The report presents a comprehensive research of the global automotive V2X communication market by technology, including V2V and V21. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: V2X communication improves road network and reduces commute time
Globally, the advancements in infrastructure technology have led to improved road connectivity in numerous towns and cities. Such well-laid network of roadways and improved infrastructure has increased the number of people preferring roadways for traveling, either by personal vehicles or public transportation system. In countries such as the US, cars are highly used for daily commuting as the majority of the population is working class. This lead to an increase in traffic congestion in metro cities, which, in turn, increases the commuting time. The rise in the amount time spent in such traffic congestions propels the need for V2X communication systems that efficiently maps the optimum route of travel.
According to a senior analyst at Technavio for automotive electronics research, "The advent of new mobility modes and rising inter-city commutes, such as long-distance carpooling and car sharing, has led to travelers commuting for 124-186 miles per day. These trips are offered at a discounted price per seat as compared with public transports. This makes them preferable, thus fueling the demand for V2X communication. A crucial driver for the global automotive V2X communication market is the increasing use of personal vehicles for long-distance travel."
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Market trend: development in the form of V2X device certifications
Devices with certification gain customer trust and propel their adoption. In the recent years, the everchanging standards with evolving technologies have made certifications more critical for easy adoption by consumers. V2X communication's ability to improve traffic management and reduce road fatalities has made it a buzzing topic in the automotive market. Although it has not yet evolved completely due to the lack of regulations and proper certifications.
Market challenge: absence of any defined safety parameters
One of the biggest concerns which challenges connected and automated vehicle technologies such as V2X communication is safety. The lack of safety guidelines to certify the new technology as safest or 'safe enough' may pose as a serious challenge in its adoption among potential consumers. This technology is not available in all the vehicles, which raises the question of whether V2X-enabled vehicles should be allowed to operate only on highways or on public roads. This issue is yet to be solved for this technology to be adopted by the mass.
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