Vehicle-to-Vehicle (V2V) Communication
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How Large Will the Vehicle-to-Vehicle (V2V) Communication Market Size By 2025?
The size of the vehicle-to-vehicle (V2V) communication market has seen significant expansion in the most recent years. The market is projected to surge from $24.28 billion in 2024 to $27.1 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.6%. The expansion during the historical timeframe can be credited to factors such as issues of road safety, governmental regulation, mitigation of traffic congestion, and advancements in telematics and fleet management.
How Big Is the Vehicle-to-Vehicle (V2V) Communication Market Size Expected to Grow by 2029?
The market size for vehicle-to-vehicle (V2V) communication is predicted to experience a significant increase in the coming years, reaching a value of $46.37 billion in 2029 with a compound annual growth rate (CAGR) of 14.4%. Factors contributing to this projected increase during the forecast period include consumer understanding and acceptance, the use of dynamic spectrum sharing, solutions for data privacy, and mobility services centered on the user. Key trends anticipated over the forecast period encompass smart contracts for self-driving vehicles, incorporation with traffic control systems, cooperation across industries, dynamic spectrum control, the use of blockchain for managing autonomous vehicle fleets, and mutual device recognition.
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Which Key Market Drivers Powering Vehicle-to-Vehicle (V2V) Communication Market Expansion and Growth?
The escalating anxieties around road safety are anticipated to fuel the expansion of the vehicle-to-vehicle communications market. The substantial harm to both infrastructure and human lives caused by road traffic incidents, along with the resulting economic impact on individuals, families, and countries, cannot be ignored. The implementation of enhanced vehicle safety features, the construction of safer infrastructure, the inclusion of road safety elements, transport planning, application of laws regarding primary risks, and enhancement of public consciousness can reduce road accidents. The numerous accidents occurring due to insufficient road safety and inadequate measures towards the same necessitate the need for vehicle-to-vehicle communications in boosting road safety. For example, as per the Department of Transportation’s report in June 2024, a United States agency responsible for planning and coordinating federal transportation projects, there was a surge in traffic fatalities in 2022 compared to 2021 in various categories. These include a 2.0% increase in large-truck crashes, with 115 more fatalities, an 8.5% increase in large-truck occupant deaths, with an additional 86 casualties, and a 0.7% rise in pedestrian fatalities, leading to 52 more deaths. Consequently, the heightened emphasis on road safety is propelling the vehicle-to-vehicle communications market’s growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Vehicle-to-Vehicle (V2V) Communication Market?
The rise of technological innovation is a notable trend emerging in the vehicle-to-vehicle communications industry. Major businesses involved in this sector are concentrating on the creation of cutting-edge technological solutions to consolidate their standing. An exemplar of this, in October 2022, Nav Wireless Technologies Pvt. Ltd., a communication technology organization based in India, launched Defense Expo, a sophisticated vehicle-to-vehicle communication technology designed specifically for the military to exchange data in a highly secure manner. Defense Expo is an optical LiFi-based communication system that employs LEDs in vehicles to deliver data between vehicles via the light spectrum.
What Are the Emerging Segments in the Vehicle-to-Vehicle (V2V) Communication Market?
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, After market Devices
4) By Application: Traffic Safety, Traffic Efficiency, Infotainment, Payments, Other Applications
Subsegments:
1) By Passenger Cars: Compact Cars, Sedans, SUVs, Electric Vehicles
2) By Commercial Vehicles: Trucks, Buses, Vans, Delivery Vehicles
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Who Are the Global Leaders in the Vehicle-to-Vehicle (V2V) Communication Market?
Major companies operating in the vehicle-to-vehicle (V2V) communication market include 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, 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.
Which are the Top Profitable Regional Markets for the Vehicle-to-Vehicle (V2V) Communication Industry?
North America was the largest region in the vehicle-to-vehicle (V2V) communication market in 2024.The regions covered in the vehicle-to-vehicle (V2V) communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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