Driven by increasing research and development efforts towards optimizing autonomous vehicles, the demand for cellular vehicle-to-everything systems are witnessing an elevated demand. Increasing instances of, often fatal, road accidents is making the case for the integration of C-V2X technology in vehicles.
Global Market Insights Inc. report, the cellular vehicle-to-everything (C-V2X) market is expected to register a valuation of over $6 billion by 2030. The lack of proper technological infrastructure may hamper the cellular vehicle-to-everything (C-V2X) market growth in many countries. However, key market players are putting significant efforts into bringing multifunctional and robust technologies to get a holistic viewpoint about traffic.
As per the WHO, annually approximately 1.3 million fatalities are recorded from road crashes, with non-fatal accidents also being far too common. Driving habits like rash driving, over speeding, alcohol consumption, and inability to understand traffic rules and road safety norms are largely to blame. To curb these habits, many world governments are prioritizing the shift to smart mobility and technological aides.
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Increasing advancements in communication technologies to pave the way
Advancements in IoT, data, and analytics have helped the development of connected sensors that improve the driving experience and provide real-time information about oncoming vehicles. Such technological advancements present new pathways to cellular vehicle-to-everything (C-V2X) market.
The advent of 5G cellular network technology, with its considerably higher connection density is expected to make industry conditions further conducive for the market landscape. It will help establish structured a communication system for better transportation. Such technologies ensure connectivity to warn motorists, cyclists, and pedestrians about any unforeseen event like an accident. It will help strengthen the transport system with vast database
optimization facilitating better traffic junctions.
New product launches to further strengthen the market landscape
Key market players are focusing on strategic partnerships to bring innovative products and sustain their industry leadership. They emphasize introducing advanced technologies to succeed in the competitive landscape. In this regard, Qualcomm recently unveiled the 9150 C-V2X to help people commute seamlessly.
Its C-V2X solution includes vehicle-to-infrastructure, vehicle-to-vehicle, vehicle-to-pedestrian, and vehicle-to-cloud communication. The V2V system has latency-sensitive collision avoidance capabilities for better movement and reduced congestion. The technology is designed to serve a broad segment of the cellular vehicle-to-everything (C-V2X) market.
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Increasing industry player collaborations
Collaborations among leading industry players are expected to fuel industry fortunes in a prominent manner. Recently, fabless semiconductor firm, Autotalks and leading Connected Autonomous Vehicle software company, Cohda Wireless, inked a collaboration agreement to develop and launch the first wholly integrated V2X SoC in the world, which is to be implemented in Autotalks’ third-generation chipset, TEKTON3.
Cohda Wireless was also appointed as the software stack supplier due to its leadership in the field. The collaboration will help OEMs and Tier1s to integrate V2X solutions for road users much quicker and with reduced testing expenditures.
Additionally, as an added advantage, TEKTON3’s software incorporation can help maintain power efficiency while also processing all road users in proximity. The technology will emerge as a simple ‘plug-and-play' option with the collaboration of Autotalks’ high-end chipset and Cohda’s superior software. It will present a connective and automated transport network for robust road traffic management.
Impact of Covid-19 on C-V2X market
Similar to most industry verticals, the C-V2X market encountered supply chain disruptions. The halt in export-import and closure of industries affected the C-V2X industry adversely. However, the reopening of economies has reinvigorated the industry as market players strive to come up with improved functionalities.
The future ahead
In the forthcoming years, the C-V2X market will present a plethora of opportunities with applications in advanced vehicles for non-line-of-sight purposes. Alongside the use of smart algorithms and 5G technology, it will help reduce the expenditures on auto insurance and drastically reduce the occurrence of road accidents. The C-V2X industry is also expected to witness substantial transformations with heavy investments from leading market players.
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