Newark, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The global vehicle-to-everything market was valued at USD 2.8 billion in 2023 and grew at a CAGR of 40% from 2024 to 2033. The market is expected to reach USD 80.99 billion by 2033.
The Vehicle-to-Everything (V2X) market involves technologies and systems that enable vehicles to communicate with various entities, including other vehicles (V2V), infrastructure (V2I), pedestrians (V2P), and networks (V2N). V2X aims to improve road safety, traffic efficiency, and the overall driving experience by facilitating real-time information exchange between vehicles and their surroundings.
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Leading companies in the industry include Arada Systems Inc., Autotalks Ltd., Cisco Systems Inc., Cohda Wireless Pty, Continental AG, Delphi Automotive PLC, Denso Corporation, Infineon Technologies AG, Qualcomm Incorporated, Toyota Motor Corporation, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The communication type segment is divided into vehicle-to-vehicle (V2V), vehicle-to-pedestrian (V2P), vehicle-to-cloud (V2C), vehicle-to-infrastructure (V2I), vehicle-to-grid (V2G), vehicle-to-network (V2N), and vehicle-to-device (V2D). The vehicle-to-vehicle segment dominated the market, with a market share of around 34% in 2023. The technology can communicate details like speed and location to other nearby vehicles through wireless technology. The real-time exchange of these details helps avoid traffic congestion and collisions and improves transport efficiency. The vehicle type segment is divided into passenger and commercial. The passenger segment dominated the market, with a market share of around 55% in 2023. They form the most significant part of active traffic on roads, thereby contributing to its rising dominance in the segment. The connectivity segment is divided into dedicated short-range communication (DSRC) and cellular. The dedicated short-range communication segment dominated the market, with a market share of around 59% in 2023. It has low latency, which enables faster real-time communication. It is dependable, reliable, and allows interoperability. The application segment is divided into automated driver assistance, emergency vehicle notification, fleet and asset management, line of sight, backing, intelligent traffic systems, passenger information systems, parking management systems, non-line of sight and others. The automated driver assistance segment dominated the market, with a market share of around 27% in 2023. Automated driver assistance systems improve auto and road safety by providing a secure human-machine interface. The technology uses cameras and sensors to recognise surrounding barriers and driving faults, which is followed by the necessary mitigative action. It reduces accidents and collisions and prevents fatalities and injuries. It has several features, including automatic emergency braking, pedestrian detection, surround view, parking assist, driver fatigue detection, and gaze detection.
Recent Developments: Recent developments in the V2X market include:
• 5G Integration: Deployment of 5G technology to enhance the speed and reliability of V2X communications.
• Standardization Efforts: Progress in developing and adopting industry standards for V2X technologies.
• Pilot Programs: Implementation of V2X pilot programs and smart city initiatives to test and demonstrate the technology's capabilities.
• Automaker Partnerships: Collaborations between automotive manufacturers and technology companies to advance V2X solutions.
Drivers: Key drivers of the V2X market include:
• Safety Enhancements: Increasing focus on improving road safety and reducing accidents through real-time communication.
• Traffic Efficiency: Demand for better traffic management and reduced congestion through intelligent transportation systems.
• Government Initiatives: Supportive government policies and regulations promoting the adoption of V2X technologies.
• Technological Advancements: Rapid advancements in communication technologies, such as 5G, enhancing V2X capabilities.
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Report Metrics Details
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 40% |
| 2023 Value Projection | USD 2.8 Billion |
| Market Size in 2033 | USD 80.99 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 235 |
| Segments Covered | Communication Type, Vehicle Type, Connectivity and Application |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
Restraints: Challenges and restraints in the V2X market include:
• High Costs: Significant costs associated with the deployment and integration of V2X infrastructure and technology.
• Privacy Concerns: Issues related to data privacy and security in V2X communications.
• Interoperability: Challenges related to ensuring interoperability between different V2X systems and standards.
• Regulatory Hurdles: Regulatory barriers and varying standards across regions impacting market growth.
Opportunities: Opportunities in the V2X market include:
• Smart Cities: Expansion of smart city projects integrating V2X technologies for enhanced urban mobility and infrastructure management.
• Autonomous Vehicles: Growth of autonomous vehicle technology requiring advanced V2X communication for safe and efficient operation.
• Innovation: Development of new applications and services leveraging V2X technology to create additional revenue streams.
• Global Expansion: Increasing adoption of V2X solutions in emerging markets with growing urbanization and infrastructure development.
Market Advancements: Advancements in the V2X market involve:
• Enhanced Communication Protocols: Development of more efficient and reliable communication protocols for V2X interactions.
• Integration with IoT: Integration of V2X technologies with Internet of Things (IoT) platforms for broader connectivity and data sharing.
• Advanced Analytics: Use of advanced data analytics and artificial intelligence to optimize V2X systems and applications.
• Infrastructure Upgrades: Upgrades to infrastructure to support V2X communications, including smart traffic signals and roadside units.
Regional Segmentation Analysis:
• North America: Leading market due to early adoption of V2X technology, strong infrastructure, and supportive government policies.
• Europe: Significant market presence with extensive smart city projects and regulatory support for V2X deployment.
• Asia-Pacific: Rapidly growing market driven by urbanization, government initiatives, and technological advancements in countries like China, Japan, and South Korea.
• Latin America: Emerging market with potential for growth as infrastructure development and technology adoption increase.
• Middle East and Africa: Growing interest in V2X technologies with ongoing smart city projects and improving transportation infrastructure.
A report by the World Health Organisation states that around 1.3 million people die in road accidents. Furthermore, millions of people suffer from non-fatal injuries resulting in disabilities. More often than not, it is the result of negligence on the part of the drivers, blind spots, poor road infrastructure, and lack of signage, among other things. These deaths and injuries are preventable with the right infrastructure and awareness. The digitization, automation and development of novel technologies have enabled the creation of state-of-the-art cameras, sensors, communication technologies etc., which can be deployed in urban clusters and every other road connectivity project. The V2X technology is one such method that will reduce road accidents, make them much safer for pedestrians and reduce traffic problems, thereby facilitating better environmental conditions.
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