According to a new market report published by Lucintel, the future of the global vehicular communication market looks promising with opportunities in the passenger car, commercial vehicle and electric vehicle 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.
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 also is 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.
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 more effective transportation system.
Emerging trends that 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 systems. Continental, Qualcomm, Continental, Robert 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 and forecasted for the global vehicular communication market by product type, vehicle type, end user, offering and region and has come up with a comprehensive research report titled, “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.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at [email protected].