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Vehicles-to-Everything (V2X) communication technology utilizes cellular channels to enable communication between vehicles, infrastructure, networks, and any other elements that need to communicate in the transportation system. V2X allows vehicles to receive live updates on road conditions, traffic, and get real-time alerts on potential collision risks directly from the infrastructure or other vehicles. This helps drivers take preventive measures and delivers safety, mobility and environmental benefits.
The globalV2X Communication Market is estimated to be valued at US$ 3.63Bn in 2023 and is expected to exhibit a CAGR of 39.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Connected vehicles and autonomous driving are expected to further propel the V2X communication market growth over the forecast period. Connected vehicles communicate with each other to share speed, location, direction etc. using V2X. As autonomous vehicles hit the roads, equipped with advanced driver assistance systems, huge volumes of data will be generated which will require fast, efficient and reliable communication networks like V2X for processing in real-time. The rising demand for connected mobility solutions and increasing investments by automakers in autonomous driving technology are lucrative opportunities for the V2X communication market.
SWOT Analysis
Strength: V2X communication uses vehicle-centric DSRC and cellular V2X communication standards which enable direct communication between vehicles and other transport infrastructure without internet connectivity. This direct communication ensures quick and reliable transfer of critical safety messages. Weakness: Current DSRC-based V2X communication has limited range of up to 1,000 meters only. This range limitationconstrains its effectiveness for safety and traffic applications that require wider connectivity.
Opportunity: Growing adoption of cellular-enabled V2X communication using 5G networks provides an opportunity to overcome the range limitation of DSRC. 5G will enable reliable and timely transfer of large volumes of data between vehicles over long distances.
Threats: Cybersecurity threats from hacking of vehicle networks and spoofing of safety messages transmitted over V2X channels can potentially endanger road safety. Effective security protocols and regular system updates are required to mitigate such threats.
Key Takeaways
The globalV2X Communication Market is expected to witness high growth as automakers increasingly adopt these technologies for advanced driver assistance systems, autonomy, and traffic management.
Regional analysis: North America currently dominates the global market led by the US where V2X communication has seen early adoption driven by regulatory mandates. Asia Pacific is expected to be the fastest growing region with countries like China and Japan aggressively focusing on connected vehicle technologies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
