The global vehicle-to-vehicle communication market is predicted to reach a value of $77.1 billion in 2030, increasing from $14.5 billion in 2019, progressing at a 16.6% CAGR during the forecast period (2020–2030). The key factors leading to the growth of the market are the increasing demand for enhanced safety features in vehicles, existence of supportive government regulations, and growing adoption of connected vehicles. When vehicle type is taken into consideration, the market is divided into commercial vehicle and passenger car.
On the basis of deployment, the V2V communication market is categorized into aftermarket devices and original equipment manufacturer (OEM) devices. Between these two, the OEM devices category accounted for the larger share of the market during the historical period (2015–2019), owing to the fact that most of the vehicle manufacturers offer in-built systems in their vehicles. In addition to this, these devices also provide highly precise information and continuous network connectivity by using in-vehicle infotainment and other systems.
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North America held the major share of the V2V communication market during the historical period, with the U.S. leading the regional market. The increasing penetration of innovative technologies, including ADAS and telematics and rising number of government regulations are driving the growth of the regional market. The Asia-Pacific region is projected to witness the highest CAGR during the forecast period, owing to the increasing demand for passenger vehicles and growing focus on vehicle safety in the region.
Hence, the vehicle-to-vehicle communication market is being driven by the growing concerns regarding safety and security across the globe and introduction of autonomous vehicles in the market.
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