productivity. To navigate challenging traffic conditions and prevent accidents, autonomous vehicles rely on V2V communication. The demand for V2V technology will increase in tandem with the market for autonomous vehicles.
Global Vehicle to vehicle V2V communication Market: Opportunities
Reducing Traffic Congestion and Increasing Efficiency
In terms of mobility, there are many ways that V2V technology can reduce traffic congestion. First, the fact that vehicles are linked to a central hub gives transportation authority’s access to real-time traffic data, enabling them to better manage their infrastructure to increase efficiency and reduce congestion. By platooning with other vehicles moving in the same direction, the V2V communication system might enable vehicles to cooperate on the road. Because more vehicles can fit on the same amount of space, roadway capacity increases as a result.
Global Vehicle to vehicle V2V communication Market: Restraints
Concerns over Privacy, Security, and Potential Misuse
The vehicle-to-vehicle integrated network processes information about specific drivers. Because the technology is not subject to any definite limitations, private companies and the government can easily track automobiles. They can simultaneously watch over drivers and their driving habits. Automobiles that interact with one another via V2V can be tracked and have their data collected by automated license plate readers (ALPR). If this data is compromised, it could put user privacy at risk and cause other security issues. Given that business conflicts and criminal activity account for a sizable portion of road hijacking, any security breach resulting from V2V-enabled vehicles has the potential to be disastrous. For vehicle communication to be fully integrated, stringent security measures are needed. The car doors could close or the engine might exceed the speed limit if someone were to gain control of it due to a compromised system.
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Key Takeaways:
The Global Vehicle to vehicle V2V communication Market was valued at US$ 22.99 Bn in 2022 and is forecast to reach a value of US$ 56.92 Bn by 2030 at a CAGR of 12.0% between 2023 and 2030.
Passenger Car segment held dominant position in the Global Vehicle to vehicle V2V communication Market in 2022, accounting for 60.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Vehicle to vehicle V2V communication Market Trends:
Safety, New Players, Technology Integration, and Interoperability
In the inspection of Vehicle to vehicle V2V communication system, increased focus on safety, Emergence of new players, Integration with other technologies, Focus on interoperability can be seen. It is anticipated that the V2V market will expand over the next few years, propelled by a combination of government regulations, technological advancements, and safety concerns. New players, new technologies, and new applications are likely to appear as the market changes, opening up exciting possibilities for growth and innovation.
Global Vehicle to vehicle V2V communication Market: Competitive Landscape
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.
Global Vehicle to vehicle V2V communication Market: Recent 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 communications 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.
