Automotive Vehicle-To-Everything (V2X) Market Analysis

Automotive Vehicle-to-Everything (V2X) Market Analysis

Vehicle to infrastructure segment holds the significant automotive V2X market share in 2022.  V2I communication is a critical component of the Intelligent Transportation System (ITS) that aims to enhance traffic management, optimize transportation infrastructure, and improve overall mobility. V2I communication enables communication with connected vehicles to avoid traffic congestion and improve road safety. As transportation authorities are emphasizing the need to launch ITS solutions to improve traffic flow & efficiency, the demand for V2I communication technologies is expected to grow.

The hardware segment of the automotive vehicle-to-everything industry expanded at over 25% growth rate in 2022. The increasing adoption of autonomous and connected vehicles is creating a market for chipsets to deal with onboard processes such as image & sensor data processing. These chipsets are compatible with 3GPP Release 14 C-V2X standards and use the 5.9 GHz ITS band for communication. Major Cellular Vehicle to Everything (C-V2X) technology companies are developing C-V2X chipsets to boost connected vehicle technology. Such initiatives will positively influence market growth.

The autonomous driving segment of the automotive vehicle-to-everything market observed 28% growth in 2022. The improvements in the automobile industry are expanding the use of autonomous driving to increase road safety. The most difficult challenge for an autonomous car is predicting human driver behaviours on the road.V2X technology plays a crucial role in ensuring the safety of pedestrians and cyclists in autonomous driving scenarios. By exchanging information with vulnerable road users, such as pedestrians wearing V2X-enabled devices or bicycles equipped with V2X technology, autonomous vehicles can detect their presence and take appropriate actions to avoid accidents. V2X technology provides an additional layer of safety by enhancing the awareness of autonomous vehicles about their surroundings.
 

Asia Pacific automotive vehicle-to-everything (V2X) market is poised to attain 26% gains till 2032. The Government of China is investing in V2X technology to increase traffic efficiency, reduce traffic congestion, and enhance road safety. To support the deployment & implementation of V2X systems, MIIT and the other regulatory bodies of the nation have issued several initiatives & programs, such as the Intelligent Connected Vehicles Development Plan and the Made in China 2025 Program, to boost the applications of V2X technology in infrastructure and transportation. Several countries of the APAC regions including Japan and South Korea are known for their high rate of technological advancements in the automotive and communications sectors. These countries have made significant progress in developing V2X technology and communication standards. They are leading in the deployment of V2X systems, conducting extensive trials, and investing in research & development to improve V2X capabilities & performance.