Vehicle To Vehicle Communication System Market is Estimated to Exceed at a CAGR 5% by 2024
For automobile markets by recent studies, it has been estimated that around 70% of global automobile demand will be met by vehicle to vehicle communication systems in the near future.
The global vehicle to vehicle (V2V) communication market was worth USD 1500 million in 2015 and is estimated to exceed at a CAGR 5% by 2024.on account of shifting trends towards technology side and safety side’s methods. For automobile markets by recent studies, it has been estimated that around 70% of global automobile demand will be met by vehicle to vehicle communication systems in the near future.
The process of providing safety to customers and drivers has raised substantially in from past years .Increasing the concerns of accidents, increasing the usage of automobiles, and traffic congestion systems are further expected to stringent regulations to increase. The customer safety remains to stimulate the demand for which remain in reduced transportation time, fuel thus it's contributing improving the environment, which is like to drive the market, the foremost preference.
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V2V systems have transmitter and receivers that help the vehicle to transmit the steering-wheel position, speed, position, break status, steering-wheel position and other data vehicles ranges within few 100 meters. The interconnected vehicles and cars could make use this information, rebuilt it the information sends message to the driver and gives indications in case of any danger and the alerts the driver which is improving the safety concerns of the driver because these factors are responsible for driving the market during the forecast period from 2016 to 2024.
The global V2V communications system is been segmented on the basis of region, type, application and brand. On the basis of application, the market is further segmented into, emergency brake warning, blind spot no pass and control loss warning, forward collision warning, and backwards warring and many such other applications are available in the V2V systems which help in preventing collisions. With the last one occupying the largest market share and expected to grow at CAGR of 45% in near future.
The forward and backwards collision detection system are key drivers for this V2V systems market which helps to prevent the accidents. The Blind spot informs the driver that vehicle is an adjacent side lane is located in driver’s blind zone and alerts to the driver about the presence car or vehicle these are on-going technologies in V2V communication systems. The key restraint of the market is high initial cost, which is hampering the growth of V2V systems.
On the on-going technologies are working on the cost effectiveness the methods but the efficiency of this V2V is decreasing slowly hence it could be one of the key restraint for market growth.
All these technologies are used for V2V systems depending on the location and the investment. The technological advancements giving rise to efficient and cost-effective methods of communication between are likely to impel the market growth over the foreseeable future.
These V2V communication systems generate more and more data if a consumer chooses to share it. This has a huge potential range of the customer end game products such as food, retail market and may more. This will become a technological advantage to and source of competition to OEM service providers and technologies service provider who work on traffic flow management firms.
On the basis of OEM device technology which includes after device and infrastructure base device and these devices offers accurate information using vehicle information technology and generate basic information to the driver regarding the safety. And after device provides alerts with the driver of a vehicle to those provided by this technology
Europe is one region dominating the market with the largest share. Include Spain, Demark, Italy Germany are some of the other major markets expected to witness significant growth in the coming years. Where heavy investments are undergoing in R&D, favourable government initiatives and policies, as well as growing emphasis on road infrastructure and new technologies coming in Automation and cyber technologies, are key factors anticipated to boost the growth in these regions.
North America is one of the largest consumers of V2V across the globe and the growth rate is at a lucrative growth from past few years because the future growth of the industry would be augmented by the automatic vehicles and cars due a recent increase in accidents which occurred due fatal reasons in countries like Canada and US. This region has increased its R&D on V2V communications with presence of some major player across North America.
Where In America there will be around five million accidents occur in a year in which two million accidents occurred due fatal reasons. The anticipation of avoiding such accidents would offer significant impulsion for Information structure and Network technology. And reduced the accident with implementation of adding OEM technologies or V2V technology
Asia Pacific is expected coincidence highest growth over the forecast period. India, china, Japan, Indonesia, Taiwan are heavily investing R&D for V2V in technology from past few years. Because of high urbanisation growth from past few years in India and China is expected the drive the market in forecast period where China and Japan are highly investing on V2V communication and offering the best technology to customer by cost effective methods.
Central and South America is expected to have steady growth in future promising to stringent accident regulation by communities , governments. While the Middle East is expecting to have high growth in forecast period because of High-end cars and Africa is expected to stable growth in coming years from 2016 to 2024.
In terms of the vehicle to vehicle communication system Europe appeared has the major region with developed V2V communication market. Significant number of R&D are been undergoing in various regions in Europe includes Germany , Denmark , Sweden and Spain in order to increase the industry and reduce the accidents and Germany occupied highest market share in V2V technology in EU region.
As the technology market in V2V is flourishing and R&D is undergoing at a high speed, it is likely to impel the market growth in near future and favourable government initiatives and policies undergoing across the globe. Many companies are expecting to enter global V2V communication systems over the forecast period.
The major consumers for the vehicle to vehicle market are Cars and Automobile industries such as BMW , Ferrari , VOLVO, AUDI, ASTON MARTIN , Volkswagen is major consumer for V2V systems. While Ferrari and BMW had realised fully automated care in 2015 through V2V technology and Google X is building fully automated car by using satellite information system.
Major companies operating the vehicle to vehicle communication systems markets include BMW ,Ferrari , Audi, Suzuki , Volkswagen, Google X, Telsa, Honda Denso corporation, Traffic corp among others.
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Automotive & Transportation Market Research Report
Dec 20, 2016