Global V2V Communication, Market Insights, Trends, Forecast 2024

The Business Research Company recently released a comprehensive report on the Global Vehicle-to-Vehicle (V2V) Communication Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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..

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Market Drivers and Trends:

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.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

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.

Vehicle-to-Vehicle (V2V) Communication Market 2024 Key Insights:

• 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 Vehicle-To-Vehicle Communications Market Grows Amid Increasing Road Safety Concerns.
• Technological Advancements In The Vehicle-To-Vehicle Communications Market
• North America was the largest region in the vehicle-to-vehicle(V2V) communication market in 2023

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