Vehicle-to-vehicle (V2V) communications is an innovative technology that enables automobiles to wirelessly exchange information about their environment and current activities. With this technology, vehicles can share critical data such as speed, location, the direction of travel, braking, and loss of stability. This technology operates using a dedicated short-range communications (DSRC) system that adheres to standards set by organizations such as the FCC and international standard organizations. The software-equipped vehicles can then use the data transmitted from surrounding vehicles to anticipate and evaluate potential crash risks as they emerge. The technology employs various sensory alerts such as visual, tactile, or audible warnings, or combinations thereof, to notify drivers of potential risks. With these alerts, drivers can take prompt actions to prevent crashes, thereby increasing overall road safety. The importance of this technology is magnified when one considers the growing number of vehicles on the roads, which demands an even higher level of alertness from drivers. The V2V communication technology can be a game-changer in reducing the number of accidents on the roads, saving countless lives, and reducing the economic impact of accidents.
Vehicles that are equipped with appropriate software and safety applications can leverage the messages that they receive from other vehicles around them to determine whether there is any potential risk of collision, and then proceed to alert drivers via audible, tactile, visual, or a combination of these alert types. By issuing these warnings, drivers are better informed and able to take timely action to prevent crashes from occurring. This technology can be used across a broad range of vehicles, from cars and trucks to buses and motorcycles, and as a result, an increasing number of road transportation are expected to benefit from it. Looking ahead, the technology may also be extended to bicycles and pedestrians to enhance their visibility to motorists. Furthermore, the information shared between vehicles does not include any driver or vehicle-specific details, which prevents system tampering and vehicle tracking, and this, in turn, encourages its widespread adoption.
Connected vehicles have the potential to enhance road safety and alleviate traffic congestion. Through communication between cars, warnings would be transmitted in the event of an impending accident, enhancing customer confidence in driving and making it safer. As a result, the expansion of the vehicle-to-vehicle communication market is encouraged, providing benefits in terms of increased safety and driver convenience.
The size of the vehicle-to-vehicle communication market is valued at US$ 22.99 Billion as of 2022. This market is expected to grow at a strong CAGR of 16.6% throughout the forecast period, reaching a market worth US$ 106.77 Billion by 2032.
The rising awareness of vehicle-to-vehicle (V2V) communication technology has resulted in an increasing demand for its ability to exchange information wirelessly about the position and speed of surrounding vehicles. This has the potential to ease traffic congestion, prevent crashes, and improve the environment. The market growth is also being driven by regulatory bodies, the automotive industry, and academic institutions who are collaborating to promote a safe space for V2V communication to advance and realize its lifesaving potential. The automotive industry can only realize the benefits of V2V communication when all vehicles can communicate with each other. V2V communication technology can improve the performance of vehicle safety systems and help save lives. According to the World Health Organization (WHO), over 1.3 million people die each year due to road traffic crashes. Connected vehicle technologies are expected to provide drivers with the tools they need to predict potential crashes and significantly reduce the number of lives lost each year.
The vehicle-to-vehicle communication market is projected to experience significant growth in the Asia Pacific and the Middle East and Africa regions due to their growing populations, increasing acceptance of technological advancements, and rising number of vehicles. As a result, many automotive companies are targeting these regions to capitalize on the potential. Additionally, the European market is expected to see the highest growth, while Latin America is predicted to experience steady growth during the forecast period.
V2V technology can have a significant impact on reducing traffic congestion. One way this can be achieved is through the real-time traffic data that cars provide to transportation authorities. This information helps them manage their facilities more effectively, enhancing efficiency and minimizing congestion. In addition, V2V communication technology allows vehicles to collaborate by forming platoons with other cars traveling in the same direction. By moving closer together, roadways can increase their capacity to accommodate more cars within the same area.
Although we are far from achieving a fully integrated vehicle road transport system, there are already technologies available on the market that aim to bridge the gap between existing technologies and V2V. Adaptive cruise control, which uses radar to scan neighboring vehicles and adjusts speed accordingly, is one of these. Premium cars also have lane departure warning systems, which alert drivers when they are drifting out of their lane. Both of these technologies enhance driver awareness of their surroundings.