Pune, India -- (SBWIRE) -- 05/06/2019 -- V2X (Vehicle-to-Everything) Market report provides the latest market data along with industry future trends, which keeps tracking of users driving revenue growth rate of v2x market by components (hardware, software), communication type (vehicle-to-vehicle (V2V), vehicle-to-network (V2N), vehicle-to-infrastructure (V2I)), connectivity type (DSRC, cellular connectivity), vehicle type (commercial vehicles, passenger cars) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players among the V2X market it includes the five years industry analysis and the 6 years annual forecast from 2018 to 2024. The global V2X market is projected to grow at a CAGR of 17.5% over the forecast period of 2018-2024.

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Growing Demand for More Efficient and Real-Time Traffic Management System Drives the Growth of the V2X Market

The traffic road intersections are getting more complex nowadays. It generates high demand for the more intelligent control solutions that help to minimize the traffic problems in an efficient way. The growing demand for more efficient and real-time traffic management system drives the growth of the V2X market. V2X technology enhances traffic efficiency and smarter transportation management by providing upcoming traffic congestions and suggesting alternative routes. In addition, various government agencies are taking initiatives to adopt V2X technology to provide safety and better traffic management. In addition, the growing use of electronics system in the vehicles to improve vehicle performance and passenger comfort are likely to contribute to the growth of the V2X market. Another use for V2X is to help you find parking in crowded areas by using the vehicle's cellular connectivity and can display the locations of nearby available parking spaces on their navigation systems in real time. However, data security concerns and the cellular connectivity problems across the developing region are hampering the growth of the V2X market. Moreover, the growing adoption of autonomous cars and ongoing research and developments in the automotive sector are projected to create various opportunities for companies working in this technology over the forecast period. The growing applications of V2X in the rail, ship and airplane transportation are projected to create various growth opportunities in the near future.

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North America is the Largest Region in the V2X Market Followed by Europe

North America is the largest region in the V2X market followed by Europe. The growing demand for the efficient and improved traffic transportation system. The factors such as better infrastructure, easy adoption of new technologies and favorable government policies contribute to the growth of V2X technology market in North America. In addition, Europe is the second largest region in the V2X market. The increased concern about the safety and the growing need for traffic management in Europe drivers the growth of the V2X market in this region. Moreover, Asia Pacific is the fastest growing region in the V2X market owing to the rapidly growing automotive industry, the presence of various top players and increasing adoption of new technologies.

NXP and Hitachi Team Up on V2X for Autonomous Driving

In September 2018, NXP Semiconductors N.V., the world's largest supplier of automotive semiconductors, and Hitachi Solutions, Ltd., a V2X software platforms specialist, have announced a partnership to develop a new V2X solution targeted at the Japanese market.

V2X technology allows vehicles to "see" around corners and communicate with other cars and infrastructure. It is instrumental in safety-critical applications such as platooning and emergency braking and delivers low latency for real-time communication.

The technology also operates in a range that exceeds one mile, even in areas where cellular network connections are not available.

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Report Findings

1. Drivers

- Growing Demand for More Efficient and Real-Time Traffic Management System.

- Growing Use of Electronics System in the Vehicles.

2. Restraints

- Data Security Concerns.

- Cellular Connectivity Problems.

3. Opportunities

- The Growing Adoption of Autonomous Cars.

- Ongoing Research and Developments in the Automotive Sector.

- Growing Applications of V2X in the Rail, Ship and Airplane Transportation.