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Many media outlets have begun talking about an “automotive revolution” which might begin soon. Well, apparently it has already begun. This technology goes by the name of V2X, or vehicle-to-everything communications technology.
V2X is also helping pave the way for fully autonomous driving through its unique non line-of-sight sensing capability which allows vehicles to detect potential hazards, traffic, and road conditions from longer distances and sooner than other in-vehicle sensors such as cameras, radar, and LiDAR (Light Detection and Ranging).
According to Precedence Research, the global automotive V2X market size was reached at US$ 3.21 billion in 2021 and it is expected to hit US$ 15.3 Billion by 2030, growing at a CAGR of 45% during the forecast period 2022 to 2030. The growth of automotive V2X market is driven by increasing demand for safety features in an automobile along with better traffic management system. Although legacy V2I (Vehicle-to-Infrastructure) technologies are currently in operational use worldwide for electronic toll collection and relatively simple applications, advanced V2X systems are beginning to gain broad commercial acceptance.
The automotive industry has witnessed significant momentum and expected to grow substantially over the coming years. Integration of various safety features and communication technologies in an automobile has enhanced the convenience aspect of a vehicle. In addition, prominent demand of consumers for these advanced features act as a catalyst to the market growth.
Driverless cars and autonomous vehicles are a concept and under their research phase, further their commercialization is no sooner. Meanwhile, Vehicle to Everything communication technology helps in achieving the driverless mobility. A definite regulation for the implementation of V2X technology expected to further boost the demand for V2X technology in the coming years. However, threat to security of the vehicle such as hacking and manipulation may hamper the market growth. The V2X technology mainly refers to the communication between vehicles and thus security of data communication is a critical aspect.
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