New York, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vehicle-to-Vehicle (V2V) Communication Global Market Report 2022" - https://www.reportlinker.com/p06233738/?utm_source=GNW
, Autotalks, DENSO Corporation, Arada Systems Inc., Nissan Motor Co. Ltd., Honda Motor Company Ltd. and Lear Corporation.
The global vehicles in the vehicle-to-vehicle (V2V) communication market 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 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 market is expected to reach $32.90 billion in 2026 at a CAGR of 13.3%.
The vehicle-to-vehicle (V2V) communication market consists of sales of V2V communications technology by entities (organizations, sole traders, and partnerships) that enable wireless transmission of data between the two vehicles about their speed, location, and heading.V2V communication technology enables automobiles to send and receive Omni-directional data (up to 10 times per second), giving them a 360-degree knowledge of other vehicles.
Vehicle to vehicle (V2V) communication makes the user identify the threats and determine potential crash threats.To warn drivers, the technology can provide visual, tactile, and aural indicators or a mix of these signals.
These warnings give drivers the potential to take action to avoid collisions.
The main types of vehicles in the vehicle-to-vehicle (V2V) communication are passenger cars and commercial vehicles.Commercial cars are the cars that are owned by companies or businesses such as semi-trucks, taxis, buses, limos, trailers, tow trucks.
The different types of connectivity include dedicated short-range communication (DSRC), cellular in vehicles and involves various deployment devices such as original equipment manufacturer (OEM) devices, aftermarket devices. It is used in traffic safety, traffic efficiency, infotainment, payments, and other applications.
North America was the largest region in the vehicle-to-vehicle(V2V) communication market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Growing concern for road safety is expected to propel the growth of the vehicle-to-vehicle communications market going forward.The 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, transport planning, enforcing laws relating to key risks, and raising public awareness.There are so many accidents taking place because of lack of road safety and the measures taken to road safety and there is a need for vehicle-to-vehicle communications to provide road safety.
For Instance, in June 2021, according to the World Health Organization, over 1.3 million people die every year as a result of road traffic accidents, with low and middle-income nations accounting for 93 percent of all traffic deaths. In the African region, road traffic casualties account for more than 90% of all deaths. WHO is providing technical support to the countries for road safety. Therefore, growing concern for road safety drives the vehicle to the vehicle communications market.
Technological advancement is a key trend gaining popularity in the vehicle-to-vehicle communications market.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 the "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.
In October 2020, BorgWarner, a US-based automotive company involved in providing technology solutions for combustion, hybrid, and electric vehicles acquired Delphi Technologies for an undisclosed amount.With this acquisition, BorgWarner will strengthen its electronics and power electronics products, extend its portfolio and strengthen commercial vehicle and aftermarket industries which include the vehicle-to-vehicle communications market.
Delphi Technologies is a UK-based power electronics technology and products company that provides vehicle communication interface technology.
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 and USA.
Read the full report: https://www.reportlinker.com/p06233738/?utm_source=GNW
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