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V2X Communication Market, report categorizes global market by Communication Type, Offering Type, Connectivity Type, Vehicle Type, Propulsion Type, and Region. It provides information about – Global Industry Insights, Trends, Outlook, and Opportunity
V2X Communication Market- Global Industry Insights, Trends,
Outlook, and Opportunity Analysis, 2018–2025
Vehicle-to-everything (V2X) is the technology, which enables cars to communicate
with their surroundings by passing the information from one vehicle to other vehicle
or any object and vice versa. It is a vehicular communication system that includes
different types of communication systems such as V2I (Vehicle-to-Infrastructure),
V2V (Vehicle-to-vehicle), V2P (Vehicle-to-Pedestrian), V2D (Vehicle-to-device), V2G
(Vehicle-to-grid), V2H (Vehicle-to-home), V2N (Vehicle-to-Network), and V2C
(Vehicle-to-Cloud).
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Rising concerns regarding safety is the major factor driving growth of the
global V2X communication market
Rising concerns regarding safety has led to adoption of connected vehicles and this
is a major factor driving growth of the market. Connected vehicles are equipped with
communication systems, which aids in reducing the risk of an accident.
Communication systems in vehicles deliver a definite information of traffic situation
across the road network. Moreover, it helps in obtaining information of traffic flows
and in turn aids in reducing vehicles congestion. This also reduces the possibility of
road accidents. For instance, according to World Health Organization (WHO), an
estimated 1.25 million road accidents occurred globally in 2013. Therefore, people
are increasingly concerned and cautious regarding road safety, which is expected to
aid in growth of the global V2X communication market.
Limited functionality of sensors is expected to restrain growth of the market
Major factor expected to restrain the market growth is limited functionality of sensors
used in the V2X communication. V2X communication is dependent on sensors,
microcontrollers, and semiconductors for its functioning. Sensors are responsible for
detecting the information and convey the information to an Electronic Control Unit
(ECU). This ECU, processes the data through an algorithm, and helps in assisting
the driver by providing information related to traffic, pedestrian, and road condition,
among others. However, these sensors have limited functionality, and this factor is
expected to negatively impact of market growth.
Moreover, building a secure system with certified privacy, authenticity, and security
for all types of V2X communication is also a major challenge faced by vendors in the
market.
Passenger cars segment is expected to dominate and hold the largest market
share over the forecast period
Passenger cars is expected to account for the largest share in the global V2X market
during the forecast period. Increasing GDP is a factor expected to drive growth of
passenger cars segment. For instance, according to the World Bank Group, GDP
per capita has increased globally from US$ 9,509.4 in 2010 to US$ 10,150.8 in 2016.
This is an indicator of increasing standard of living, which has significant impact on
affordability and expenditure on luxury vehicles. These luxury cars are pre-fitted with
advanced embedded systems, which includes collision warning systems, blind spot
warning systems, emergency electric brake warning systems, and intersection
movement assists, among others. This, in turn, is expected to lead to high growth of
the global V2X market.
Advent of autonomous vehicles is expected to be the major growth
opportunity
Advent of autonomous vehicle creates a growth opportunity for key players in the
global vehicle-to-everything market. For instance, according to IHS Markit—an
automotive database provider— the global autonomous vehicles sales is expected to
surpass 600,000 units by 2025, increasing at a CAGR of 43% between 2025 and
2035. Furthermore, according to IHS Markit, autonomous vehicle sales in China is
expected to reach around 5.7 million by 2035 and in the U.S. to around 4.5 million
vehicles.
Key players in the automotive industry are focusing on offering enhanced safety
features in their vehicles. For instance, Volkswagen Arteon comprises safety
features including front airbag, knee airbag, side head airbag, side chest airbag, and
child protection system. This car is rated 85% for pedestrian safety and 82% for
safety assistant, by The European New Car Assessment Programme, in 2018, which
is the highest rated car for pedestrian safety in 2018.
However, increase in autonomous vehicle sales is expected to further create a
growth opportunity for global vehicle-to-everything market over the forecast period.
Global V2X Communication Market: Regional Insights
North America market is estimated to account for the largest market share in 2017.
The U.S. and Canada are the major growth engines in North America market. This
growth is owing to increasing initiatives by the U.S. government towards
improvement of traffic within the country accounting for the safety aspect. For
instance, the America's Surface Transportation Act or 'FAST Act' was passed in
2015, in order to enhance the transportation within the country, improve working
efficiencies in transportation systems & commercial vehicles, and minimize vehicle
emissions. This is expected to positively affect growth of the market.
Global V2X Communication Market: Competitive Background
Major players operating in the V2X communication market are Continental AG,
Volkswagen AG, Toyota Motor Corporation, General Motors Company, Qualcomm,
NXP Semiconductors N.V., Robert Bosch GmbH, Tomtom NV, Savari Inc., Cisco
Systems Inc., Infineon Technologies AG, and Denso Corporation.
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apeksha motghare
apeksha motghare265   documents Email
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