Vehicle Wireless Communication Technology Market Size, Share, Growth, and Industry Analysis, By Type (Dedicated Short-range Communication and Mesh Communication), By Application (Passenger Car and Commercial Vehicle), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Vehicle Wireless Communication Technology Market Report Overview

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global vehicle wireless communication technology market size was USD 3883.5 million in 2022 and market to touch USD 8160 million by 2032 at CAGR 8.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the vehicle wireless communication technology market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Vehicle wireless communication technology is a broad term that encompasses a variety of technologies that allow vehicles to communicate with each other, with infrastructure, and with the cloud. These technologies can be used to improve safety, efficiency, and convenience.

Vehicle wireless communication technology can be used to improve safety by providing vehicles with real-time information about their surroundings. For example, V2V communication can be used to warn vehicles of potential collisions. Vehicle wireless communication technology can be used to increase efficiency by optimizing traffic flow and by providing drivers with information about the best routes to take.

COVID-19 Impact: Pandemic Decreased the Market Demand

The COVID-19 pandemic has had a significant impact on the vehicle wireless communication technology market share. The COVID-19 pandemic has caused a sharp decline in vehicle production and sales. This is due to a number of factors, including factory closures, supply chain disruptions, and a decline in consumer demand. The decline in vehicle production and sales has led to a decline in the demand for vehicle wireless communication technology in vehicles. The COVID-19 pandemic has also shifted consumer preferences towards vehicles that are more fuel-efficient and have features that promote safety and hygiene. This has led to a decline in the demand for vehicles with advanced vehicle wireless communication technology, such as those that are equipped with V2V and V2I communication capabilities. The COVID-19 pandemic has also increased the focus on cybersecurity in the automotive industry. This is due to the growing threat of cyberattacks on vehicles. The increased focus on cybersecurity has led to delays in the development and deployment of new wireless communication technologies for vehicles.

Latest Trends

"The rising adoption of telematics is expected to fuel the growth in the market"

Telematics is the use of electronic devices to collect and transmit data about vehicles. This data can be used to improve vehicle performance, safety, and security. Telematics can be used to monitor vehicle performance and identify problems early on. This can help to prevent costly repairs and breakdowns. For example, telematics can be used to monitor engine oil levels, tire pressure, and other critical components. Telematics can be used to improve vehicle safety by providing real-time data on driver behavior and vehicle conditions. This data can be used to prevent accidents by alerting drivers to potential hazards and by providing feedback on their driving habits. For example, telematics can be used to track speed, braking, and acceleration, as well as harsh braking and cornering events. Telematics can be used to improve vehicle security by tracking the vehicle's location and providing alerts if the vehicle is stolen or tampered with. For example, telematics can be used to send an alert to the driver if the vehicle is moved outside of a pre-defined area or if the ignition is turned on without the driver's permission.

Vehicle Wireless Communication Technology Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Dedicated Short-range Communication and Mesh Communication.

• By Application Analysis

Based on age, the market can be divided into Passenger Car and Commercial Vehicle.

Driving Factors

"Increasing demand for connected vehicles to foster the market growth"

Connected vehicles are equipped with wireless communication technology that allows them to exchange data with other vehicles, infrastructure, and the cloud. This data can be used to improve safety, efficiency, and convenience. Connected vehicles can use data to communicate with each other to warn of potential hazards, such as vehicles that are about to run a red light or that are driving erratically. This can help to prevent accidents and save lives. Connected vehicles can use data to optimize their routes and to avoid traffic congestion. This can save drivers time and money. Connected vehicles can be used to provide a variety of services, such as remote diagnostics and maintenance, and over-the-air updates. This can help to keep vehicles running smoothly and reduce the need for trips to the mechanic.

"Growing need for safety and security in vehicles to result in the expansion of the market"

There is a growing demand for safety and security features in vehicles. Wireless communication technology can be used to implement these features, such as collision avoidance systems, lane departure warning systems, and stolen vehicle tracking systems. These systems use data to communicate with other vehicles to warn of potential collisions. This can help to prevent accidents and save lives. These systems use data to monitor the vehicle's position on the road and to warn the driver if they are about to drift out of their lane. This can help to prevent accidents and keep drivers safe. Road accidents are a leading cause of death and injury around the world. Connected vehicle technology can help to reduce the number of road accidents by providing drivers with real-time information about potential hazards. Stolen vehicles are often used in crimes, such as carjackings and robberies. Connected vehicle technology can help to prevent vehicles from being stolen by tracking their location and disabling them remotely.

Restraining Factors

"Security concerns to hamper the market growth"

There are security concerns associated with vehicle wireless communication technology. Hackers could potentially exploit vulnerabilities in these systems to steal data or take control of vehicles. There is a lack of awareness about the benefits of vehicle wireless communication technology in vehicles among some automakers and fleet operators. This is a major barrier to the adoption of this technology.

Vehicle Wireless Communication Technology Market Regional Insights

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"Asia Pacific to lead the market owing to increasing availability of wireless communication technologies. "

The Asia Pacific region has shown the highest vehicle wireless communication technology market growth. The Asia-Pacific region is seeing a rapid increase in the availability of wireless communication technologies, such as 5G. This is making it easier and more affordable to connect vehicles in the region.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market"

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• Continental AG: Hannover, Germany
• Qualcomm: San Diego, California, USA
• NXP Semiconductors: Eindhoven, Netherlands
• Bosch: Gerlingen, Germany
• Huawei: Shenzhen, China
• Kapsch: Vienna, Austria
• Askey: New Taipei City, Taiwan
• Ficosa: Barcelona, Spain
• Savari: San Jose, California, USA
• LACROIX City: Villeurbanne, France
• Cohda Wireless: Melbourne, Australia
• Autotalks: Tel Aviv, Israel
• Lear(Arada): Southfield, Michigan, USA
• Commsignia: Milpitas, California, USA
• HARMAN: Stamford, Connecticut, USA
• Danlaw: Markham, Ontario, Canada

Report Coverage

This report examines an understanding of the vehicle wireless communication technology market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.