Vehicle-to-Vehicle Communication Market Set for Significant Growth
United States/WA: The global vehicle-to-vehicle (V2V) communication market was valued at US$ 1,152.3 billion in 2018 and is expected to reach US$ 8,990.6 billion by the end of 2027, growing at a CAGR of 26.7% between 2019 and 2027.
Report Pages:[135 Pages]
The Competitive Area of the Vehicle-To-Vehicle (V2V) Communication Market is Defined by Key Players Like:- Daimler AG, Toyota, Delphi Automotive PLC, Harman International Industries, Inc., Mobileye NV, Ford Motor Co., Honda, Nissan, Volkswagen, Audi, Hyundai, and Kia.
Vehicle-To-Vehicle Communication (V2V) refers to the transfer of information between two or more discretely linked systems by means of wireless technologies. The most common and perhaps the least exploited application for V2V communication are vehicle tracking. Most tracked vehicles communicate their position to a central GPS database using the Global Positioning System. When it comes to regional impact, North America is registering robust traction since there is early adoption of advanced technology with relevant regulations mandating the use of V2V communication technology. Furthermore, Europe seems to be exhibiting positive signs with the rapid growth of the regional automotive sector.
Another benefit of V2V communication is in the area of personal auto alarm. Most vehicles nowadays come standard with a built-in alarm system which can be activated either by a touchpad call or manual switch on the vehicle’s keypad. Many newer vehicles offer a remote start system, which uses a small transmitter to activate the main engine just by pressing a button. One of the key reasons why V2V communication is adopted to reduce human error in road traffic accidents. Human error plays a major role in these accidents, which can be reduced significantly with the help of advanced communication technology within vehicles. As per the World Health Organization (WHO), around 20 to 50 million suffer non-fatal injuries in road accidents with around 1.34 million dying in road accidents each year worldwide. Hence, such factors can stimulate growth of the vehicle-to-vehicle (V2V) communication market.
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Another benefit of V2V communication is in the area of personal auto alarm. Most vehicles nowadays come standard with a built-in alarm system which can be activated either by a touchpad call or manual switch on the vehicle’s keypad. Many newer vehicles offer a remote start system, which uses a small transmitter to activate the main engine just by pressing a button. However, there are certain aspects of this technology that can potentially limit future development. For instance, the initial installation cost for V2V communication is significantly high and thus, a very low pool of customers are likely to adopt it. Besides, a lack of supporting infrastructure could potentially inhibit growth of the vehicle-to-vehicle (V2V) communication market.
Another key factor aiding the development of the market in discussion is rapidly increasing traffic congestion. Many large cities across the globe are witnessing a massive problem of traffic congestion, which ultimately leads to increased pollution, fuel wastage, and extended time in traffic. V2V communication can aid in reducing traffic congestion by allowing vehicles to transfer data on their position. Therefore, these factors can potentially augment growth of the vehicle-to-vehicle communication market. Recently, in November 2019, Hyundai Motor Company demonstrated its autonomous driving tech capabilities with its first successful truck platooning.
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