Vehicle to vehicle communication market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of digital technology and increasing vehicles on road. Major driving factor in the growth of vehicle to vehicle communication market is the increasing safety concerns and enhancing the passenger as well as the driver experience. Growth of digitization and increasing advancements in wireless technology is another factor driving the growth of vehicle to vehicle communication market. Growing demand for innovations and increasing technological advancements is another major factor responsible for the growth of vehicle to vehicle communication market.
General Motors has announced its debut of vehicle to vehicle communication by launching Cadillac vehicles which allow short range communication and will be able to communicate with the cars which are only equipped with similar technology. By the end of 2017, Cadillac will launch its CTS vehicles in U.S. and Canada equipped with vehicle to vehicle communication capability. Similarly, Volvo will be debuting its vehicle to vehicle communication cars equipped with the technology co-developed with Ericsson into its 90 series vehicles. Volvo is mainly focusing on development of self-driven cars.
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Vehicle to vehicle communication market has been segmented on the basis of technology, type and application. The application segment is further bifurcated into traffic management system, intelligent transportation system, grouptalk service and others. Vehicle to vehicle communication will help the traffic management system to function efficiently. Increasing adoption of advanced wireless technologies is major factor driving the growth of vehicle to vehicle communication market.
The major factor restraining the growth of vehicle to vehicle communication market is the lack of awareness and the manufacturers need to agree upon the advanced standards and data privacy concerns. Security issues is another factor that could cause hindrance in the growth of vehicle to vehicle communication market.
According to Market Research Future Analysis, Vehicle to Vehicle Communication Market has been valued at approx. USD 24 Billion by the end of forecast period with 6% of CAGR during forecast period 2018 to 2023.
Market Research Future (MRFR) recognizes the following companies as the key players in the vehicle to vehicle communication market – BMW (Germany), Audi (Germany), Daimler AG (Germany), General Motors (U.S.), Volvo Cars (Sweden), Toyota Motor Corporation (Japan), Volkswagen (Germany), Qualcomm Technologies, Inc. (U.S.), AutoTalks Ltd (Israel), Delphi Automotive LLP (U.K.) among others.
The regional analysis of vehicle to vehicle communication market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Europe is projected to grow at the fastest rate during the forecast period. The major growth in vehicle to vehicle communication market in North America is attributed to technical advancements and increasing awareness about road safety in that region.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Vehicle to vehicle communication market can be segmented on the basis of technology, type and application. The type segment is further bifurcated into OEM devices, aftermarket devices and infrastructure based devices. The aftermarket devices are mounted upon the dashboard of the car and help in sending and receiving messages about the traffic control and road safety. There is a considerable growth in demand for such devices owing to the increasing awareness about passenger safety. Nowadays new launching cars are equipped with these latest technologies and have integrated OEM devices which are making the road travel experience more convenient and safety ensured.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
LIST OF TABLES
TABLE 1 VEHICLE TO VEHICLE COMMUNICATION MARKET, BY TECHNOLOGY
TABLE 2 VEHICLE TO VEHICLE COMMUNICATION MARKET, BY TYPE
TABLE 3 VEHICLE TO VEHICLE COMMUNICATION MARKET, BY APPLICATION
TABLE 4 VEHICLE TO VEHICLE COMMUNICATION MARKET, BY REGIONS
TABLE 5 NORTH AMERICA VEHICLE TO VEHICLE COMMUNICATION MARKET, BY TECHNOLOGY
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 VEHICLE TO VEHICLE COMMUNICATION MARKET, BY TECHNOLOGY (%)
FIGURE 3 VEHICLE TO VEHICLE COMMUNICATION MARKET, BY TYPE (%)
FIGURE 4 VEHICLE TO VEHICLE COMMUNICATION MARKET, BY APPLICATION (%)
FIGURE 5 VEHICLE TO VEHICLE COMMUNICATION MARKET, BY REGIONS (%)
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