Opportunities for the global vehicular communication market to reach $18.3 billion by 2024

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.

Vehicle communication is a wireless technology that enables communication between vehicle to vehicle (V2V), vehicle to infrastructure (V2I), and vehicle to pedestrians (V2P). On the basis of its 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.

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 the major vehicular communication system manufacturers.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for global vehicular communication market by product type, vehicle type, end user, offering and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities for Global Vehicular Communication Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for 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) 
•  Others                            

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):

• Hardware
• Software                                  

By End User ($ Million from 2013 to 2024):

• OEM
• Aftermarket

By Region ($ Million from 2013 to 2024):

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• Russia
• France
• United Kingdom
• Italy
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• The Rest of the World
• Brazil
• Turkey

This 225-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com. Lucintel offerings include Mass Transportation, Transportation Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. We offer market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers the 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 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 region will grow at a faster pace and why?

Q.4.     What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5.     What are the business risks and competitive threats in this market?

Q.6.     What are the emerging trends in this market and the reasons behind them?

Q.7.     What are some of the 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 key players pursuing for business growth?

Q.10.   What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11.   What M&A activity has occurred in the last 5 years and what has its impact been on the industry?