V2V Communication Market Shares, Strategies and Opportunities 2027

Market Overview

The increased traffic rate on the road has become a matter of concern because of accidents and mishaps. This factor has led to the invention of Vehicle to Vehicle communication technology to prevent crashes and avoid traffic problems. The software installed in the vehicles allows communication and alarms during threats. This essential feature has accelerated the demand of the V2V Communication Market. The technology includes a transmitter and a receiver to communicate between the vehicles. Due to its positive impact, the technology was installed in buses, cars, trucks, and other heavy vehicles.

The technology advances the safety necessity of vehicles and prevents dangerous threats and crashes. It also controls the traffic on roads by allowing communication among the vehicles and enhancing a better driving experience. The growing population is increasing the usage of vehicles which is simultaneously driving the demand for the Vehicle to Vehicle communication technology. The rise of safety concern among the public is another major driving factor of the Vehicle to Vehicle (V2V) Communication Market. Advanced features used in the technology such as wireless technology, radars, cameras, and sensors enhance its usage.

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Due to the pandemic period, the Vehicle to Vehicle (V2V) Communication Market faced tough challenges when the strict guidelines were implemented to stop the transportation during the lockdown period. The automotive sector has been harshly impacted in this period. Hence, the market demand slowed down, which badly affected its economy and resulted in financial loss. But in the coming years, the market is expected to grow higher due to the rising opportunities such as the rapid growth of population and major safety concerns on roads to avoid accidents, and other traffic problems will fuel up the market.

The Vehicle to Vehicle (V2V) Communication Market is estimated to reach a CAGR of 6% and a value worth USD 24 billion by 2023 during the forecast period.

Market Segmentation

The Vehicle to Vehicle (V2V) Communication market is segmented based on technology, type, and application. The market is categorized into computing, smart sensors, big data analytics, and others in the technology segment. The type segment comprises devices such as OEM devices, aftermarket devices, and infrastructure-based devices. The application section of the market comprises a traffic management system, group talk service, intelligent transport management system, and others.

Regional Analysis

According to the regional status, the Vehicle to Vehicle (V2V) Communication Market covers major continents such as Asia Pacific, North America, Europe, and the Rest of the World. Among these continents, North America holds the highest market share due to the rise in the adoption of advanced technologies and the higher rate of government and private sectors’ investment for efficient traffic services.

The European region is expected to reach a higher CAGR value due to the rapid growth of in-vehicle communication. The automotive industries are also propelling the regional market of this region. The Asia Pacific region also shows a significant growth rate; hence, it is estimated to reach a good CAGR value in the forecast period.

Industry News

In May 2020, Audi and its partner suggested implementing Vehicle to Vehicle (V2V) communication technology to increase the safety of school buses.

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