Cellular Vehicle-to-Everything Market statistics and research analysis released in latest report
Selbyville, Delaware, United States, November 20 2020 (Wiredrelease) Global Market Insights, Inc :Will infrastructure modernization impact cellular vehicle-to-everything (C-V2X) market outlook?
Cellular vehicle-to-everything (C-V2X) market share is slated to amass substantial gains in the forthcoming years, primarily driven by innovations and technological advancements in infotainment systems and vehicle telematics. Regulations set by governments and regulatory authorities aimed at enhancing driver safety are furthermore adding impetus to the technology demand.
Rising cases of road accidents is propelling transportation departments to impose new initiatives that minimize fatalities by facilitating vehicles to communicate with the surroundings. As per the global status report on road safety by World Health Organization, total number of road traffic fatalities recorded in the year 2018 reached 1.35 million.
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In May 2019, Nissan launched second gen PrePilot system for its semi-autonomous driving technology. The automobile giant aims at making hand-free driving available by the fall of 2019 in Japan. Such initiatives will encourage the adoption of autonomous vehicles comprising modern cellular vehicle-to-everything communication mechanisms.
Smart infrastructure require the use of several sensors and centrally located traffic signals that regulate the traffic flows across the city. Vehicle-to-infrastructure (V2I) segment is likely to register notable CAGR of more than 10% during the forecasted timeframe owing to the development of smart city projects, globally.
Some of the benefits rendered to the drivers with the help of installation of communication units in both cars and infrastructures are red light violation warnings, stop sign gap assistance, curve speed warning, railroad crossing violation warning, and reduced speed zone warning among several others.
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Government authorities are aiming to develop infrastructure for connected vehicles with active deployment projects, bolstering C-V2X market trends. For instance, Colorados V2X Technology Safety and Mobility Improvement project that aims at designing a large scale connected vehicle environment with the help of V2X technology.
The project will comprise of a 537-mile network that will facilitate real-time communication between connected vehicles and will also notify the Colorado Department of Transportation in case of any collisions, accidents or traffic violations through V2I communication.
In terms of application, the cellular vehicle-to-everything industry is classified into collision avoidance, autonomous driving, parking management system, fleet management and intelligent traffic system. Autonomous driving is one of the lucrative application segments of C-V2X market.
Driverless cars require accuracy, precision and zero errors to avoid any fatalities on road. Additionally, communication systems assist autonomous vehicles in detecting traffic congestions, potential obstacles, and poor road conditions over a long distance via enhanced non-line-of sight sensing ability. Leading industry players are developing C-V2X modules in order to support the adoption of driverless cars.
Quectel, a leading 5G LTE and C-V2X modules developer, introduced an automotive-grade C-V2X module AG15. This technology assists the company in providing a product that meets the V2X connectivity and telematics requirements for autonomous driving.
High disposable income among the people has driven the sale of vehicles across the region. Changing consumer preferences have encouraged innovations in the automobile sector, leading to the introduction of driverless vehicles. In 2018, Europe C-V2X market had accounted for more than 40% of global share and will continue to grow significantly over the coming years.
Prominent factors responsible for the industry growth are large-scale initiatives undertaken by government authorities and leading automotive industry associations towards the deployment of driverless vehicles and connected car systems.
In a bid to support the use of automated vehicles, EU has allocated a budget of approximately USD 353 million from EUs framework program to facilitate research and innovations Horizon 2020. Such initiatives will bolster the deployment of cellular vehicle-to-everything solutions in passenger and commercial vehicles across the region.
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