SEATTLE, Oct. 26, 2017 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global V2V communication market was valued at US$ 47.6 million in 2016 and is projected to witness a CAGR of 73.1% over the forecast period (2017-2025). Focus on reducing number of fatalities and extensive loss to property due to major road accidents, and growing adoption of IoT are expected to be among the chief industry growth drivers throughout the forecast period. For instance, according to Association for Safe International Road Travel (ASIRT), as of 2017, nearly 1.3 million people die in road crashes each year, on average 3,287 deaths a day.
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Key Trends and Analysis of the Vehicle-to-Vehicle Communication Market:
Large-scale adoption and the industry growth of the technology are largely dependent on the development of regulatory mandates and are yet to provide major growth traction to the market. For instance, in September 2017, The National Highway Traffic Safety Administration of the U.S., postponed the regulation for V2V information transmitting devices in vehicles, owing to lack of adequacy of these systems to address the requirement of privacy and cybersecurity. However, chief industry participants such as Toyota, GM, and Daimler AG are expected to drive the development of the technology, and fuel the vehicle-to-vehicle communication market growth.
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Key Market Takeaways:
- In terms of revenue, Asia Pacific is expected to account for significant market share by 2025. Prominent factors in the region include the presence of the world’s largest automotive manufacturing and consumer market in China, followed by substantial number of initiatives in Japan, Australia, and South Korea.
- North America will witness the highest penetration of the technology, primarily owing to the significant number of initiatives undertaken by the government and chief automotive players in the U.S. Moreover, introduction of Cadillac CTS 2017, by General Motors, in March 2017, featuring the deployment was among the substantial development in the vehicle-to-vehicle communication market.
- Changing regulatory scenario, dissuades players from expanding their product portfolio in the vehicle-to-vehicle communication market. Moreover, there are existing disagreements on the type of technology to be installed in the automotive. However, the industry can witness significant growth over the forecast, if the key stakeholders in the automotive industry can achieve mutual consensus on similar standards for the deployment over the next few years.
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