July 23, 2024

Increasing connected car adoption to spur growth of Vehicle To Vehicle V2v Communication Market

The global Vehicle To Vehicle V2v Communication Market is estimated to be valued at US$ 25.75 Bn in 2023 and is expected to exhibit a CAGR of 12. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The vehicle to vehicle communication market deals in technology that enables vehicles to communicate with each other to receive information related to vehicle positioning, speed, heading, brake status and other data important from safety point of view. This technology uses dedicated short range communication allowing vehicles separated by line of sight to receive information from each other to enhance road safety. It has potential to reduce road accidents arising due to blind spots, failed turns and rear end collisions.

Market key trends:
One of the key trends in the vehicle to vehicle communication market is growing focus of auto manufacturers and governments on enhancing road safety. Road accidents pose a huge economic and social burden. V2V communication technology is expected to play a major role in preventing accidents. For instance, Audi, Ford, GM have already incorporated this technology in newer models and testing its large scale implementation. Countries like US have also made legislative push for mandated adoption of this technology in all new cars by 2023. Additionally, improving connectivity infrastructure is also allowing high penetration of this technology. 5G networks are expected to provide the much needed platform for popularization of connected mobility solutions involving V2V.
Porter’s Analysis
Threat of new entrants: The V2V communication market requires high initial investments for R&D, testing and setting up the infrastructure which poses as a barrier for new players.

Bargaining power of buyers: The presence of well established players provides less options to the buyers to negotiate on prices. However, rising demand is shifting the power to buyers.

Bargaining power of suppliers: Major component manufacturers possess high bargaining power due to their technological expertise and economies of scale in production and components availability.

Threat of new substitutes: No direct substitutes exists for V2V technology currently and introduction of new technology will require huge investments.

Competitive rivalry: The market has presence of global technology giants competing on technology innovation leading to a competitive landscape.

Key Takeaways
The global Vehicle To Vehicle V2v Communication Market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing road safety concerns and government initiatives for deployment of connected vehicles.

Regionally, North America dominated the V2V communication market in 2023 with a share of over 35%, owing to large public-private partnerships and advanced infrastructure. Asia Pacific is expected to be the fastest growing region on back of developing economies ramping up investments in connected mobility projects.

Key players operating in the Vehicle To Vehicle V2v Communication market are Audi, Autotalks Ltd, Cisco Systems Inc., Delphi Automotive PLC, Denso Corporation, Ford Motor Co, General Motors, Harman International Industries Inc., Infineon Technologies AG, Kapsch TrafficCom (Kapsch), Lear Corporation, Mercedes-Benz, Qualcomm Technologies Inc., Savari Inc., and Toyota Vacaville. The market is witnessing mergers and acquisitions among technology players to mark new advancements. _______________________________________________________________________