Vehicle-To-Vehicle (V2V) Communication Market Positive Long Term Growth | Have Look on Strategy by Major Players Daimler AG, Toyota, Delphi Automotive PLC, Harman International Industries, Inc., Mobileye NV, Ford Motor Co., Honda, Nissan, Volkswagen, Audi

The “Global Vehicle-To-Vehicle (V2V) Communication Market, By Connectivity Type (Cellular based technology, DSRC), By Deployment Type (OEM devices, Aftermarket devices), By Applications (Traffic Safety, Traffic efficiency, Infotainment, payments and other applications), By End-use (Passenger Cars, Commercial Vehicles) and Geography (U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, South Korea, ASEAN countries, GCC, Israel, South Africa) – Global Forecast to 2025” is estimated to be valued at US$ 582.5 million in 2020 and expected to witness a CAGR of 45.8% during the forecast period of 2020 to 2025, as highlighted in a report published by Coherent Market Insights.

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The global V2V communication market is estimated to witness a CAGR of 130.4% during the period of 2017 to 2025, primarily owing to the requirement to reduce the high number of fatal accidents every year and the expected introduction of regulatory compliances for the OEMs, specifically in the U.S, Europe, Japan and Australia.

OEM devices are forecast to witness the highest adoption contributing to around 97.97% of the overall market by 2025. OEMs are increasingly participating with government agencies to develop uniform communication standards across the regions. Moreover, these companies are also pushing the government bodies to develop mandates for the technology adoption.

The U.S. Department of Transportation’s (USDOT) NHTSA had issued a Notice of Proposed Rulemaking (NPRM) that is expected to mandate vehicle-to-vehicle (V2V) communication technology for new light vehicles in the U.S. The road map set in NPRM indicates that all new light vehicles and passenger cars may have Dedicated Short Range Communication (DSRC) technology deployed by 2023. The proposal is anticipated to get delayed under the recent administrative government and the disagreements existing the automotive industry participants. However, U.S. is expected to witness the highest penetration of V2V communication in the vehicles over the forecast period.

Cellular based technology technologies are largely reliant on the commercialization of the 5G and its propagation. According to Coherent Market Analysis, the technology is still in its nascent stage and would require at least three to five years to get commercialized. However, some industry participants are emphasizing on the technology, owing to several drawbacks of the DSRC based systems.

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Chief industry participants in the V2V communication market include General Motors, Daimler AG, Toyota, Delphi Automotive PLC, Harman International Industries, Inc., Mobileye NV, and Ford Motor Co. among few others.

About Coherent Market Insights:
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This release was published on openPR.