Vehicle-to-Vehicle (V2V) Communication Global Market Report 2024

Vehicle-to-vehicle (V2V) communication is a technology utilized in automobiles for dedicated short-range communication (DSRC). This technology facilitates wireless communication between vehicles, creating a Vehicular Ad Hoc Network (VANET) on the road. The primary objective is to prevent vehicle collisions and assist drivers in managing potential risks.

The main types of vehicles in vehicle-to-vehicle (V2V) communication include passenger cars and commercial vehicles. Commercial vehicles are those owned by companies or businesses, such as semi-trucks, taxis, buses, limos, trailers, and tow trucks. Different types of connectivity involve dedicated short-range communication (DSRC) and cellular connectivity in vehicles, utilizing various deployment devices, including original equipment manufacturer (OEM) devices and aftermarket devices. V2V communication is applied in areas such as traffic safety, traffic efficiency, infotainment, payments, and other related applications.

The vehicle-to-vehicle (V2V) communication market research report is one of a series of new reports that provides vehicle-to-vehicle (V2V) communication market statistics, including vehicle-to-vehicle (V2V) communication industry global market size, regional shares, competitors with a vehicle-to-vehicle (V2V) communication market share, detailed vehicle-to-vehicle (V2V) communication market segments, market trends and opportunities, and any further data you may need to thrive in the vehicle-to-vehicle (V2V) communication industry. This vehicle-to-vehicle (V2V) communication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The vehicle-to-vehicle (v2v) communication market size has grown rapidly in recent years. It will grow from $22 billion in 2023 to $24.82 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The expansion observed in the historical period can be attributed to various factors, including concerns about road safety, government regulations, efforts to reduce traffic congestion, and the implementation of telematics and fleet management systems.

The vehicle-to-vehicle (v2v) communication market size is expected to see rapid growth in the next few years. It will grow to $40.28 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The anticipated growth in the forecast period can be attributed to factors such as increased consumer awareness and acceptance of V2V communication, the implementation of dynamic spectrum sharing, the development of data privacy solutions, and the emergence of user-centric mobility services. Key trends expected in the forecast period encompass the utilization of smart contracts for autonomous driving, integration with traffic management systems, cross-industry collaboration to enhance V2V communication capabilities, the implementation of dynamic spectrum management, the use of blockchain for autonomous vehicle fleet management, and the adoption of cross-device authentication measures.

The vehicle-to-vehicle communications market is anticipated to experience growth, driven by an increasing concern for road safety. Road traffic injuries not only cause substantial harm to infrastructure and human lives but also result in economic losses at individual, familial, and national levels. To mitigate road accidents, it is crucial to enhance vehicle safety features, design safer infrastructure, implement road safety measures, plan efficient transport systems, enforce laws addressing key risks, and raise public awareness. The need for improved road safety measures underscores the importance of vehicle-to-vehicle communications. For example, as of June 2021, the World Health Organization reported over 1.3 million annual deaths due to road traffic accidents, with low and middle-income countries accounting for 93% of these fatalities. In the African region, road traffic casualties represent more than 90% of all deaths. WHO is actively providing technical support to countries to address road safety issues. Therefore, the growing concern for road safety is a key driver for the vehicle-to-vehicle communications market.

The vehicle-to-vehicle (V2V) communication market is also expected to witness growth due to the rising demand for vehicles. As the demand for vehicles increases, V2V communication plays a pivotal role in enhancing road safety. V2V communication enables real-time data exchange among vehicles, including information on location and speed. This facilitates advanced collision avoidance and traffic management systems. For instance, according to MarkLines Co., Ltd., a Japan-based automotive industry portal, new vehicle sales in the US grew by 22.8% from May 2022 to May 2023, reaching 1,374,910 units, and increased by 1.39% from April 2023 to May 2023. Therefore, the growing demand for vehicles is a significant factor driving the expansion of the vehicle-to-vehicle (V2V) communication market.

A prominent trend in the vehicle-to-vehicle communications market is the adoption of technological advancements. Major companies in the sector are actively developing innovative technological solutions to strengthen their market position. For instance, Nav Wireless Technologies Pvt. Ltd., an India-based communication technology company, introduced Defense Expo in October 2022. Defense Expo is an advanced vehicle-to-vehicle communication technology designed for armed forces, utilizing optical LiFi-based communication that transfers data securely between vehicles using the light spectrum and LEDs.

Strategic partnerships are a key focus for major companies operating in the vehicle-to-vehicle (V2V) communication market. These partnerships aim to drive revenue, enhance market reach, and foster innovation for seamless connectivity in the automotive industry. An example is the collaboration between TTTech Auto, a US-based provider of software and hardware for driver assistance and autonomous mobility, and Zettascale Technology Sarl, a France-based software development company. Their extended partnership led to the launch of Zetta Auto, a unified solution for in-vehicle and V2X communication. Zetta Auto combines TTTech Auto's automotive safety software with ZettaScale's pub/sub/query protocol to provide a cohesive communication platform tailored for the automotive sector. This solution ensures secure, high-performance, and reliable communication within a service-oriented architecture framework.

In February 2021, Harman International Industries, a US-based audio electronics company, acquired Savari, Inc. for an undisclosed amount. The acquisition aimed to enhance HARMAN's automotive telematics and advanced driving assistance systems (ADAS) capabilities. Savari Inc. is a US-based provider of vehicle-to-vehicle (V2V) communication.

Major companies operating in the in the vehicle-to-vehicle (v2v) communication market report are 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, Lucky Goldstar Electronics, 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.

North America was the largest region in the vehicle-to-vehicle(V2V) communication market in 2023. 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

The countries covered in the vehicle-to-vehicle (v2v) communication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The Vehicle-to-vehicle (V2V) communication market includes revenues earned by entities by providing technology or software that enables the wireless communication of information regarding the two vehicles' direction, location, and speed. Vehicle-to-vehicle (V2V) communication assists drivers to recognize dangers by providing visual, tactile, and audible indicators to alert drivers to assess the likelihood of crashes. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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