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 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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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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Currently, the automotive V2X systems that are being employed the cars have their functioning is based on Dedicated Short Range Connectivity (DSRC). The current cost benefits of the DSRC over the cellular connectivity will drive the DSRC connectivity type market. The increasing popularity of DSRC connectivity among various tier 1 and tier 2 suppliers owing to the cost-benefit and ease of implementation will widen the growth opportunities.
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.
About Grand View Research
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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