The global automotive vehicle-to-everything
(V2X) market is expected to reach USD 26.72 billion by 2025 according to a new
report by Grand View Research, Inc. The automotive industry is undergoing a
series of transitions, the industry moving towards digitalization and connected
mobility. There has been a significant rise in the use of electronics in
vehicles. The vehicles today have shifted from being a conventional vehicle to
intelligent vehicles and are equipped with communication systems that alert or
assist the driver from a potential accident. Moreover, the rising consumer
demand for convenience features has enforced various OEMs to incorporate V2X
communication systems. The implementation of the V2X communication will not only
increase the safety aspect but will also provide enhanced driving experience.
There are numerous benefits for the
implementation of V2X communication systems, however, they are surrounded by
challenges. The main challenge for the automotive V2X market to grow is the
need for a robust legal framework. Another important challenge is to build a
secure system that ensures privacy, authenticity, and security for all types of
V2X communication.
Further key findings from the report suggest:
- Increasing concerns towards environment
and growing electric vehicles market will provide wide growth
opportunities for V2H, V2G, and V2I communication type market
- With the automotive industry moving
towards connected cars and autonomous driving, there will arise concerns
about data security, anonymity, and privacy maintained.
- Synchronized real-time data will be a key
factor in determining the growth of the automotive V2X market.
- The automotive V2X market is anticipated
to grow at a CAGR of over 25.4% from 2016 to 2024.
- Major players of the automotive V2X market
are Continental AG, Qualcomm Inc., Robert Bosch GmbH, NXP Semiconductors
N.V., Tomtom N.V., Cisco Systems Inc., and Infineon Technologies AG, among
others.
- The automotive industry has numerous
technology giants who are investing heavily in the automotive V2X market
in order to gain the first movers advantage.
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Complete Summary of This Report: https://www.grandviewresearch.com/industry-analysis/automotive-vehicle-to-everything-v2x-market
The automotive
industry is growing at a steady rate owing to the rising disposable income of
the emerging economies in countries such as China and India, which has boosted
automotive sales in recent years. The rising number of passenger cars is one of
the main reasons for traffic congestion. Due to these traffic congestions, the
fuel consumption of an automobile increases which adds to the emission and air
pollution. Thus the increasing demand for real-time traffic alerts and
increased environmental concerns will boost the automotive V2X market.
The automotive V2X
communication covers various types of communication which are prominently used
in various active safety features such as Adaptive cruise control, Blind spot
detection and lane change assist among others.
With the growing
stringency in safety regulations, these features will become mandatory in the
near future. Thus Vehicle-to-Vehicle (V2V) is expected to dominate the market
in the coming future. Incorporation of V2I and V2N communication would facilitate
in resolving problems such as traffic congestion and will reduce emissions
caused due to traffics. It would also enable the growth of convenient
facilities such as e-parking and automated toll payments. Thus, the stated
attributes would expedite the growth of the automotive V2X market.
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Cellular
connectivity with its wide coverage may be a lucrative connectivity option,
however, it has some drawbacks. The cellular connectivity owing to its
extensive coverage will require substantial time for deployment. The modem
hardware required to fulfill the automotive industry requirement pertaining to
V2X is expensive in nature. However, with secure cellular connectivity for V2X
and robust deployment strategy, the technology has strong potential in the near
future.
Grand View
Research is an India & U.S. based market research and consulting company
headquartered in San Francisco, which offers syndicated research reports,
customized research reports, and consulting services. The company’s rich
database includes in-depth analysis across a range of industries including
chemicals, materials, energy, healthcare, and technology, among others.
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