High energy savings and improvements in location accuracy and positioning are some of the advantages of V2X technology. Additionally, factors such as rising demand for real-time traffic and incident alerts for increasing public safety, increase in government funds for better traffic management, and the development of connected vehicles are driving the growth of the V2X market.
According to MarketsandMarkets analysis, the V2X Market is projected to grow at a CAGR of 17.61% from 2017 to 2025, to reach USD 99.55 billion by 2025.
Several countries across the world such as the US, Germany, UK, and China are adopting the V2X technology for improved safety, operational performance, and environmental benefits. However, the implementation of V2X technology requires substantial funding from the government. In 2016, the US Department of Transportation’s (DOT) National Highway Traffic Safety Administration (NHTSA) announced that it would take steps to enable vehicle-to-vehicle communication for light vehicles that would help improve safety. With the launch of the “Made in China 2025” strategy by the Ministry of Industry and Information Technology of China, intelligent and connected vehicles have become the key focus areas of the country’s automotive industry. Likewise, the Federal Government of Germany presented its “Strategy for Automated and Connected Driving,” a far-reaching reform of the existing regulations to facilitate autonomous cars. These developments are further anticipated to boost the growth of the V2X market.
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North America is estimated to lead the V2X market, by value, in 2017. It is followed by Europe, Asia Pacific, and the Rest of the World (RoW). The largest share of North America in the automotive V2X market can be attributed to factors such as a huge demand for automobiles because of better infrastructure and high income, favorable policies and regulations by the government, and need for a better and effective transportation system.
The European region is estimated to be the second largest V2X market for automotive during the forecast period. The increasing concerns about the safety of travelers and vehicles on the road have led to the adoption of V2X technology by the European Transport Safety Council (ETSC). The increasing demand for V2X systems with telematics applications is expected to drive the market in this region.
VEHICLE-TO-VEHICLE COMMUNICATION: HIGHEST growth in V2X market
Vehicle-to-Vehicle (V2V) communication is the wireless exchange of data among vehicles traveling in the same vicinity, which offers opportunities for significant safety improvements. The V2V connectivity is most suited for short-range vehicular networks. Emergency brake light warning, forward collision warning, intersection movement assist, blind spot, and lane change warning, do-not-pass warning, and control loss warning are some of the common functions of V2V communication.
Government initiatives to commercialize V2V communication are expected to drive the V2V market in North America. In 2014, the National Highway Traffic Safety Administration (NHTSA) of the US DOT introduced steps to enable V2V communication for light vehicles, which would help improve safety. In 2015, the DOT announced that New York City, Wyoming, and Tampa would receive up to USD 42 million funding to pilot the next-generation V2V and V2I communication technologies.