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(I-AutoNewsWire.com, November 17, 2021 ) he global Vehicle to Pedestrian Communications market size is forecast to reach $1,796.3 million by 2026, growing at a CAGR of 16.5% from 2021 to 2026. Growing automotive safety concerns along with rising rate of road accidents have been attributing towards the need for vehicle to pedestrian (V2P) communications. In addition, shift towards opting for cellular or dedicated short range communication technologies to improve vehicle communication as well as stringent regulatory mandates towards deploying advanced driver assistance systems have been also driving the need for V2P communication solutions. The need for providing vehicle data or information on real time basis along with surge in investments towards connected vehicles can impact the need for advanced in-vehicle systems in the long run. Moreover, growing adoption of advanced technologies like IoT, artificial intelligence and others towards improving vehicular communication standards, governmental regulations or initiatives for improving pedestrian safety can further drive the market growth in the coming years.
Vehicle to Pedestrian (V2P) Communications Market Segment Analysis- By Communication Technology
Cellular technology is analyzed to grow with the highest CAGR of 7.9% in the global vehicle to pedestrian (V2P) communications market during the forecast period 2021-2026. Factors such as rising advancements towards cellular networks like 5G, demand for smartphone compatible solutions for enhancing automotive applications and many others have been attributing towards the market growth. Cellular Technology had eventually emerged as a key technology used for improving road safety alongside accelerating autonomous driving through offering a direct, reliable and low latency communication. Cellular V2P communication help in providing direct communication between vehicles over an interface, designed for active safety warnings including road hazards, and related safety concerns for protecting pedestrians from accidents or injuries. This in turn, has been acting as a prime advantage for the cellular based V2P communications overtime across automotive industry. In September 2020, Alps Alpine Co., Ltd. announced about the launch of an all-in-one communication module, UMCC1 Series cellular V2X, as a part of supporting intelligent transportation, autonomous driving and others. Such developments will further aid the market growth of cellular V2P communications in the long run.
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Vehicle to Pedestrian (V2P) Communications Market Segment Analysis- By Vehicle Type
Passenger Vehicles are analyzed to emerge as the fastest growing segment in the global vehicle to pedestrian (V2P) communications market, with a CAGR of 8.5% during 2021-2026. This market growth is attributed mainly owing to rising number of road accidents or fatalities caused by passenger cars and growing demand for advanced driving features. Stringent governmental regulations regarding vehicle safety along with surge in adoption of passenger vehicles have been also driving the need for advanced driver assistance systems, navigation or parking control with others capable of handling overcrowded traffic situations on road. This eventually aids the market growth for V2P communications in passenger vehicles for improving driving standards. Increasing investments on development of electric vehicles and autonomous cars from various leading automotive companies overtime is also set to influence the demand for V2P communication solutions. In March 2020, the Indian Government have mandated to incorporate a standard feature, pedestrian safety for all the passenger cars including SUVs alongside emphasizing on upgrading the existing ones with the pedestrian protection software. Such governmental initiatives towards reducing the impact of accidents on pedestrians is further set to drive the market growth of V2P communications in the coming time.
Vehicle to Pedestrian (V2P) Communications Market Segment Analysis-By Geography
Europe region had dominated the global vehicle to pedestrian (V2P) communications market with the largest share of around 38% in 2020, and is anticipated to witness a significant growth over the forecast period. Growing shift towards improving vehicle communication infrastructures along with adoption of V2X technologies by major leading automotive companies like Volkswagen, Daimler AG and so on have been attributing towards the market growth in the region. High investments on development of electric vehicles, government regulations regarding pedestrian safety and rise of automotive demands overtime is also set to boost the market growth for V2P communications market. Moreover, rising support towards approval of connected vehicles and autonomous cars on roads from government will further drive the concerns on pedestrian safety to avoid accidents or fatalities, further impacting the demand for V2P communication infrastructures in the long run. In May 2021, the German Government had approved a legislation under which driverless vehicles will be allowed on public roads by 2022, as a part of extending its support for companies deploying robotaxis and delivery services within the country. Such measures are intended to raise the need for V2P communication overtime within the country in the coming years.
