Global V2X Market Size, Shares, Growth, Segments, Industry Analysis & Outlook 2018-2024
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The growing demand for smart transportation is driving the growth of V2X market. Transportation is the fundamental factor that contributes to the economic growth and quality of life. Smart transportation provides better mobility solutions for vehicles by integrating them with the standard data-sharing platform. The current transportation system is facing the problem of traffic road intersections, and the high rate of road accidence. Thus, the necessity of intelligent control solutions for traffic management is rising across the world. V2X provides efficient and real-time traffic management that anticipated to boost the demand of V2X market.
In addition, growing demand for accidence is contributing to the growth of V2X market. According to the World Bank, Over 1.25 million people are killed each year on the road and 20-50 million others are seriously impacted by road traffic injuries. The introduction of V2X systems in the automobiles can reduce the rate of road accidence. Thus, several government organizations across the globe are taking initiative to adopt the V2X technology to promote safe driving applications.
Market Segmented by Communication Types
A number of types of Communication used in the V2X system that includes Vehicle-to-Vehicle (V2V) Communication, Vehicle-to-Network (V2N) Communication, Vehicle-to-Grid (V2G) Communication, Vehicle-to-Infrastructure (V2I) Communication, Vehicle-to-Home Communication (V2H), Vehicle-to-Pedestrian (V2P) Communication. These are the automotive technologies that allow the automobile to connect and talk with the surrounding entities such as vehicles, network, home, infrastructure or others.
Market Segmented by Connectivity Type
Global V2X Market by Connectivity Type segmented into two types including DSRC and Cellular Connectivity. Dedicated short-range communications (DSRC) technology is wireless communication technology. This is particularly designed communication technology for automobile V2X system to communicate with other automobiles or infrastructures. In addition, the cellular connectivity uses cellular network or mobile network to communicate. The V2X system that uses cellular connectivity is known as Cellular VehiCle-to-eVerything (C-V2X) system. The introduction of 5G in cellular communication is anticipated in creating the numerous growth opportunities in the C-V2X systems.
Market Segmented by Region
Among the regions considered in the scope of the report, North America held maximum share in the V2X market, in 2017. In addition, Asia Pacific is the fastest growing region in the V2X market. Strict government regulations for the road safety and growing demand for efficient and improved traffic transportation system are driving the growth of V2X market in this region. In addition, the U.S. Department of Transportation’s National Highway Traffic Safety Administration is taking the initiative to finalize a proposal to make V2X technology a mandatory feature for the automobiles. It also issued a statement to preserve the 5.9 GHz band for transportation communications that are essential to public safety. The rising incidence of road accidence is expected to boost the demand of V2X market in the Asia Pacific region.
The key players in the global V2X market includes Continental AG, NXP Semiconductors, Qualcomm Technologies, Inc., Robert Bosch GmbH, AUDI AG, Delphi Automotive, Infineon Technologies AG, Cisco Systems, Inc., Autotalks Ltd, and HARMAN International.
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