The rising demand for road safety regulations, rising severity of road accidents and evolution of IoT and edge computing are some of the primary factors driving the growth of the global V2X communication module market during the forecast period. However, the high cost of investment is restraining the growth of the V2X communication module market. At present, various government regulatory bodies of various countries has imposed regulations with an aim to reduce traffic collisions and road accidents, and this is expected to create ample opportunities for V2X communication module manufacturers to come up with more advanced high-efficient sensors.
The global V2X communication module market is segmented on the basis of technology type, application, and region. On the basis of technology type, the V2X communication module market is segmented into Bluetooth, Wi-Fi, Dedicated Short Range Communication (DSRC), Cellular, Short range radio. GPS and others. The automobile industry is evolving and the dedicated short-range communication (DSRC) is the communication standards on which these transportation services are provided. These communication standards are based on IEEE 802.11p PHY/MAC and DSRC wireless communication and messaging protocols.
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By application type, the V2X communication module market was segmented into Vehicle-to-Infrastructure (V2I) Communication, Vehicle-to-Pedestrians (V2P) Communication, In-Vehicle (IN-V) Communication and others. The rising consumer demand for convenience features has enforced various OEMs to incorporate V2X communication modules. The implementation of the V2X communication will not only increase the safety aspect but will also provide an enhanced driving experience. The rising demand of safety and security features in automobiles is expected to boost the demand for the V2X communication module market during forecast period.
The global V2X communication module market is highly fragmented with number of companies operating in the segment. Leading players are currently focusing on providing cost competitive products to the customers and certain strategies such as agreements and acquisitions. Some of the key players engaged in V2X Communication Module market include various manufacturers such as BMW AG, Daimler AG, STMicroelectronics N.V., Continental AG, LG Innotek Commsignia Ltd, Unex Technology Corporation, NXP Semiconductors N.V., Renesas Electronics, Murata Manufacturing Co., Ltd., Volkswagen Group AG, Qualcomm Technologies, Redpine Signals, Inc., Kapsch Group and Others.
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