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Vehicle to Pedestrian (V2P) Communications Market Drivers
Growing adoption of advanced technologies like IoT, artificial intelligence and others to improve vehicular communication
Growing adoption of advanced technologies like IoT, artificial intelligence (AI) and others to improve vehicular communication act as one of the major drivers boosting the market growth of vehicle to pedestrian (V2P) communications. Rise of connected vehicles, improving vehicle mobility through advanced systems, leveraging real time data insights from sensors and so on help in creating a positive impact on the use of such advanced technologies by the automakers. In addition, the demand for automotive components for serving applications like intelligent traffic, pedestrian detection, and advanced driver assistance systems with others to improve vehicle safety as well as reduce road side fatalities have further aided the need for V2P communication solutions. In February 2020, Microsoft had revealed about its partnerships with Volkswagen, TomTom and many more as a part of supporting in-vehicle compute and software architecture for connected vehicles through its Azure IoT platform. Such advancement are set to impact the growth of V2P communications in the long run.
Governmental regulations or initiatives towards improving pedestrian safety drives the market forward
Governmental regulations or initiatives towards improving pedestrian safety can also be considered as a major factor driving the growth of vehicle to pedestrian (V2P) communications market. Government bodies of various countries have been highly focusing on improving vehicle safety, as a part of reducing rising rate of road fatalities or accidents of pedestrians. This drives the need for implementing stringent government regulations supporting mandatory use of pedestrian protection solutions or initiatives like deployment of different V2X communication technologies in the automotives. In January 2020, the New York City Department of Transportation announced about deployment of Savari’s SmartCross V2P solution in order to support safer transportation under its connected vehicle project. Deployment of this cloud based V2P software was done to help impairment people make use of crosswalks more efficiently by offering relevant information to drivers as well as pedestrians as per requirement. Such factors are further set to propel the need for V2P communication solutions owing to government support in the long run.
Vehicle to Pedestrian (V2P) Communications Market Challenges
Security & Privacy concerns
Security & Privacy concerns act as a major challenge restraining the market growth of vehicle to pedestrian (V2P) communications. Leveraging V2P communication technology provides access to user information regarding vehicle location, frequently used applications, and many others on real time basis. Since these data are transmitted over internet, data hacking and cyber-attacks can poise an adverse impact on the user security and privacy. Due to data collection using cloud softwares, data breach incidents can be easily witnessed contributing towards use of personal information for unauthorized purposes, creating a major security concern. Owing to such concerns regarding user data security and privacy, V2P communications will be facing lesser adoptability from automotive industry, impeding its market growth.
Vehicle to Pedestrian (V2P) Communications Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the vehicle to pedestrian communication market. The vehicle to pedestrian (V2P) communications market top 10 companies include Qualcomm Technologies Inc., Robert Bosch GmbH, Continental AG, DENSO Corporation, Valeo, LG Electronics, Harman International, Autotalks Ltd., Continental AG and Infineon Technologies AG among others.
In June 2021, LG Electronics announced about the launch of a mobile application for pedestrian safety, Soft V2X, capable of warning users regarding collision risks between pedestrians and vehicles as well as car-to-car crashes, in order to prevent road accidents.
In April 2020, Harman announced about the launch of an advanced driver assistance system, which enables driver of the vehicle to communicate with pedestrians. This safety system had been incorporated with Vehicle-to-Pedestrian (V2P) technology, providing warnings for both the parties related to crashes or accidents.
Passenger vehicles segment is analyzed to witness the fastest growth in the global vehicle to pedestrian (V2P) communications market during 2021-2026, due to rising number of passenger car related road accidents or fatalities.
Europe vehicle to pedestrian (V2P) communications market held the largest share in 2020, owing to factors like growing adoption of V2X communication technologies by leading automakers and others.
Governmental regulations or initiatives towards improving pedestrian safety alongside increasing adoption of advanced technologies like IoT, artificial intelligence and many others for improving vehicular communication is analyzed to significantly drive the global vehicle to pedestrian (V2P) communications market during the forecast period.
A. Automotive Pedestrian Protection System Market
B. Connected Car Devices Market
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