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V2X Communication Module Market: Lucrative Opportunities across Globe

V2X Communication Module Market: Lucrative Opportunities

Vehicle-to-passenger (V2P) and vehicle-to-vehicle (V2V) communication through a wireless medium, and collectively known as V2X Communication. This sensor is designed to sense the vehicle’s surroundings to prevent collisions, warn potential hazards, ensure operator safety, and prevent traffic congestion. This sensor uses a wireless technology aimed at increasing road safety and improve traffic management and adequate to reduce environmental impact. This sensor is integrated with a processor and a RF transceiver that provides consistent RF performance with high integrative flexibility. This sensor is expected to alert drivers of potential threats, such as uncertain overtake, vehicle braking, road hazard detection, and is expected to improve collision avoidance, and heavily reduce fatalities and injury severity. Additionally, this technology is expected to enhance traffic efficiency providing warnings for upcoming traffic congestions, proposing alternative routes and securing an eco-friendly driving, reducing CO2 emission through adaptive cruise control and a smarter transportation management. The rising demand for road safety regulations, rising severity of road accidents and evolution of IoT and edge computing are some of the primary factors driving the growth of the global V2X communication module market during the forecast period. However, the high cost of investment is restraining the growth of the V2X communication module market. At present, various government regulatory bodies of various countries has imposed regulations with an aim to reduce traffic collisions and road accidents, and this is expected to create ample opportunities for V2X communication module manufacturers to come up with more advanced high-efficient sensors.

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The global V2X communication module market is segmented on the basis of technology type, application, and region. On the basis of technology type, the V2X communication module market is segmented into Bluetooth, Wi-Fi, Dedicated Short Range Communication (DSRC), Cellular, Short range radio. GPS and others. The automobile industry is evolving and the dedicated short-range communication (DSRC) is the communication standards on which these transportation services are provided. These communication standards are based on IEEE 802.11p PHY/MAC and DSRC wireless communication and messaging protocols. By application type, the V2X communication module market was segmented into Vehicle-to-Infrastructure (V2I) Communication, Vehicle-to-Pedestrians (V2P) Communication, In-Vehicle (IN-V) Communication and others. The rising consumer demand for convenience features has enforced various OEMs to incorporate V2X communication modules. The implementation of the V2X communication will not only increase the safety aspect but will also provide an enhanced driving experience. The rising demand of safety and security features in automobiles is expected to boost the demand for the V2X communication module market during forecast period.

In the region wise study, the global V2X communication module market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe which comprises the Germany, France, and United Kingdom captured significant market share followed by North America and Asia Pacific in 2017. Asia Pacific showed the fastest growth rate during the forecast period due to the emerging economies. China represents huge potential for the V2X communication module industry with the rising adoption of automobiles and to avoid traffic congestions. Moreover, Middle East and Africa and South America is expected to witness slower growth rate comparing other regions owing to the late introduction of 5G and other emerging technologies.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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