Connected cars will improve safety and control congestion on the roads, cars would communicate and send alerts if a crash seem imminent, these features would attract the customers increasing their safety and ease to drive encouraging the growth in vehicle to vehicle communication market. Advancement in wireless communication, sharing of information, and growing roadside communication infrastructure are driving the vehicle to vehicle communication market. Due to its potential to improve vehicle and road safety, traffic efficiency, convenience and comfort for passengers as well as drivers, the adoption in automotive industry is positively impacting the V2V communication market. However, standardization of protocol and security issues are a major restraint for the V2V communication market. Contrarily, increasing in support from government for V2X technology and advancements in 5G technology is expected to accelerate the growth of V2V communication market n forecasted years.
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Impact of COVID-19 on Vehicle to Vehicle Communications Market:
► The COVID-19 pandemic has acted as a catalyst for the development of automation technologies by global companies, especially in the area of drones for the purpose of surveillance and medicine delivery, IT industry.
► The unprecedented economic impact of COVID-19 on demand and supply, along with implications on geopolitics, and globalization, will influence the future of automation.
► The coronavirus pandemic may drive enhancement of automation, digitalization, and artificial intelligence (AI) in the automobile sector in post COVID era to improve resilience to future pandemics.
► In a situation like this, automation and robotics could reduce dependence on human labor and increase productivity, preventing the chances of future plant shutdowns. In addition to this, IoT, AI, and digitalization will become extremely relevant going forward and are going to define the new way of working. This lockdown provides us an opportunity to adopt these new trends, thus increasing the opportunities for the vehicle-to-vehicle (V2V) communications market in the upcoming years.
Safety has become a major concern, and despite efforts to raise awareness and educate on safe driving, the main cause of car accidents remains human error. Vehicle to vehicle communication technology can help mitigate anywhere up to 70% to 80% of vehicle crashes involving human error.V2V communication technology can increase the performance of vehicle safety systems and help save lives. Connected vehicle technologies will provide drivers with the tools they need to anticipate potential crashes and significantly reduce the number of lives lost each year.
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Key benefits of the report:
► This study presents the analytical depiction of the global vehicle to vehicle communications industry along with the current trends and future estimations to determine the imminent investment pockets.
► The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global vehicle to vehicle communications market share.
► The current market is quantitatively analyzed to highlight the global vehicle to vehicle communications market growth scenario.
► Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
► The report provides a detailed global vehicle to vehicle communications market analysis depending on competitive intensity and how the competition will take shape in coming years.
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V2V communication improves traffic management and reduces congestion. Law enforcement officials can use vehicle to vehicle communication to monitor and manage traffic by using real-time data streaming from vehicles to reduce congestion on the road. V2V communication can help officials re-route traffic, track vehicle locations, adapt traffic light schedules, and address speed limits. Drivers using V2V communication can avoid traffic jams and maintain a safe distance from other cars increasing the demand for V2V in automotive sector.
Key Market Players:
► Daimler AG
► Ford Motor Company
► Toyota Motor Corporation
► Mobileye
► Volkswagen Group
► Audi AG
► Bayerische Motoren Werke AG
► Harman International Industries
► General Motors
► Mercedes-Benz
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