Adoption of connected automobiles has been sparked by growing safety concerns, which is a key element fuelling the market's expansion. Communication systems are included in connected automobiles, which helps to lower the danger of an accident. Vehicle communication systems provide precise information about the flow of traffic on the network of roads. Additionally, it contributes in gathering data on traffic flows, which in turn serves to ease traffic congestion. Road accidents are also less likely as a result. The World Health Organization (WHO), for instance, estimates that there were 1.25 million automobile accidents worldwide in 2013. People are becoming more worried and cautious about road safety as a result, which is anticipated to help the worldwide V2X communication market grow. During the projection period, passenger automobiles are anticipated to hold the biggest market share in terms of global V2X. A factor anticipated to fuel the segment's growth is an increase in GDP. For instance, the World Bank Group reports that the worldwide GDP per capita rose from US$ 9,509.4 in 2010 to US$ 10,150.8 in 2016.
According to Coherent Market Insights, at a projected CAGR of 45.2% during the forecast period, the global V2x Communication Market is expected to increase from $813.9 million in 2022 to $11,088.1 million by 2029.
Major Players in the V2x Communication Market Industry:
1. Aptiv PLC
The company was founded in 1994 and is based in Dublin, Ireland. The business provides automobile technologies and is Irish-American. On January 11, 2022, the business said that it had purchased Wind River Systems, a firm well-known for creating real-time operating systems. The business unveiled a new automated driving platform in January 2021 that can be used on a variety of vehicles and that automakers may wirelessly upgrade.
2. Autotalks Ltd.
The business was started in 2008 and is located in North America. A fabless semiconductor business called Autotalks is focused on manned and autonomous vehicles' vehicle-to-everything (V2X) connectivity. The company sells equipment for vehicle-to-vehicle (V2V) communications in autonomous vehicles. Autotalks announced the instant availability of the bike and scooter safety device ZooZ 2 in July 2022.
3. Continental AG
The firm was founded in 1871 and is based in Hanover, Germany. The company manufactures drive belts, conveyor belting, transmission components, sealing systems, shock absorbers, hoses, bicycle tires, cars, trucks, and commercial vehicles. To enhance its autonomous driving technology, Continental revealed in February 2021 that it has purchased a minority share in the German-American start-up Recogni.
4. Qualcomm Inc.
The company was started in 1985 and is located in San Diego, California, United States. It produces software, chips, and services for wireless technology. Qualcomm announced in May 2023 that it will buy Israeli fabless chipmaker Autotalks for an estimated $350-400 million. Israeli start up Cellwize was purchased by Qualcomm in June 2022 via its investment arm Qualcomm Ventures.
5. Cisco Systems Inc.
The company was founded in 1984 and is based in San Jose, California, United States. Cisco creates, produces, and markets networking tools, computer software, telecommunications gear, and other high-tech services and goods. Cisco successfully acquired the Q&A and polling platform Slido on May 3, 2021. Slido was a solution that was available both as a stand-alone item and with integrations.
6. Infineon Technologies AG,
The business was founded in 1999 and is based in Neubiberg, Germany. The Infineon Technologies AG develops, produces, and sells semiconductors. Infineon targets the automotive, industrial, communications, consumer, and security electronics markets with its products. By 2023, Infineon intended to invest €5 billion in the construction of two further factories in Dresden.
7. Mobileye NV
The company was started in 1999 and is based in Jerusalem. The company Mobileye Global Inc. creates advanced driver assistance systems (ADAS) that include cameras, computer chips, and software for driverless vehicles. Intel said in December 2021 that it would keep a majority stake in Mobileye Automotive and intend to go public with the division in 2022 with an IPO of freshly issued stock.
Definition: Vehicle-to-everything (V2X) technology allows for communication between vehicles and their surroundings by transmitting data from one vehicle to another or to any item, and vice versa.
