Vehicle-to-Vehicle (V2V) Communication Market 2024-2033: Analysis, Demand & Market Outlook

The vehicle-to-vehicle (v2v) communication market size has grown rapidly in recent years. It will grow from $22 billion in 2023 to $24.82 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to road safety concerns, government regulations, traffic congestion reduction, telematics and fleet management.

The vehicle-to-vehicle (v2v) communication market size is expected to see rapid growth in the next few years. It will grow to $40.28 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to consumer awareness and acceptance, dynamic spectrum sharing, data privacy solutions, user-centric mobility services.. Major trends in the forecast period include smart contracts for autonomous driving, integration with traffic management systems, cross-industry collaboration, dynamic spectrum management, blockchain for autonomous vehicle fleet management, cross-device authentication..

Market Overview -
Vehicle-to-vehicle (V2V) communication is a term used to describe a technology used in automobiles for dedicated short-range communication (DSRC). This technology enables vehicles to communicate with one another via wireless components and create a vehicular ad hoc network (VANET) on the road to prevent vehicle collisions and help drivers manage potential risks.

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The Vehicle-To-Vehicle Communications Market Grows Amid Increasing Road Safety Concerns.
Growing concern for road safety is expected to propel the growth of the vehicle-to-vehicle communications market going forward. Road traffic injuries cause considerable damage to infrastructure and human lives as well as economic losses to individuals, their families, and nations. Road accidents can be prevented by improving the safety features of vehicles, designing safer infrastructure, incorporating road safety features, transport planning, enforcing laws relating to key risks, and raising public awareness. There are so many accidents taking place because of a lack of road safety and the measures taken to road safety and there is a need for vehicle-to-vehicle communications to provide road safety. For Instance, in June 2021, according to the World Health Organization, over 1.3 million people die every year as a result of road traffic accidents, with low and middle-income nations accounting for 93% of all traffic deaths. In the African region, road traffic casualties account for more than 90% of all deaths. WHO is providing technical support to the countries for road safety. Therefore, growing concern for road safety drives the vehicle to the vehicle communications market.

Competitive Landscape -
Major companies operating in the vehicle-to-vehicle (v2v) communication market report are General Motors Company, Mercedes-Benz Group AG, Toyota Motor Corporation, Volkswagen Group, Harman International Industries, Mobileye Global Inc., Ford Motor Company, Bayerische Motoren Werke AG, Audi AG, QualComm Inc., Cisco Systems Inc., Autotalks Ltd., DENSO Corporation, Arada Systems Inc., Nissan Motor Co. Ltd., Honda Motor Company Ltd., Lear Corporation, Lucky Goldstar Electronics, Huawei Technologies Co. Ltd., Hyundai Motor Company, Samsung Group, Kapsch TrafficCom AG, Delphi Automotive PLC, Zhejiang Geely Holding Group Co. Ltd., Tata Communications Ltd., Visteon Corporation, Continental AG, Cohda Wireless Pty. Ltd., Ficosa S. A., Panasonic Corporation, Iteris Inc.

Technological Advancements In The Vehicle-To-Vehicle Communications Market
Technological advancement is a key trend gaining popularity in the vehicle-to-vehicle communications market. Major companies operating in the vehicle-to-vehicle communications sector are focused on developing new technological solutions to strengthen their position. For instance, in October 2022, Nav Wireless Technologies Pvt. Ltd., an India-based communication technology company, introduced Defense Expo, advanced vehicle-to-Vehicle communication technology for armed forces to share data more securely. Defense Expo is an optical LiFi-based communication that uses LEDs in vehicles to transfer data from one vehicle to another vehicle using the light spectrum.

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Key Segments -
The vehicle-to-vehicle (v2v) communication market covered in this report is segmented -
1) By Vehicle Type: Passenger Cars, Commercial Vehicles
2) By Connectivity: Dedicated Short-Range Communication (DSRC), Cellular
3) By Deployment Type: Original Equipment Manufacturer (OEM) Devices, Aftermarket Devices
4) By Application: Traffic Safety, Traffic Efficiency, Infotainment, Payments, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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