UK is set to become global hub for V2I communication on back of investments in driverless car technology, according to a report by Persistence Market Research.
The V2I Communication Market report states, continuously increasing volume of data to be analyzed in advanced ways is expected to increase the need for more telematics service providers in the foreseeable future. The global vehicle-to-infrastructure communication market, valued at US$ 900 Mn in 2018, will expand at a stupendous CAGR between 2019 and 2029.
Consumers with high disposable income are adopting intelligent vehicles. With advancements in vehicle-to-everything (V2E) technology, automation systems are capable of generating more data. Predictive analysis can be facilitated in the automotive industry with incorporation of automated real-time telematics. Also, implementation of Intelligent Transport System (ITS) technology is boosting telematics growth, it further states.
However, according to the report, lack of infrastructural development in yet to develop economies and high expenditures required for replacing the existing infrastructure with its smarter variants are key factors restricting the growth of the global vehicle-to-infrastructure communication market.
Key Takeaways of the V2I Communication Market Study are:
• Driverless or autonomous vehicles are estimated to create lucrative opportunities for players in global vehicle-to-everything (V2E) space.
• While the U.K. is soon to be the hub for vehicle-to-infrastructure communication, driven by auto giants’ efforts, industry behemoths such as Ford, Jaguar, Land Rover, and Arup Group are investing to develop and improve driverless car technologies.
• Importance of remote vehicle diagnostics has been slowly increasing and it identifies mechanical or electrical problems in vehicles. Identified problems are then automatically transmitted to manufacturer service organizations.
• Previously, dealers of OEMs used to take care of customer relationship management. They have implemented connected customer relationship services, because of which they are able to connect directly with customers.
Customers are opting for ecologically sustainable products such as smart electric automobiles. With evolution in consumer sentiments and the subsequent transformations in technology, automakers are zooming in their focus on customization and aestheticism. This will motivate manufacturers to expand their portfolio and deploy target consumer-specific solutions from the V2I communication space.
Key participants in the global vehicle-to-infrastructure communication market, according to the report, are Qualcomm Technologies, Intel Corporation; NXP Semiconductors; Broadcom; AT&T ; Verizon; MediaTek Inc.; Delphi Technologies; Infineon Technologies AG; Savari, Inc.; Quectel Wireless Solutions Co., Ltd.; Unex Technology Corp.; 3M; and Telefonaktiebolaget LM Ericsson, among others.
The report says, these market participants captured 60% of the global vehicle-to-infrastructure communication market in 2018. Companies are focusing on R&D of new technologies to integrate into their vehicular connectivity solutions, in order to ascertain their leadership in the vehicle-to-infrastructure communication market during the forecast period. Earlier in 2019, Qualcomm launched the third generation Snapdragon Automotive Cockpit platform. This is a multi-tiered platform aimed at getting the company’s technology integrated in all vehicle classes.