The Global Vehicle-to-Everything (V2X) Communication System Market is projected to grow at a CAGR of 36.85% in the forecast period of 2022-27, says MarkNtel Advisors in their recent research report. The market growth imputes to the rising mandates of international & national governments to deploy advanced connected car technologies to improve traffic efficiency by notifying drivers about traffic & recommending alternate routes to avoid collisions. According to the World Health Organization (WHO), road traffic accidents result in approximately 1.3 million deaths worldwide, with an additional 20-30 million individuals suffering from disabilities caused by non-fatal injuries.
Moreover, the growing depletion of fossil fuel reserves & notable rise in oil prices globally has urged the government across the countries of the US, India, and South Korea, among others to launch sustainable mobility initiatives. For instance, in 2021, the Government of South Korea initiated a C-ITS, a Cooperative Intelligent Transport System (ITS) in 44 cities & national expressways, to integrate V2X technologies in vehicles.
Furthermore, the rising adoption of smart technology devices in connected cars & semi-autonomous cars is expected to escalate the growth of the Global Vehicle-to-Everything (V2X) Communication System Market in the forthcoming years, further states the research report, "Global Vehicle-to-Everything (V2X) Communication System Market Analysis, 2022-2027."
Passenger Vehicles to Out-power Commercial Vehicles in the Global Vehicle-to-Everything (V2X) Communication System Market
Based on the vehicle type, the Global Vehicle-to-Everything (V2X) Communication System Market is segmented into Passenger & Commercial vehicles. Among them, the Passenger Vehicle gained a significant share in the Global V2X Communication System market & is expected to continue the same trend in the forthcoming years. Moreover, the rise in disposable income of consumers & increase in vehicle ownership rates across the world, which is widely supported by the government initiatives to exempt import taxes on autonomous vehicles, has largely contributed to the demand for V2X technology from passenger vehicles. Hence, with the growing government interventions to boost the deployment of V2X technologies in vehicles, the demand for V2X communication systems is anticipated to increase during 2022-2027.
Vehicle-to-Vehicle (V2V) Technology to Gain a Significant Share During the Forecast Period
Based on the technology, the Global Vehicle-to-Everything (V2X) Communication System Market is bifurcated into, Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrians (V2P), Others (Vehicle-to-Grid, Vehicle-to-Device, etc.). Among them, Vehicle-to-Vehicle technology is anticipated to gain traction in the forthcoming years. The rising integration of Advance Driving and Assistance System (ADAS) in vehicles to monitor the driver’s behavior & vehicle telematics to process the data for technology enhancements in the automotive sector has largely contributed to the growth of vehicle-to-vehicle (V2V) communication systems globally.
Furthermore, increasing mandates by the government of the US & the European Union, among others, to integrate all the vehicles with ADAS systems are anticipated to drive the revenue growth of the Global Vehicle-to-Everything (V2X) Communication System Market during 2022-2027.
North America to Dominate the Share of Global Vehicle-to-Everything (V2X) Communication System Market
Geographically, North America is anticipated to dominate the Global Vehicle-to-Everything (V2X) Communication System market during 2022-2027. The boost in autonomous vehicle development activities in the country, owing to the high presence of prominent automotive manufacturers such as Tesla, and Stellantis, among others, that strive continuously to innovate the automotive technology to the new heights, has widely contributed to the revenue growth of V2X communication system providers across the region.
Moreover, the rising concerns of the governments of Canada and the US to minimize road accidents by promoting the adoption of efficient vehicle technology is expected to fuel the growth of the North America Vehicle-to-Everything (V2X) Communication System Market during 2022-2027, reveals MarkNtel Advisors in their research report, "Global Vehicle-to-Everything (V2X) Communication System Market Analysis, 2022-2027."
According to MarkNtel Advisors, the leading players in the Global Vehicle-to-Everything (V2X) Communication System Market are Autotalks Ltd., Continental AG, HARMAN International, Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies, Inc., Robert Bosch GmbH, STMicroelectronics, Cohda Wireless, Lear Corporation, The Kapsch Group, LG Electronics, Denso Corporation, Huawei Corporation Co., Ltd., Neusoft Corporation, Others.
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