Sharp Revenue Growth Predicted in Vehicle-to-Vehicle Communication Market During 2020-2030

The global vehicle-to-vehicle (V2V) 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. 

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The passenger car category held the major share of the market in the past and is predicted to dominate the market during the forecast period as well. The worldwide sales of new passenger cars was more than 68 million in 2018. The division is further growing due to the launch of innovative products and increasing government regulations. The commercial vehicle division is projected to register the faster growth during the forecast period, owing to wide adoption of cloud-based fleet management telematics solutions. 

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. 

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. 

The surging concerns regarding security and safety is major driving factor of the V2V communication market. As per the National Highway Traffic Safety Administration, V2V communication messages have a range of over 300m and can detect problems and dangers that are otherwise obscured by weather, terrain, and traffic. V2V communication enhances and extends the crash avoidance systems that are available at the present time. Technologies like these can aid in considerably decreasing traffic rule violation and lead to lesser road accidents. 

A major trend being witnessed in the V2V communication market is the emergence of autonomous vehicle technology. The introduction of ADAS has already changed the face of the domain and driving experience, and the autonomous vehicle technology is predicted to do the same, if not more. For example, Autotalks Ltd. offers V2V solutions for mobility and safety applications, through which, vehicle can share drive information, including location, speed, and path prediction to other vehicle on roads. Systems like these are easy to integrate with autonomous vehicle technology. 

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Hence, the 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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