Wilmington, Delaware, United States, Transparency Market Research. Inc., July 12, 2024 (GLOBE NEWSWIRE) -- The market for vehicle-to-everything (V2X) communications ( 차량 대 사물 통신 시장) was valued at US$ 750 million in 2023. It is expected that a CAGR of 27.4% will be achieved between 2024 and 2034. A market size of US$ 12.1 billion is anticipated by 2034.
Enhanced vehicle safety features and sharing of information between vehicles concerning their speed, direction, and position to improve road safety. Market demand for V2X communication is being driven by concerns over the environment, the flow of traffic, and decreased emissions.
Standards will be developed to ensure interoperability between services and areas using V2X verbal exchange protocols. ITU and ISO, two international standards organizations, will play key roles in establishing this new standard. Through V2X communications, traffic injuries and fatalities will be reduced substantially by improving situational awareness and allowing quicker response times to potential dangers.
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The preemption system for emergency vehicles will make it easier for them to navigate through visitors, undoubtedly saving lives. New mobility services will be facilitated by V2X, including self-sufficient and connected experience sharing, enhanced public transportation services, and an increase in mobility efficiency.
Key Findings of the Market Report
- Security subsystems based on V2X contributed significantly to the market in 2024.
- Asia Pacific held a substantial share of the V2X communications market in 2023.
- Based on communication type, Vehicle-to-device is the most commonly used communication method.
- Dedicated short-range communication (DSRC) is expected to become more popular in the future.
- Based on application, road safety is expected to drive demand in the years to come.
Vehicle-to-Everything (V2X) Communications Market: Growth Drivers
- The deployment of 5G technology, with its low latency and excessive bandwidth, is a sizable enabler of V2X communications. 5G permits actual-time facts change among vehicles and their surroundings, which is essential for packages like collision avoidance and self-reliant operation.
- A significant amount of research and development is being done on C-V2X and DSRC. C-V2X, in particular, can be deployed at scale more easily due to existing mobile infrastructure. V2X is a critical thing for autonomous vehicles, making it possible for them to communicate with other vehicles (V2V), infrastructure (V2I), pedestrians (V2P), and networks (V2N).
- Creating smart cities includes integrating various technologies, consisting of V2X, to improve urban mobility, reduce congestion, and enhance public security. By implementing policies, regulations, and funding, the government supports the deployment and development of V2X technologies.
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Vehicle-to-Everything (V2X) Communications Market: Regional Landscape
- As automotive industries grow in Asia Pacific, V2X communication demand is expected to rise. In the coming years, demand is likely to be driven by smart city projects and the adoption of electric vehicles in developing countries.
- For instance, the Smart Nation initiative in Singapore and the smart metropolis projects in China and South Korea. As technologies continue to advance and 5G networks become more prevalent, demand is expected to increase.
- V2X communications inside the Asia-Pacific region appear promising, with ongoing upgrades in generation and growing assistance from both the public and private sectors. The region is anticipated to be a frontrunner in the deployment and adoption of V2X, contributing to more secure, environmentally friendly, and efficient transportation systems.
- The Asia-Pacific vicinity is a hub for enhancements in 5G technology, which is crucial for the low-latency verbal exchange required for V2X (車載通信市場). Countries like China, Japan, and South Korea are on the leading edge of 5G deployment, straight away reaping rewards from V2X packages.
Global Vehicle-to-Everything (V2X) Communications Market: Competitive Landscape
The vehicle-to-everything communications (V2X) industry is integrating Edge and 5G technologies with V2X communications. In collaboration with leading global companies, several automotive communication companies have developed integrated software to make V2X solutions cost-effective and high-quality.
Key Players Profiled
- Alcraft Motor Company Ltd
- Beijing Automotive Co. Ltd.
- BMW AG
- BYD Company Ltd.
- CANOO
- Chery
- Continental AG
- Daimler Truck AG.
- dSPACE GmbH
- Faraday&Future Inc.
- Fisker Inc.
- Ford Motor Company
- Geely
- General Motors
- Honda
- Huawei Technologies Co., Ltd.
- Hyundai Motor Company
- LG Innotek
- Marvell
- NATIONAL INSTRUMENTS CORP.
- Nokia
- NXP Semiconductors
- Qualcomm Technologies, Inc.
- Telit Cinterion
- Quectel
- STMicroelectronics
- WISTRON CORPORATION
- ZTE Corporation
Key Developments
- In September 2023, BMW commenced licensing its next-generation 5G cars through Avanci, following the launch of the patent pool's five-year licensing programme. Vehicles licensed by Avanci can communicate with other automobiles, pedestrians, cyclists, and infrastructure through cellular vehicle-to-everything technology.
- In June 2024, three automotive companies collaborated to establish a company that connects automobile manufacturers with power utilities. American Honda Motor Co., BMW Group, and Ford Motor Co. are launching an equal-owned company called ChargeScape to manage charging for electric vehicles.
- Using a combination of smart charging and vehicle-to-everything solutions, ChargeScape aims to provide customers with greater benefits, strengthening the grid, and using renewable energy more effectively.
Global Vehicle-to-Everything (V2X) Communications Market: Segmentation
V2X Communication
- Vehicle-to-vehicle (V2V)
- Vehicle-to-infrastructure (V2I)
- Vehicle-to-pedestrian (V2P)
- Vehicle-to-network (V2N)
- Vehicle-to-device (V2D)
- Vehicle-to-grid/ Vehicle-to-home
V2X Architecture
- Vehicular OBUs
- Non-vehicular Devices
- Roadside Units
- V2X Application Software
- V2X Application Servers
- V2X Control Function & Cellular Network Elements
- V2X Security Subsystems
Technology
- Dedicated Short Range Communication (DSRC)
- Cellular V2X
Transmission Mode
- Direct
- Multi-hop
- Network Assisted
V2X Message Sets & Service Capability
- Periodic Awareness: CAM/BSM
- Event Triggered Safety Alerts: DENM/BSM
- CPM (Collective Perception Message)
- MCM (Maneuver Coordination Message)
- SPaT (Signal Phase & Timing)
- MAP (Map Data Message)
- GNSS Correction
- SSM/SRM (Signal Status & Request Message)
- PSM (Personal Safety Message)
- IVIM (Infrastructure-to-vehicle Information Message)
- TIM/RSM (Traveler/Road Safety Message)
- BIM (Basic Information Message)
- MCDM (Multimedia Content Dissemination Message)
- Video & Sensor Information Exchange
- Standard Voice & Data Service
- PVD (Probe Vehicle Data)
- PDM (Probe Data Management)
- Others
Application
- Road Safety
- Traffic Management & Optimization
- Navigation & Traveler/Driver Information
- Transit & Public Transport
- Commercial Vehicle Operation
- Emergency Services & Public Safety
- Environmental Sustainability
- Road Weather Management
- Autonomous Driving & Advanced Applications
- Value-added Services
- Others
Business Model
- B2C (Business to Customer)
- B2B (Business to Business)
- B2B2X (Business to Business to Business/Customer)
Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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