February 20, 2020
According to the research report titled ‘Cellular Vehicle-to-Everything (C-V2X) Market Size By Communication Type (Vehicle-to-Network (V2N), Vehicle-to-Infrastructure (V2I), Vehicle-to-Vehicle (V2V), Vehicle-to-Person (V2P)), By Component (Hardware, Software), By Application (Fleet Management, Autonomous Driving, Collision Avoidance, Intelligent Traffic System, Parking Management System), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Netherlands, China, India, Japan, Australia & New Zealand (ANZ), South Korea, Singapore, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Growth Potential, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global cellular vehicle-to-everything market is anticipated to exceed USD 800 million by the year 2025.
According to the report, the remarkable growth of cellular vehicle-to-everything market is credited to the intensifying adoption of autonomous vehicles, vehicle telematics, and augmenting demand for safe & reliable road transportation. Developing countries are witnessing introduction of smart city initiatives to advance roadside infrastructure by deploying innovative technologies, such as IoT. The enhanced roadside infrastructure is aiding the improvement of transportation system in smart cities by implementing C-V2X communication technology.
Based on communication type, C-V2X industry from V2I communication is likely to register a 12% CAGR over 2019-2025 owing to the accelerating adoption of smart traffic infrastructure. The smart traffic infrastructure consists of smart surveillance cameras and smart traffic signals, which are capable of communicating with the automobiles to deliver information about road & traffic conditions. The V2I communication technology can effectively reduce traffic by alerting connected vehicles about traffic congestion and advising alternate routes to reach the destination.
In terms of the application landscape, the autonomous driving segment in poised to gain significant momentum in C-V2X market. The autonomous vehicles need accuracy & precision for preventing fatalities on the road. The deployment of C-V2X technology allows autonomous vehicles to detect traffic congestion, road conditions, and potential obstacles. Several eminent connected vehicle solution providers are endeavoring to develop C-V2X modules for improving the autonomous driving experience.
Vehicle type analysis cites that the rising awareness pertaining to passenger safety has pushed the growth of cellular vehicle-to-everything industry. The number of accidents across the world has been increasing alarmingly. The Global Status Report on Road Safety 2018 by the World Health Organization (WHO) states that the number of annual road traffic deaths surpassed 1.35 million in 2018 globally. The incorporation of C-V2X technology enables vehicles to communicate with each other and roadside infrastructure, which can significantly reduce the number of accidents in the coming years.
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From the regional perspective, Asia Pacific is predicted to chart out substantial growth owing to the intensifying government support towards large-scale digitalization of urban infrastructure in nations, such as India, China, and South Korea. The region houses numerous leading automakers, which are planning to deploy cellular vehicle-to-everything technology in their automobiles.
Many notable chipset manufacturers are performing C-V2X trials by the cooperation of major automakers and other connected vehicles solution providers. For example, in December 2018, Qualcomm teamed up with Ericsson, Continental, Nissan, OKI, and NTT DOCOMO for C-V2X trials in Japan.
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