According to the global status report on road safety 2015 by WHO, the total number of fatalities in road accidents had plateaued at 1.25 million per year, across the globe (180 countries specific). Number of road accidents have witnessed considerable decline over the last few years, however, remain a primary concern owing to the considerable loss of property and human lives. Moreover, according to the International Organization for Road Accident Prevention, around 90% of the road incidents are owing to the human induced errors that includes rash driving, loss of alertness while driving and changing lanes without signaling among many others.
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Adoption of V2V communication can be utilized to overcome human errors and reduce the road accidents by over 75%
U.S. Department of Transportation is in the process of adopting the technology to allow vehicles to communicate with each other and prevent collisions, since 2014. The government agency also estimates that this could help the government reduce around 80% of the road accidents every year, which excludes the cases of mechanical failures and drunk drivers in the country. According to Coherent Market Insights analysis, the stats are similar around the globe, and may help to considerably reduce the number of incidents and property losses. This is expected to be the most prominent factor that will fuel growth of the V2V communication market through the forecast period.
The global V2V communication market is estimated to be valued at US$ 582.5 million in 2020 and is expected to witness a CAGR at 45.8% during the forecast period of 2020 to 2025.
Vehicle-to-vehicle (V2V) communication is expected to be the key component of the future autonomous vehicle driving systems in the near future
In May 2016, a 40-year old man met with a fatal accident in his autonomous car produced by Tesla, which crashed into a tractor trailer when taking turn. The cause of the accident was supposed to be the lack of the camera to detect the object because of non-malicious/natural blinding. The outcome of the incident would have been different if both the vehicles had deployed the car to car to communication systems, and the Autopilot would have been aware of the truck’s location, speed, and its level of threat. Even if the truck lacked these systems, the surrounding cars could have relayed the data and enhanced the safety of the user. Thus, the future of the autonomous vehicle safety, is largely reliant on the propagation of these systems, and the requirement to propel the innovation in the automotive sector, V2V communication market is expected to gain substantial impetus through the forecast period.
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Passenger cars are expected to dominate the end use segment of the V2V communication market through 2025
Passenger cars currently dominate the overall automotive market in terms of volume in almost all the major countries around the globe. Moreover, pilot projects conducted by industry participants, and the current deployment are majorly focused on the passenger cars. Moreover, the regulatory bodies have emphasized the importance of V2V communication in passenger cars and light vehicles such as the U.S. DoT and the NHTSA. Thus, passenger cars are expected to dominate the end use segment over the coming years. Some OEMs have started offering automotive enabled with these systems, which include Toyota, Daimler AG, and General Motors.
Some of the key industry participants in the V2V communication market are Daimler AG, Toyota, Delphi Automotive PLC, Harman International Industries, Inc., Mobileye NV, Ford Motor Co., Honda, Nissan, Volkswagen, Audi, Hyundai, and Kia. Industry participants are increasingly emphasizing on the development of the cellular based systems and commercialization of the 5G technology to support the efficiency of these systems.
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