Latest News- Vehicle-To-Everything (V2X) Communication System Market: Cellular is expected to lead the Connectivity segment during 2024-2028

The Vehicle-To-Everything (V2X) Communication System Market is being driven by Growing demand for smart road infrastructure

The Vehicle-To-Everything (V2X) Communication System Market is expected to grow at a CAGR of 22.79% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 23.4 billion. In the realm of modern urban development, smart cities represent the interconnected fusion of advanced digital technologies. These cities prioritize communication among devices, optimizing performance, reducing costs, and maximizing resource efficiency. Notable smart city advancements include intelligent traffic management, home monitoring systems, e-toll solutions, waste and water management, and safe and intelligent transportation systems. The proliferation of smart cities is anticipated to accelerate significantly throughout the forecast period. For instance, the Saudi Arabian government, as part of its Vision 2030 initiatives, plans to invest in the development of 16 smart cities by 2030. This strategic investment underscores the growing recognition of smart cities as essential tools for addressing the challenges of urban growth and sustainability. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Connectivity
  • Cellular
  • DSRC
• Vehicle Type
  • Passenger
  • Commercial
• Geography
  • Europe
  • North America
  • APAC
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for smart road infrastructure
• Increasing popularity of autonomous vehicles
• Increasing adoption of technologically advanced mobile devices

However, the market also witnesses some limitations, which are as follows:

• Need to maintain compliance with stringent standards
• System reliability and uncertainty in user acceptance
• Data privacy and security concerns

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Market Scope in Vehicle-To-Everything (V2X) Communication System Market Research Report

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Research Analysis Overview

In the realm of advanced transportation, Vehicle-To-Everything (V2X) Communication Systems link vehicles with parking spaces, traffic lights, pedestrians, and more, enhancing road safety and efficiency. These systems facilitate energy savings, real-time traffic management, and reduce road traffic accidents. Sensors, cameras, data recorders, and predictive vehicle maintenance are integral components. V2X also offers automotive performance enhancement through vehicle-to-vehicle technology, collision avoidance, and connected vehicle technologies. Cohda, a key player, provides hardware and software solutions for specific tasks. High-traffic environments necessitate robust data processing and fundamental standards like SAE JS2735 and operating systems ensure optimal performance.

Market Research Overview

The Vehicle-to-Everything (V2X) Communication System Market is a significant segment within the broader Communications Equipment Market. This market encompasses advanced communication systems facilitating real-time data exchange between vehicles, parking spaces, traffic lights, pedestrians, and road infrastructure. Key drivers for this market include enhanced road safety, energy savings, and traffic efficiency. V2X communication systems provide critical information on hazards, vehicular data, and traffic conditions, reducing the likelihood of road traffic accidents, fatalities, non-fatal injuries, and disabilities. As businesses invest in improving road safety and traffic management, the V2X Communication System Market is poised for substantial growth. Technavio's analysis of the Communications Equipment Market includes the revenue generated from sales of communication equipment, broadcasting equipment, and telecommunication equipment, as well as investments made by service providers to upgrade their communication infrastructure. The market excludes revenue from cellular phone manufacturers. Factors fueling the growth of the Communications Equipment Market include the increasing demand for advanced communication systems to support the growing number of data centers and capacity expansion of existing facilities by hyperscalers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/