Press Release Description
Aiding Reduced Congestion Makes Vehicle-to-Vehicle Communication Market Bloom
The GCC Vehicle-to-Vehicle (V2V) Communication market is projected to grow at a CAGR of around 3.58% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The governments in the GCC countries have been increasingly focusing on reducing road accidents & improving road safety. V2V communication technology has been identified as a key solution to achieving this goal. The technology enables automobiles to communicate with each other & exchange real-time information such as location, speed, and direction. This helps them to avoid collisions & reduce the risk of accidents, particularly in situations where drivers may not be able to see each other due to blind spots or other factors.
The governments in the GCC region are taking various initiatives to promote the adoption of this communication technology. For example, the Ministry of Transport in Saudi Arabia has launched a comprehensive road safety program, including the usage of this communication technology in commercial vehicles. Similarly, the Dubai Roads and Transport Authority (RTA) has launched a pilot program to test the technology in buses.
Hence, the market is expected to continue growing as the governments in the region persist to prioritize road safety & take steps to promote the adoption of this communication technology, further states the research report, “GCC Vehicle-to-Vehicle (V2V) Communication Market Analysis, 2023.”
Dedicated Short Range Communication (DSRC) to Hold a Significant Share in the Market
On the basis of connectivity type, the market is segmented into Dedicated Short Range Communication (DSRC) and Cellular. Of them, the Dedicated Short Range Communication (DSRC) based connectivity type is expected to attain a dominant share in the market during the forecast years, as the vehicle-to vehicle technology is well-established & has been extensively tested & validated, making it a popular choice for V2V communication in the GCC as well.
Additionally, the technology operates on a dedicated spectrum, which ensures a high level of reliability & security, making it well-suited for applications that require real-time communication & accurate positioning, such as collision avoidance & traffic management. Moreover, the growing support of several global standards organizations, including IEEE, SAE, and ETSI for the use of DSRC connectivity due to the restrictions in cellular-based segment is anticipated to continue to drive the market growth in the forecast years.
Commercial Vehicles to Attain a Considerable Growth in the Upcoming Years
Based on the vehicle type, the market is further bifurcated into Passenger Cars & Commercial Vehicles. Of them, the Commercial Vehicle is expected to witness a significant growth rate in the upcoming years. This is because these commercial vehicles frequently travel long distances on highways & are exposed to various safety- & traffic-related issues such as accidents, congestion, and road closures.
vehicle-to-vehicle communication can help these vehicles to communicate with each other & surrounding infrastructure to avoid such issues & enhance safety & efficiency. Furthermore, the initiative by the government of the UAE & Saudi Arabia, etc., to test & validate the use of this technology in commercial vehicles is projected to uplift the segment share in the upcoming years as well.
Saudi Arabia to Gain Notable Traction in the Market
Geographically, Saudi Arabia is anticipated hold a dominant position in the market during the forecast years. The growing focus of the government to develop 5G infrastructure & use of wireless technology in the automotive sector is a key factor anticipated to drive market growth. Additionally, the surging demand for autonomous vehicles among the residents & the e-commerce players for fuel efficiency is anticipated to further support the demand to integrate vehicle-to-vehicle communication technology in automobiles.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Etrans Solutions, Qualcomm, Cisco Systems Inc., Delphi Automotive Plc., Autotalks, DENSO Corporation, Kapsh Group, Savari Inc., Infenion Technologies AG and Lear Corporation, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the countries?
- How has the industry been evolving in terms of geography & technology adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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