The global vehicle-to-everything (V2X) communication system market is expected to post a CAGR of more than 16% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global vehicle-to-everything (V2X) communication system market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global vehicle-to-everything (V2X) communication system market size is the increasing popularity of autonomous vehicles. Most of the automobile manufacturers across the world are increasingly working on expanding the autonomous driving concept. A V2X communication system plays an integral role in the development of autonomous vehicles, as it is used to establish a communication medium between vehicles, infrastructures, networks, homes, and grids. It is used in various platforms, such as cars, trucks, two-wheelers, and recreational vehicles. Therefore, the growing popularity of autonomous vehicles will boost the V2X communication system market growth during the forecast period.
As per Technavio, the increasing emergence of autonomous cab and parcel delivery fleets will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global vehicle-to-everything (V2X) communication system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global vehicle-to-everything (V2X) communication system market: Increasing emergence of autonomous cab and parcel delivery fleets
Autonomous vehicles are increasingly being used as a medium of transport by cabs and parcel delivery services, which allows manufacturers to generate a large amount of data regarding drive patterns, traffic patterns, and road conditions. This data is useful in testing multiple real-life scenarios to ensure the integrity and safety of the autonomous vehicle. In this context, the merger of vehicle data from V2X communication devices with Big Data analytics will provide a new way of analyzing massive volumes of cluttered data to meaningful data. Therefore, the emergence of autonomous cab and parcel delivery fleets is expected to drive the demand for V2X communication systems during the forecast period.
“Apart from the increasing emergence of autonomous cab and parcel delivery fleets, other factors such as the advent of smart cities, and the growing IoT integration powered by AI technology in automotive will have a significant impact on the growth of the V2X communication system market size during the forecast period,” says a senior analyst at Technavio.
Global vehicle-to-everything (V2X) communication system market: Segmentation analysis
This market research report segments the global vehicle-to-everything (V2X) communication system market by type (passenger vehicle, and commercial vehicle), and geographic regions (North America, APAC, Europe, South America, and MEA).
The North American region led the vehicle-to-everything (V2X) communication system market in 2018, followed by Europe, APAC, South America, and MEA respectively. The growth of the V2X communication system market in North America can be attributed to the increasing adoption of V2X communication systems and advanced technologies such as 5G, and the growing production of autonomous vehicles in the region.
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