LONDON, Feb. 15, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the vehicle-to-vehicle (V2V) communication market, growing concern for road safety is expected to propel the growth of the vehicle-to-vehicle communication market going forward. Road traffic injuries cause considerable damage to infrastructure and human lives, as well as economic losses to individuals, their families, and nations. Road accidents can be prevented by improving the safety features of vehicles, designing safer infrastructure, incorporating road safety features into transport planning, enforcing laws relating to key risks, and raising public awareness. There are so many accidents taking place because of the lack of road safety and the measures taken for road safety, and there is a need for vehicle-to-vehicle communications to provide road safety. According to the World Health Organization, road traffic accidents kill over 1.3 million people each year, with low and middle-income countries accounting for 93 percent of all traffic deaths in June 2021.In the African region, road traffic casualties account for more than 90% of all deaths. The World Health Organization (WHO) is providing technical assistance to countries in the area of road safety. Therefore, growing concern for road safety drives the vehicle-to-vehicle communication market.
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The global vehicle-to-vehicle (V2V) communication market share is expected to grow from $16.98 billion in 2021 to $19.98 billion in 2022 at a compound annual growth rate (CAGR) of 17.6%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The V2V communication market size is expected to reach $32.90 billion in 2026 at a CAGR of 13.3%.
Technological advancement is gaining popularity among vehicle-to-vehicle (V2V) communication industry trends. Major companies operating in the vehicle-to-vehicle communications sector are focused on developing new technological solutions to strengthen their position. For instance, in October 2019, Toyota Motor Corporation (Toyota), a Japan-based automotive manufacturer, introduced "LQ," an advanced technology developed to meet the requirements of the individual to maintain an emotional bond between the vehicle and the driver. The features of the LQ technology involve automated driving, an automated valet parking system, AR-HUD, a seat with alertness and relaxation functions, an organic LED meter display, and air purification coating.
Major players in the vehicle-to-vehicle (V2V) communication market are General Motors, Daimler AG, Toyota Motor Corporation, Volkswagen Group, Harman International Industries, Mobileye, Ford Motor Company, Bayerische Motoren Werke AG, Audi AG, Mercedes-Benz, Qualcomm, Cisco Systems Inc, Autotalks, DENSO Corporation, Arada Systems Inc, Nissan Motor Co.Ltd, Honda Motor Company Ltd, and Lear Corporation.
The global vehicle-to-vehicle (V2V) communication market is segmented by vehicle type into passenger cars, commercial vehicles; by connectivity into dedicated short-range communication (DSRC), cellular; by deployment type into Original Equipment Manufacturer (OEM) devices, aftermarket devices; by application into traffic safety, traffic efficiency, infotainment, payments, others.
North America was the largest region in the vehicle-to-vehicle communication market in 2021. The regions covered in the V2V communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Vehicle-To-Vehicle (V2V) Communication Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide vehicle-to-vehicle (V2V) communication market overviews, vehicle-to-vehicle (V2V) communication market analyze and forecast market size and growth for the whole market, vehicle-to-vehicle (V2V) communication market segments and geographies, vehicle-to-vehicle (V2V) communication market trends, vehicle-to-vehicle (V2V) communication market drivers, vehicle-to-vehicle (V2V) communication market restraints, vehicle-to-vehicle (V2V) communication market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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