Market Research Report
Automotive Vehicle-to-Everything (V2X)
|Published by||Global Industry Analysts, Inc.||Product code||956850|
|Published||Content info||202 Pages
Delivery time: 1-2 business days
|Automotive Vehicle-to-Everything (V2X)|
|Published: January 1, 2021||Content info: 202 Pages||
The Closer & Closer We Get to Autonomous Driving Reality, the Bigger & Bigger Will Be the Opportunity for V2X. Market to Reach US$4.3 Billion
The global market for Automotive Vehicle-to-Everything (V2X) is projected to reach US$4.3 billion by the year 2027, trailing a post COVID-19 CAGR of 37.9% over the analysis period 2020 through 2027. With reluctance to use shared mobility expected to persist even in the post pandemic world, business opportunity for autonomous driving is coming back stronger. While delays in timelines & missed targets are inevitable in the year 2020, a rapid recovery & a brighter outlook compared to pre-COVID times is already on cards. V2X represents a vital connectivity link crucial for delivering on the promise of fully autonomous driving. Automotive Vehicle-to-Everything (V2X) represents a major achievement in the direction of ensuring vehicle safety by allowing vehicles to directly communicate with other components of the traffic system. The technology encompasses various elements such as vehicle-to-vehicle (V2V) that enables communication among vehicles. Vehicle-to-infrastructure (V2I) is another component of the V2X technology that facilitates communication between a vehicle and external systems like street lights, pedestrians, cyclists and buildings. Some of the other major elements of the V2X technology include vehicle-to-network (V2N), vehicle-to-vehicle (V2V), vehicle-to-pedestrian (V2P), vehicle-to-device (V2D) and vehicle-to-grid (V2G). The adoption of V2X can be credited to increasing focus on traffic efficiency, road safety and fuel savings. The technology holds potential to significantly reduce traffic accidents and associated mortalities. The vehicular technology uses short-range wireless signals for enabling communication and allows drivers to gain information regarding road conditions, nearby accidents, weather and dangerous activity.
The signals used by the technology are resistant to weather conditions and interference. The technology also serves various purposes such as automatic payment for parking and tolls. While the V2X technology holds compelling benefits, it requires mature technological options and efforts by market participants to overcome certain glitches. For instance, V2X-powered communication among vehicles or objects requires all participants to be equipped with the technology. Since various traffic signals are not integrated with V2X, vehicles are unable to communicate with these objects. In addition, other components like pedestrians or cyclists are required to be equipped with V2X devices for facilitating communication. However, the concept of V2X holds significant potential for autonomous vehicles, and is anticipated to gather notable steam in the coming years. New car models equipped with the technology are expected to start appearing on the market soon. The Volkswagen Golf 8th generation represented the foremost passenger car that came with NXP-powered V2X technology. In addition, the technology needs clear regulations pertaining to autonomous driving for finding extensive adoption in the future. The automotive vehicle-to-everything (V2X) technology is garnering a significant traction on account of its ability to avoid road accidents. There are around 1.25 million fatalities globally related to road accidents, with driving error remaining the primary cause. These incidents are prompting governments to embrace V2X for avoiding collisions and reducing fatalities. The technology also holds an important role in reducing traffic congestion and saving fuel. V2X communication allows cars to connect with other IoT devices as well as enabling vehicles to exchange information with other vehicles on the road.
The technology is anticipated also find broader acceptance owing to increasing demand for vehicle connectivity along with other safety features. The fleet & asset management segment occupies the largest share of the automotive V2X market. Businesses rely on fleet monitoring and tracking tools for controlling their fleet, pushing productivity and reducing costs. On the other hand, automated driver assistance is anticipated to remain one of the most demanding applications of devices due to features like obstacle detection, lane departure warning, intersection collision warning, road departure warning, lane change assistance, rear impact warning, rollover warning, safety margin and forward collision warning. The V2V segment along with V2I communication is predicted to post a fast growth rate. These approaches are built on the Wi-Fi derivative 5.9 GHz that is dedicated to short-range communications for fast-moving objects. The market is expected to witness strong adoption of telematics in automobiles for V2V, V2P and V2I connectivity. The platform is anticipated to be used for remote tracking, safety alert, navigation and entertainment. Telematics allows logistics and vehicle fleet management systems to perform efficiently. Cellular is anticipated to be the key connectivity segment of the automotive V2X market going forwards. The implementation of 5G technology is expected to support 5G-V2X applications to enhance cyber security and message handling in congested traffic settings. The cellular segment is estimated to also gain from benefits associated with cost of hardware components. The use of Dedicated Short Range Connectivity (DSRC) for V2P communication demands additional hardware and makes C-V2X and expensive affair. However, ongoing developments by leading companies are anticipated to drive the adoption of C-V2X technology.
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