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.
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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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