Growing need for road safety is anticipated to raise demand for V2X Communication

V2X Communication is defined as vehicle-to-vehicle communication in which a vehicle and every other vehicle are able to respond to a communication sent by a vehicle. Basically, it's a vehicle-to-infrastructure communication where a vehicle refers to any object on or near a roadway that may be affected or can be affected, by the vehicle in question. This means there are many other communication systems besides the basic radio signals that all vehicles use to communicate with each other. For instance, an automobile GPS navigation system uses an analog signal that is sent via the internet to a computer or other source of information which converts the signal into a meaningful digital signal. Digital signals are much stronger and therefore last longer than analog signals, which means a GPS unit will stay active for a longer period of time.

Increasing road safety regulations due to growing road accidents are predominantly fueling the market growth of V2X Communication. According to the World Health Organization, every year the lives of approximately 1.35 million people are cut short as a result of a road traffic crash. Between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury. More than 90% of road traffic deaths occur in low- and middle-income countries. Implementation of the V2X communication enhance road safety and also driving experience. Thus growing demand for safety and security features in automobiles is further projected to foster the market growth of V2X Communication.

The Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to the expanding automotive industry in the region. According to the India Brand Equity Foundation, India became the fourth largest auto market in 2019 displacing Germany with about 3.99 million units sold in the passenger and commercial vehicles categories. India is expected to displace Japan as the third-largest auto market by 2021. Domestic automobile production increased at 2.36% CAGR during 2016-2020 with 26.36 million vehicles being manufactured in the country in 2020.

Key Developments:

1. In March 2019, HARMAN International focused on connected technologies for automotive and consumer markets, unveiled a new Dual-Mode V2X system, for enhancing automotive safety. The flexible telematics system features both software and hardware and taps into DSRC and cellular (5G) Vehicle-to-Everything (C-V2X) networks, removing the guesswork for numerous safety system setups.

2.  In November 2020, Unex a provider of V2X (Vehicle-to-Everything) system has announced a new partnership with Microsec, a V2X security expert, to deliver a secure and robust V2X communication.