V2X Industry Size Worth $3.16 Billion by 2025 | Compound Annual Growth Rate of 17.5%; Infinium Global Research
PUNE, India, March 4, 2020 /PRNewswire/ -- Infinium Global Research has recently published a global report on "V2X Market (Component - Hardware and Software; Communication Type - Vehicle-to-vehicle Communication, Vehicle-to-network Communication, Vehicle-to-grid Communication, Vehicle-to-infrastructure Communication, Vehicle-to-home Communication, and Vehicle-to-pedestrian Communication; Connectivity Type - DSRC, and Cellular Connectivity; Vehicle Type - Commercial Vehicles, Passenger Cars): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024" published by Infinium Global Research", the reported study estimated the market for V2X will reach up to 3,164.7 million by 2025 , with a Compound annual growth rate of 17.5%, in the forecast period (2018-2025).
The automotive industry is experiencing a series of transitions, the industry moving towards digitalization and connected mobility. The latest vehicles on the world's roads contain very advanced information and communications technologies, comprising on-board computers, an extensive range of sensors and, in many cases, both short-range and wide-area connectivity. Numerous new vehicles depend on cellular networks to provide a broad range of infotainment and telematics services, containing pay-as-you-drive insurance, navigation, and automated emergency calling. Particularly, mobile networks are playing an increasingly important role in improving road safety and enhancing safety-critical systems on-board vehicles.
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V2X In Connected Cars Will Reduce Automotive Collision
Each year, of the more than 1.2 million lives lost to traffic crashes across the world, roughly 40,000 of those are in the United States. And whether these collisions result in death or injury to drivers, passengers, or pedestrians, the huge majority of those collisions are the result of human error. With respect to motor vehicles, improvements in roads and automobile designs have progressively reduced injury and death rates around the globe. Nevertheless, these improvements, automobile collisions remain the leading cause of injury-related deaths.
Vehicle-to everything (V2X) is a technology that helps upsurge road safety by means of advanced technological improvements in automotive electronics. V2X is based on the concept of an intelligent transport system (ITS) and helps in proficient traffic management. This technology enables a vehicle to communicate with the neighboring vehicles, any hindrances such as pedestrian, infrastructure, and even with a vehicle out of sight or any other elements in a traffic-congested area. A growing number of road accidents is fuelling the need for increased public safety and rising government support for refining traffic management is expected to further boost the V2X market in the next few years. V2X also helps in avoiding traffic congestion and thus, helps reduce excessive fuel consumption and vehicular emissions.
Implementation Cost Can Hinder Wide Scale Adoption
The rapidly expanding automotive sector across the globe is expected to drive the V2X market during the forecast period. Developments in wireless communication technologies, sensor fusion, imaging technologies, and big data analytics have created opportunities for automotive companies to discover a wide range of solutions for various applications. Advancements in navigation, miniaturization of electronic components, and rising adoption of smart devices is projected to fuel advancements in the V2X industry. Furthermore, V2X communication is expected to be crucial in the development of the Internet of Things (IoT). Apart from devices talking to each other, forthcoming connected cars will interact with the environment around, thereby leading to numerous forms of vehicular communication.
In addition, the technological advancements in the field of automotive electronics such as cloud technology are being used for vehicle platooning. This is likely to fuel the V2X market over the forecast period. However government initiatives, evolving ADAS (advanced driver assistance systems) applications, and technology advancements may drive opportunities, high initial investment and lack of suitable infrastructure are some of the key factors that hamper widespread adoption.
High Level of Competition is Accelerating Innovations
The V2X market is dominated by the presence of companies with high technological capabilities. The players operating in the V2X market have a diversified product portfolio, strong global presence and are involved in various strategic initiatives to hold on to their market share. The players in this market can seek lucrative opportunities from the advent of autonomous cars on the edge of transforming the automotive industry and the usage of real-time monitoring for prediction using real-time monitoring.
The industry is characterized by several vendors that provide differentiated products and services in the market. The strategic partnership will help the companies mark a stronghold in the highly competitive V2X market. For instance, Audi of America, the Virginia Department of Transportation (VDOT) and Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated's joint efforts to launch initial deployment designed to help enhance safety on select Virginia roadways using C-V2X communications.
Government and Regulatory Agencies are Driving Implementation of Connected Cars
North America is expected to lead the global V2X market over the forecast period. The rapid technological advancements in the field of vehicle-to-vehicle connectivity, rising public preference toward vehicles equipped with high-tech features, and the increasing concern about reducing excessive fuel consumption are the key influences boosting the market growth in the region. The V2X market in Europe is rapidly expanding. The European automotive industry is governed by severe safety as well as stringent emission norms.
According to the European Environment Agency in 2015, vehicle emissions is still responsible for EU greenhouse gas emissions. Also, with the rising stringency of safety norms, features like adaptive cruise control, and blind-spot detection which uses vehicle-to vehicle communication will become an absolute feature thus enabling the progress for the V2X market. The presence of top players in the region, along with large scale adoption of V2X-equipped vehicles, is expected to have a significant effect on the European V2X market.
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Chapter - 1 Preface
- Report Description
- Research Methods
- Research Approaches
Chapter - 2 Executive Summary
- V2X Market Highlights
- V2X Market Projection
- V2X Market Regional Highlights
Chapter - 3 Global V2X Market Overview
- Introduction
- Market Dynamics
- Porter's Five Forces Analysis
- IGR-Growth Matrix Analysis
- Value Chain Analysis of V2X Market
Chapter - 4 V2X Market Macro Indicator Analysis
Chapter - 5 Global V2X Market by Component
- Hardware
- Software
Chapter - 6 Global V2X Market by Communication Type
- 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
Chapter - 7 Global V2X Market by Connectivity Type
- DSRC
- Cellular Connectivity
Chapter - 8 Global V2X Market by Vehicle Type
- Commercial Vehicles
- Passenger Cars
Chapter - 9 Global V2X Market by Region 2018-2024
- North America
- Europe
- Asia-Pacific
- RoW
Chapter - 10 Company Profiles and Competitive Landscape
- Continental AG
- NXP Semiconductors
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- AUDI AG
- Delphi Automotive
- Infineon Technologies AG
- Cisco Systems, Inc.
- Autotalks Ltd
- HARMAN International
Browse in-depth TOC on "V2X Market"
About Us
Infinium Global Research is a business consulting and market research firm; a group of experts that caters to fulfilling business and market research needs of leading companies in various industry verticals and business segments. The company also serves government bodies, institutes and non-profit/non-government organizations to meet their knowledge and information needs.
Through our information services and solutions, we assist our clients to improve their performance and assess the market conditions to achieve their organizational goals. Our team of experts and analysts are engaged in continuously monitoring and assessing the market conditions to provide the knowledge support to our clients. To help our clients and to stay updated with the advances and inventions in technology, business processes, regulations and environment, Infinium often conducts regular meets with industry experts and opinion leaders. Our key opinion leaders are involved in monitoring and assessing the progress in the business environment, so as to offer the best opinion to our clients.
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