Selbyville, Delaware, Dec. 07, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on cellular Vehicle-to-Everything market which estimates the global market valuation for C-V2X will cross US$ 1 billion by 2026. The rising demand for autonomous vehicles and favorable government initiatives for infrastructure development are expected to contribute to market growth.
The evolution of connected & autonomous vehicle technologies and transport infrastructure is expected to support the cellular V2X market growth. Cellular-V2X technology enables the exchange of critical information between vehicles to avoid road accidents by improving situational awareness. The addition of cellular technologies and a wide range of sensors for both short-term & long-term communication supports cellular-V2X applications and use cases. In addition, the extensive penetration of vehicles integrated with advanced technological platforms will also support market growth.
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The Vehicle-to-Person (V2P) communication segment is expected to witness a significant growth rate from 2020 to 2026. The growing number of pedestrian fatalities is one of the major factors driving transport authorities to deploy advanced transport infrastructure. According to the report from the Governors Highway Safety Association, as of 2019, approximately 6,590 pedestrian fatalities were reported in the U.S. V2P solution allows communication between the vehicle and the pedestrian’s wearable or smart device to provide an auditory and visual warning to both the pedestrian and the driver.
The software component segment is projected to grow significantly over the forecast timeline at a CAGR of over 10%. The need to facilitate communication between the vehicle and pedestrians drives enterprises to develop smartphone applications. Similarly, technology companies develop advanced C-V2X platforms to support the commercialization of connected infrastructure. For instance, in January 2019, Continental developed a 5G hybrid platform by integrating different V2X technologies. This hybrid platform helped vehicle manufacturers to overcome challenges while deploying V2X technology on a global scale.
The intelligent traffic systems application segment is increasing exponentially over the forecast period. C-V2X technology communicates with roadside infrastructures including traffic signals and security cameras to exchange information regarding the road and traffic conditions. The intelligent traffic system helps in improving traffic conditions by providing information regarding congested roads and suggests an alternate road to the connected vehicle. The integration of traffic management systems and cellular infrastructure can improve the overall transportation system.
The use of cellular V2X technology in passenger vehicles has increased exponentially. According to the International Organization of Motor Vehicle Manufacturers, in 2019, 67,149,196 passenger vehicles were produced globally. C-V2X communication technology helps in providing safe transportation by reducing the risk associated with vehicle collisions and accidents. Prominent automotive enterprises, such as BMW AG, Volkswagen AG, are embedding their vehicles with advanced cellular technologies to enable communication between the vehicle and the connected infrastructure.
North America is expected to hold above 20% share in the global Cellular Vehicle-to-Everything (C-V2X) market by 2026. The market growth in the region is attributed to favorable initiatives by government agencies for the development of automotive technologies. For instance, in September 2020, the Virginia Department of Transportation in collaboration with Qualcomm Technologies Inc. and Audi America deployed C-V2X communication infrastructure in Virginia, U.S. The companies are also focusing on the development of a new deployment model and use cases to enhance deployment across the country.
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Companies operating in the market are focusing on the collaborative development and advancement of cellular V2X technology. For instance, in July 2020, Savari, Inc. partnered with Swift Navigation to improve the positioning accuracy of V2X applications. The company integrated Swift’s Starling positioning engine and Skylark positioning service into Savari’s V2X software stack to enhance accuracy. This helped the company to ensure accurate positioning capabilities throughout V2X applications. The company also partnered with other technology companies to develop and assess cellular V2X technology applications.
Some major findings of the C-V2X market report include:
- The growing popularity and advancements in mobility services are supporting technology development in the market.
- Europe is projected to grow exponentially in the global technology landscape due to the widespread presence of automotive enterprises and government initiatives for automated & electric vehicles.
- North America is anticipated to hold a significant share in the global C-V2X industry due to increasing development and modernization across the transport industry.
- Major players operating in the C-V2X market are AT&T Inc., Continental AG, Intel Corporation, Keysight Technologies, Nokia Corporation, and Qualcomm Technologies Inc., among others.
- Companies operating in the market are focusing on strategic partnerships for the development and integration of C-V2X technology for diverse use cases.
Browse related report:
Smart Transportation Market Size By Mode of Transportation (Roadways, Railways, Airways), By Component (Software [Telematics, Parking Management, Ticket Management, Traffic Management, Security and Surveillance, Passenger Information System], Services [Training and Consulting Service, Integration Service, Support and Maintenance Service]), By Deployment Model (On-Premise, Cloud, Hybrid), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024
https://www.gminsights.com/industry-analysis/smart-transportation-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.