Vehicle-to-Everything (V2X) Communication System Market Size, Share and Demand Globally
Recently, MarkNtel Advisors have presented a thorough research report by collating precise data & information about the Global Vehicle-to-Everything Communication System Market. The research acts as an account of information that covers historical data, current trends, and future projections related to the industry, which are key trends, opportunities, drivers, roadblocks, recent developments, and so forth. The study also emphasizes the chief contenders in the market who are actively contributing to its growth by offering products/services, including Autotalks Ltd., Continental AG, HARMAN International, Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies, Inc., Robert Bosch GmbH, STMicroelectronics, Cohda Wireless, and others. In a nutshell, the report is assiduously conducted & provides valuable information to help understand the market’s dynamics.
Close Picture of the Market Dynamics Entailing Crucial Growth Factors
The market is more likely to be propelled by an instantaneous surge in demand for self-driving cars & safer vehicles. Secondly, advancements in 5G technology are contributing to this growth. Thirdly, the sales of electric vehicles (EVs) are increasing, which also boosts the market expansion. Additionally, government regulations aimed at reducing emissions & traffic congestion are leading the market growth at an astounding pace beyond exemplary.
Moreover, V2X technology has become crucial in enhancing highway & flyover safety as governments prioritize reducing accidents in these areas. This technology enables vehicles to exchange data, such as speed, with other entities like traffic operators. By integrating V2X into vehicles, drivers can head towards more awareness of potential hazards, thus strengthening overall road safety. This, in turn, has unveiled the most significant growth opportunities for the V2X market worldwide, empowering the market to witness phenomenal growth.
The Lucrative Opportunities in Autonomous Vehicle Adoption
The automotive industry is witnessing a revolutionary transformation with the rapid advancement of autonomous vehicles. As consumers increasingly embrace the idea of self-driving cars, the demand for Vehicle-to-Everything (V2X) communication systems is surging worldwide. In this blog post, we’ll explore the key trend in the market that is driving the adoption of autonomous vehicles and the lucrative growth opportunities it presents for V2X service providers.
In-depth Segmentation of the Global Vehicle-to-Everything (V2X) Communication System Market
1. By Vehicle Type
2. By Connectivity
- Dedicated Short Range Communication (DSRC)
- Cellular-V2X (C-V2X)
3. By Technology
- Intelligent Traffic System
- Emergency Vehicle Notification
- Passenger Information System
- Fleet & Asset Management
- Parking Management System
- Vehicle-to-Pedestrians (V2P)
- Others (Vehicle-to-Grid, Vehicle-to-Device, etc.)
4. By Demand Type
5. By Vehicle Autonomy
6. By Component
- On-board Units (OBU)
- Roadside Units (RSU)
- Others (Antenna, Evaluation Kits, etc.)
- V2X Software Stack
- V2X Software Development Kit
Dedicated Short Range Communication (DSRC) to Transform the Entire Landscape of Connectivity
Dedicated Short Range Communication (DSRC) technology has garnered significant prominence & is expected to sustain this trend in the approaching years. DSRC’s widespread adoption can be attributed to its ease of implementation compared to Cellular V2X, as well as its reliable data security standards. The technology empowers vehicles to seamlessly interact with other entities over short to medium distances without the need for intermediaries. Furthermore, the V2X feature based on DSRC technology proves to be enormously advantageous, especially in regions with inadequate telecommunication infrastructure, like remote & rural areas.
North America to Unveil Growth Prospects to the Market as Usual
North America has experienced remarkable market growth since the historical period & is expected to hold the lion’s share in the coming years. This can be attributed to the governments of North American countries, including the US, Canada, and Mexico, showing growing concern about the rapid augmentation of several road accidents caused principally by unprofessional driver behavior. As a result, the demand for connected vehicle technologies has significantly boosted in the region.