V2X Communication Market Global Enhancements and Growth Outlook and Forecast from 2021 to 2027

V2X Communication

Vehicle-to-everything (V2X) technology allows cars to communicate with their surroundings by transmitting data from one vehicle to another or any object and vice versa. It is a type of vehicular communication system that includes V2I (Vehicle-to-Infrastructure), V2V (Vehicle-to-Vehicle), V2P (Vehicle-to-Pedestrian), V2N (Vehicle-to-Network), and V2G. (Vehicle-to-grid).

Rising safety concerns are a major factor driving growth in the V2X Communication Market. Rising safety concerns have resulted in the adoption of connected vehicles, which is a major factor driving market growth. Connected vehicles have communication systems, which help to reduce the risk of an accident. Vehicle communication systems provide precise information about traffic conditions across the road network. 

Furthermore, it aids in the collection of traffic flow information, which in turn aids in the reduction of vehicle congestion. This also reduces the likelihood of traffic accidents. According to the World Health Organization (WHO), an estimated 1.25 million road accidents occurred worldwide in 2013. As a result, people are becoming increasingly concerned and cautious about road safety, as is to be expected.

The limited functionality of sensors used in V2X communication is expected to be a major restraint on V2X Communication Market Growth. Sensors, microcontrollers, and semiconductors are required for V2X communication to function. Sensors are in charge of detecting information and relaying it to an Electronic Control Unit (ECU). This ECU processes data using an algorithm and assists the driver by providing information about traffic, pedestrians, and road conditions, among other things. These sensors, however, have limited functionality, which is expected to have a negative impact on market growth.

Over the forecast period, the passenger car segment is expected to dominate and hold the largest market share. During the forecast period, passenger cars are expected to account for the largest share of the global V2X Communication Market. Increased GDP is expected to drive growth in the passenger car segment. According to the World Bank Group, global GDP per capita increased from US$ 9,509.4 in 2010 to US$ 10,150.8 in 2016. 

This is an indication of rising living standards, which has a significant impact on affordability and spending on luxury vehicles. These luxury vehicles come standard with advanced embedded systems such as collision warning systems, blind-spot warning systems, emergency electric brake warning systems, and intersection movement assists, among other things.