Trends, opportunities and forecast in vehicular communication market to 2024 by product type (V2V, V2I, V2P and others), by vehicle type (Passenger cars, light commercial vehicles, heavy commercial vehicles and electric vehicles), by offering (hardware and software), by end user (OEM and aftermarket) and region (North America, Europe, Asia Pacific, and the Rest of the World)
According to a new market report published by Lucintel, the future of the global vehicular communication market looks promising with opportunities in the passenger cars, commercial vehicle, and electric vehicles markets. The global vehicular communication market is expected to reach an estimated $18.3 billion by 2024 with a CAGR of 19% from 2019 to 2024.
The major drivers for this market are growing concern for better traffic management, rising demand for real-time traffic congestion control for passenger safety, and increasing use of artificial intelligence in vehicles.
Browse 92 market data tables and 118 figures spread through 225 pages and in-depth TOC on “Global Vehicular Communication Market"
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In this market, different types of vehicular communication such as V2V, V2I, V2P and others are used as product type.
On the basis of comprehensive research, Lucintel forecasts that the vehicle to vehicle segment will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to increasing roadways communication infrastructure, development of wireless technology, and growing awareness for driver's safety.
Within this market, electric vehicle will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to increasing electric vehicle production and higher penetration of vehicular communication system in electric vehicle as compare to ICE vehicles.
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North America will remain the largest region due to favorable policies and regulations by the government to reduce accidents and the increasing need for a better and effective transportation system. Europe is expected to witness the highest growth over the forecast period due to increasing adoption of vehicular communication systems in luxury cars.
Emerging trends, which have a direct impact on the dynamics of the industry, include integration of predictive vehicle maintenance using real-time monitoring and development of artificial intelligence with vehicular infotainment system. Continental, Qualcomm, Continental, Robot Bosch, NXP semiconductors, Delphi Automotive, and Infineon technologies are among the major vehicular communication manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global vehicular communication market by product type, vehicle type, end user, offering and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Vehicular Communication Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global vehicular communication market by product type, vehicle type, end user, offering, and region as follows:
By Product Type ($M Shipment analysis from 2013 to 2024):
- Vehicle to vehicle (V2V)
- Vehicle to infrastructure (V2I)
- Vehicle to pedestrians (V2P)
By Vehicle Type ($ M Shipment analysis from 2013 to 2024):
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
By Offering ($ M Shipment analysis from 2013 to 2024):
By End User ($ Million from 2013 to 2024):
By Region ($ Million from 2013 to 2024):
- North America
- United States
- United Kingdom
- Asia Pacific
- South Korea
- The Rest of the World
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This report answers following 11 key questions:
Q.1 What are some of the most promising, high-growth opportunities for the global vehicular communication market by product type (V2V, V2I, V2P and others), by vehicle type (Passenger cars, light commercial vehicles, heavy commercial vehicles and electric vehicles), by offering (hardware and software), by end user (OEM and aftermarket), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
- Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years?
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