Vehicle-to-Vehicle Communication Reducing Road Accident Cases

The vehicle-to-vehicle (V2V) communication technology is being increasingly integrated by automobile original equipment manufacturers (OEMs) in their offerings due to the soaring public awareness about passenger and vehicle safety. As per the National Highway Traffic Safety Administration (NHTSA) under the U.S. Department of Transport, V2V communication messages have a range of more than 300 m, and they can detect dangers obscured by weather, traffic, or terrain. Additionally, V2V communication enhances the crash avoidance systems currently available that use cameras and radars to identify collision threats, thereby helping in reducing the number of road accidents.

In addition, the rising integration of autonomous vehicle technology will help the vehicle-to-vehicle communication market progress at a robust CAGR of 16.6% during 2020–2030. The market was valued at $14.5 billion in 2019, and it is expected to generate $77.1 billion revenue by 2030. The adoption of autonomous features, such as advanced driver-assistance systems (ADAS), has enhanced the driving experience and vehicle safety by allowing automobiles to communicate and analyze decisions in complex traffic conditions.

According to P&S Intelligence, North America dominated the vehicle-to-vehicle communication market in the preceding years, wherein the U.S. emerged as the larger user of these solutions. This can be primarily attributed to the increasing penetration of advanced technologies, such as ADAS and telematics, the mounting investments being made by private and government organizations in them, and rising implementation of favorable policy frameworks in the U.S. Moreover, the surging awareness about vehicle safety and the rising need to stay connected will fuel the adoption of the V2V technology in the region.

Whereas, Latin America, Middle East, and Africa (LAMEA) is expected to adopt V2V communication technology at the highest rate in the forthcoming years. This will be due to the increasing integration of telematics solutions in passenger cars and the mounting concerns and awareness of fleet owners regarding driver safety and vehicle diagnostics and tracking. Moreover, the Asia-Pacific (APAC) region is expected to display a high inclination toward V2V communication solutions due to the surging consumer focus on vehicle and passenger safety and escalating demand for fleet management solutions in India and China.

Thus, the rising public awareness about vehicle and passenger safety and burgeoning demand for autonomous vehicles will fuel the adoption of the V2V communication technology in the forthcoming years. 

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V2V Communication Market to Register 16.6% CAGR during 2020–2030

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.

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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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