According to the recent study the
vehicular communication market is projected to reach an estimated $88.5 billion by 2027 from $25.1 billion in 2021, at a CAGR of 23.4% from 2021 to 2027. Growth in this market is primarily driven by 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 118 figures / charts and 92 tables in this 225 -page report to understand trends, opportunities and forecast in vehicular communication market by product type (V2V, V2I, V2P and others), vehicle type (Passenger cars, light commercial vehicles, heavy commercial vehicles and electric vehicles), offering (hardware and software), end user (OEM and aftermarket) and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Vehicle to vehicle market is expected to remain the largest segment during the forecast period.”
Based on product type, the vehicular communication market is segmented into V2V, V2I, V2P and others. Lucintel forecasts that the Vehicle to vehicle market is expected to remain the largest segment due to increasing roadways communication infrastructure, development of wireless technology, and growing awareness for driver's safety.
“North America will dominate the vehicular communication market in near future”
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.
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Major players of vehicular communication market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Continental, Qualcomm, Robert Bosch, NXP semiconductors, Aptiv Plc, and Infineon technologies are among the major vehicular communication providers.
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Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the 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 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 What are the business risks and threats to the vehicular communication market?
Q.4 What are some changing demands of customers in the vehicular communication market?
Q.5 What are the new developments in the vehicular communication market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this vehicular communication area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this vehicular communication market?
