Newark, June 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2 billion in 2022 global vehicle-to-everything (V2X) market will reach USD 57.85 billion by 2032. A report by the World Health Organisation states that around 1.3 million people die in road accidents. Furthermore, there are millions of people who suffer from non-fatal injuries which result in disabilities. More often than not, it is the result of negligence on the part of the drivers, blind spots, poor road infrastructure, and lack of signage, among other things. These deaths and injuries are preventable with the right infrastructure and awareness. The digitization, automation and development of novel technologies have enabled the creation of state-of-the-art cameras, sensors, communication technologies etc., which can be deployed in urban clusters and every other road connectivity project. The V2X technology is one such method that will reduce road accidents, make them much safer for pedestrians and reduce traffic problems, thereby facilitating better environmental conditions.
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Key Insight of the global vehicle-to-everything (V2X) market
Asia Pacific is expected to rise the fastest during the forecast period.
The most populous nations are China and India, rapidly urbanising their populations as disposable incomes rise. India also tops the list of countries with the most fatal traffic accidents due to its poor road infrastructure. Asia Pacific requires V2X technology to increase road safety, increase fuel efficiency, and lower carbon emissions. China and India provide the required consumer market, while Japan and China contribute to the technology, fostering the area's growth.
In 2022, the vehicle-to-vehicle segment dominated the market with the largest market share of 34% and market revenue of 0.68 billion.
The communication type segment is divided into vehicle-to-vehicle (V2V), vehicle-to-pedestrian (V2P), vehicle-to-cloud (V2C), vehicle-to-infrastructure (V2I), vehicle-to-grid (V2G), vehicle-to-network (V2N), and vehicle-to-device (V2D). In 2022, the vehicle-to-vehicle segment dominated the market with the largest market share of 34% and market revenue of 0.68 billion.
In 2022, the passenger segment dominated the market with the largest share of 55% and revenue of 1.10 billion.
The vehicle type segment is divided into passenger and commercial. In 2022, the passenger segment dominated the market with the largest share of 55% and revenue of 1.10 billion.
In 2022, the dedicated short-range communication (DSRC) segment dominated the market with the largest market share of 59% and market revenue of 1.18 billion.
The connectivity segment is divided into dedicated short-range communication (DSRC) and cellular. In 2022, the dedicated short-range communication (DSRC) segment dominated the market with the largest market share of 59% and market revenue of 1.18 billion.
In 2022, the automated driver assistance segment dominated the market with the largest market share of 27% and market revenue of 0.54 billion.
The application segment is divided into automated driver assistance, emergency vehicle notification, fleet and asset management, line of sight, backing, intelligent traffic systems, passenger information systems, parking management systems, non-line of sight and others. In 2022, the automated driver assistance segment dominated the market with the largest market share of 27% and market revenue of 0.54 billion.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 40% |
| 2032 Value Projection | USD 57.85 Billion |
| Base Year | 2022 |
| Asia Pacific Cosmetics Market Size in 2022 | USD 2 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 235 |
| Segments covered | Communication Type, Vehicle Type, Connectivity and Application |
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Advancement in market
January 2023 - Energy software company Kaluza has launched the vehicle-to-everything (V2X) bidirectional charging programme Inflexion, aiming to make V2X technology available to all electric vehicle manufacturers. In addition, Kaluza has announced a "world-first" trial with the Volkswagen Group, energy retailer Ovo Energy, and tech firm Indra that will take place in the UK. This trial will be the first bidirectional charging with Combined Charging Systems (CCS), the current charging standard used by most EVs, that has been deployed in a real-world setting. With the Kaluza platform coordinating the system between EV owners and the energy retailer, the programme seeks to demonstrate the technology utilising Volkswagen's CCS vehicles and Ovo energy customers.
Market Dynamics
Driver: the rising need for intelligent urban mobility solutions.
Traffic congestion is one of the main issues facing cities nowadays. Urban transportation is inefficient due to a lack of proper, well-designed, scientifically supported infrastructure and processes. Air pollution caused by traffic congestion contributes significantly to carbon emissions, which fuels climate change. As more gasoline is consumed while waiting in traffic, traffic congestion also raises the user's maintenance costs. It shortens the vehicle's lifespan, engine performance, and fuel efficiency. It consumes time, lowering productivity and resulting in losses on both a local and a global scale. It is physically and mentally draining, affects health, and reduces production locally and nationally. Noise pollution is made worse by traffic congestion. Lack of infrastructure, intelligent systems, technology, and population growth have all contributed to increased traffic in urban areas. Air and noise pollution, physical and mental exhaustion, negative environmental and human health consequences, and decreased fuel efficiency are all results of this. In order to improve communications between cars, pedestrians, traffic lights, and other road infrastructure to promote effective urban mobility, V2X technology is a revolutionary approach that makes use of cutting-edge hardware, software, devices, and systems. Additionally, it increases fuel efficiency and lowers carbon emissions and accident rates. Therefore, the worldwide vehicle-to-everything market will expand because of the rising need for smart technologies to ease traffic congestion.
Restraints: The costly investments.
V2X technology development and implementation have some infrastructure needs. It requires a seamless network, communications technology, intelligently integrated vehicles, and road infrastructure to enable the same. It is only a pipe dream to imagine developing such infrastructure in nations lacking even the most basic road and traffic facilities. The high investment costs will therefore hamper the market's expansion.
Opportunities: The positive government regulations.
It is the fundamental responsibility and function of the government to provide the best public services for its people. Globally, there is a greater need for higher quality of life due to population growth and rising urbanisation. In order to create smart cities that incorporate cutting-edge technologies like V2X into the urban transportation infrastructure and provide people with the highest standard of public services, the government is developing legislation and increasing financing in this area. The government can also accomplish its other sustainability, and environmental conservation aims using V2X. Reducing time and guaranteeing a healthy atmosphere for the populace also increases productivity. Therefore, over the projection period, the growth and development of the global vehicle-to-everything market would be aided by favourable government efforts.
Challenge: The high risk of cyberattacks.
Integrating V2X in automotive, pedestrian and road infrastructure involves taking these systems online with smart connected devices, IT and telecommunications. These components are part of critical national infrastructure. Without robust cyber security measures, technologies and systems, they are vulnerable to attacks from malicious actors. The use of V2X increases this vulnerability and can cause catastrophic damage in the coming years. Therefore, the high risks of cyberattacks can be a discouraging factor that could challenge the market's growth.
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Some of the major players operating in the global vehicle-to-everything (V2X) market are:
• Arada Systems Inc.
• Autotalks Ltd.
• Cisco Systems Inc.
• Cohda Wireless Pty
• Continental AG
• Delphi Automotive PLC
• Denso Corporation
• Infineon Technologies AG
• Qualcomm Incorporated
• Toyota Motor Corporation
Key Segments cover in the market:
By Product Type
• Vehicle-to-Vehicle (V2V)
• Vehicle-to-Pedestrian (V2P)
• Vehicle-to-Cloud (V2C)
• Vehicle-to-Infrastructure (V2I)
• Vehicle-to-Grid (V2G)
• Vehicle-to-Network (V2N)
• Vehicle-to-Device (V2D)
By Vehicle Type
• Passenger
• Commercial
By Connectivity
• Dedicated Short-Range Communication (DSRC)
• Cellular
By Application
• Automated Driver Assistance
• Emergency Vehicle Notification
• Fleet and Asset ManagementManagement
• Line of Sight
• Backing
• Intelligent Traffic Systems
• Passenger Information Systems
• Parking Management Systems
• Non-Line of Sight
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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