Vehicle-to-Infrastructure (V2I) Communication Market Highlights 2022 – 2030
The vehicle-to-infrastructure (V2I) communication market is estimated to garner a large revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to factors such as the growing number of automobile thefts, rising technological advancements in the automotive industry, and increasing usage of internet of things (IoT) integrated systems, chips and sensors in the automotive sector. According to the Federal Bureau of Investigation (FBI), more than USD 6.4 billion was lost to motor vehicle theft in 2019. The average dollar loss per theft amounted to be USD 8,886. Furthermore, high fuel consumption and time wastage as a result of traffic congestion are giving rise to increasing government emphasis on enhanced traffic management. This is expected to offer ample growth opportunities to the market in the upcoming years.
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The market is segmented by end user into cellular, WiFi, DSRC, WiMax, and Bluetooth, out of which, the cellular segment is anticipated to hold the largest share in the vehicle-to-infrastructure (V2I) communication market on account of the ability of cellular applications to manage large number of messages in heavily congested environments and perform better in terms of cybersecurity. Along with this, low costs associated with hardware components is also projected to drive growth to the market segment in the near future. Additionally, on the basis of component, the segment for hardware is assessed to occupy the largest share, which can be credited to the growing requirement for advanced road markings and smart signs for the implementation of V2I technologies.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Vehicle-to-Infrastructure (V2I) Communication Market Regional Synopsis
On the basis of geographical analysis, the vehicle-to-infrastructure (V2I) communication market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Europe region is estimated to witness noteworthy growth over the forecast period on the back of surge in the number of smart automotive projects undertaken by the government, high car production and strong presence of market players in the region. For instance, the largest number of cars in Europe were produced in Germany in 2020. The number was calculated to be almost 3.6 million. In addition, escalating number of collaboration projects among companies to reform smart transportation services is also assessed to boost market growth in the region. Moreover, North America acquires the largest share during the forecast period owing to favorable government initiatives supporting V2I communication standards and hike in demand for connected car technology.
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The vehicle-to-infrastructure (V2I) communication market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the vehicle-to-infrastructure (V2I) communication market includes the following segments:
By End User
- Cellular
- WiFi
- DSRC
- WiMax
- Bluetooth
By Component
- Hardware
- Telematics
- Roadside
- Onboard Unit
- Software
- Services
Growth Drivers
- Increasing Automobile Thefts Globally
- Growing Advancements in the Automotive Industry
Challenges
- Huge Initial Investment for Implementing V2I Communication System
Top Featured Companies Dominating the Market
- Continental AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Robert Bosch GMBH
- Autotalks Ltd.
- Qualcomm Technologies, Inc.
- Daimler AG
- Toyota Motor Corporation
- General Motors
- Delphi Automotive LLP
- Volkswagen AG
- BMW AG
