Study: Cellular ‘vehicle-to-everything’ market to hit $800m by 2025
SELBYVILLE, Delaware/PRNewswire/ — The Cellular Vehicle-to-Everything (C-V2X) Market is predicted to hike from $400 million in 2018 to around $800 million by 2025, according to a 2019 Global Market Insights, Inc. report.
The market growth is characterized by technological advancements in vehicle telematics & infotainment systems and the growing emphasis on strengthening the regulations for driver safety by government institutions.
Increasing number of fatalities in road accidents is prompting transport departments to undertake new initiatives to minimize the accidents by allowing vehicles to communicate with their surroundings.
According to the World Health Organization’s global status report on road safety 2018, the number of annual road traffic fatalities reached 1.35 million. The growing uptake of vehicles is leading to an increase in traffic on freeways as well as in urban and rural areas. This has led government institutions to frame new legislation to curb the impact of road accidents by strengthening the norms for driver safety.
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The Vehicle-to-Infrastructure (V2I) segment is expected to grow at an impressive CAGR of over 10% in the C-V2X market during the forecast timeline due to the growing emphasis on developing smart city projects around the world. Within the smart urban infrastructure, various sensors and centrally controlled traffic signals regulate traffic flows through cities. With communication units installed in both the cars and infrastructure components, drivers can get critical alerts such as curve speed warning, red light violation warning, railroad crossing violation warning, reduced speed zone warning, and stop sign gap assist. Such warnings can play a critical road in preventing accidents as well as violations of traffic regulations.
The C-V2X hardware segment is projected to dominate the cellular vehicle-to-everything market over the forecast period due to large-scale deployments of hardware components such as chipsets, antennas, and roadside units. Chipsets play an important role in facilitating cellular communication between vehicles and infrastructure components. Leading chipset manufacturers are investing significantly in developing chipsets to enable C-V2X communication.
The collision avoidance segment is projected to hold a majority cellular vehicle-to-everything (C-V2X) market share of around 30% by 2025. With extensive research being conducted on Intelligent Transportation Systems (ITS), the use of inter-vehicle cooperative (active) safety systems is being increasingly studied & tested in vehicles to avoid vehicle collisions. Industry and government consortia, such as the Vehicle Infrastructure Integration Consortium (VIIC), Crash Avoidance Metrics Partnership (CAMP), and the Car2Car Communications Consortium in Europe, are conducting advanced research in collision avoidance technologies using V2V communication technology. Such initiatives are expected to facilitate large-scale commercialization of these systems in the cellular vehicle-to-everything market.
The commercial vehicle segment in the cellular vehicle-to-everything (C-V2X) market is attracting more R&D and investments for autonomous driving technology to reduce fleet management costs in the transport sector. V2V communication technologies are being extensively tested and deployed for platooning applications in commercial fleets, wherein multiple trucks drive in unison in very close proximity.
The Europe C-V2X market held the highest market share of around 40% in 2018 and will maintain the market dominance over the forecast period. The key factors influencing the cellular vehicle-to-everything market growth are large-scale initiatives by the automotive industry associations and government authorities for the rapid testing and deployment of autonomous & connected car technologies.