(WHO), an estimated 1.25 million road accidents occurred globally in 2013. Therefore, people are
increasingly concerned and cautious regarding road safety, which is expected to aid in growth of
the global V2X communication market.
Passenger cars segment is expected to dominate and hold the largest market share
over the forecast period
Passenger cars is expected to account for the largest share in the global V2X market during the
forecast period. Increasing GDP is a factor expected to drive growth of passenger cars segment.
For instance, according to the World Bank Group, GDP per capita has increased globally from US$
9,509.4 in 2010 to US$ 10,150.8 in 2016. This is an indicator of increasing standard of living,
which has significant impact on affordability and expenditure on luxury vehicles. These luxury
cars are pre-fitted with advanced embedded systems, which includes collision warning systems,
blind spot warning systems, emergency electric brake warning systems, and intersection
movement assists, among others. This, in turn, is expected to lead to high growth of the global
V2X market.
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Advent of autonomous vehicles is expected to be the major growth opportunity
Advent of autonomous vehicle creates a growth opportunity for key players in the global vehicle-
to-everything market. For instance, according to IHS Markit—an automotive database provider—
the global autonomous vehicles sales is expected to surpass 600,000 units by 2025, increasing
at a CAGR of 43% between 2025 and 2035. Furthermore, according to IHS Markit, autonomous
vehicle sales in China is expected to reach around 5.7 million by 2035 and in the U.S. to around
4.5 million vehicles.
Key players in the automotive industry are focusing on offering enhanced safety features in their
vehicles. For instance, Volkswagen Arteon comprises safety features including front airbag, knee
airbag, side head airbag, side chest airbag, and child protection system. This car is rated 85% for
pedestrian safety and 82% for safety assistant, by The European New Car Assessment
Programme, in 2018, which is the highest rated car for pedestrian safety in 2018.
Global V2X Communication Market: Regional Insights
North America market is estimated to account for the largest market share in 2017. The U.S. and
Canada are the major growth engines in North America market. This growth is owing to
increasing initiatives by the U.S. government towards improvement of traffic within the country