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Vehicle to Pedestrian Communications Market - Forecast(2023 - 2028)
Vehicle to Pedestrian Communications Market Overview
The Vehicle to Pedestrian Communications market size is estimated to reach $1871.5 Million by 2027, growing at a CAGR of 12.3% during the forecast period 2022-2027. The factors that impact the Vehicle to Pedestrian Communications market include stringent government regulations on installation of advanced driver assistance systems (ADAS), rapid rise in roadside accidents or fatalities and so on. Additionally, increasing preference for cellular and dedicated short-range communications for improving vehicular communication alongside high investments in the development of autonomous and self-driving cars have been aiding its market growth. Growing integration of varied In-vehicle systems within automotives, technological advancement towards internet of things (IoT) and artificial intelligence (AI) for improving V2X communications, as well as governmental initiatives towards improving pedestrian safety are some of the major factors set to transform the Vehicle to Pedestrian Communications industry outlook in the coming time.
Vehicle to Pedestrian Communications Report Coverage
The
“Vehicle to Pedestrian Communications
Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth
analysis of the following segments in the Vehicle to Pedestrian Communications Market.
Key Takeaways
- Cellular Vehicle to Pedestrian Communications segment held the largest market share in 2021, owing to rising advancement towards 5G networks, growing demand for connected vehicles, and so on.
- Passenger Vehicles is analyzed to witness the fastest growth in the global Vehicle to Pedestrian Communications market during 2022-2027, attributed to growing consumer inclination towards passenger cars integrated with in-vehicle systems, rapid rise of road fatalities from passenger vehicles and so on.
- Europe Vehicle to Pedestrian Communications market held the largest share in 2021, owing to an increasing shift towards improving vehicular communication infrastructures as well as high adoption of V2X technologies from Volkswagen, BMW Group and other major automakers.
- Growing Demand for Autonomous or Self-driving Vehicles while ensuring Pedestrian Safety alongside governmental mandates or initiatives regarding pedestrian safety due to surge in roadside fatalities is analyzed to significantly drive the market growth of Vehicle to Pedestrian Communications market during the forecast period 2022-2027.
Vehicle to Pedestrian Communications Market Segment Analysis - by Technology
Cellular
technology segment dominated the global Vehicle to Pedestrian Communications
market with a share of 42% in 2021, and is also analyzed to witness a
significant growth during the forecast period 2022-2027. Growing advancement
towards 5G cellular networks, rising consumer demands for connected vehicles,
and so on are the major drivers boosting the market growth. In November 2021, SoftBank Corp. and Honda R&D Co. Ltd., announced the start of a use case-based verification of technologies like 5G
standalone mobile communication system as well as a cellular V2X communication
system in order to reduce collision between vehicles and pedestrians. This
joint collaboration was meant to verify use cases like reducing collisions for
visible/non-visible pedestrian to vehicles alongside pedestrians by sharing information about areas
not visible to vehicles. These factors are set to influence the growth of Cellular Vehicle to Pedestrian Communications
industry in the long run.
Vehicle to Pedestrian Communications Market Segment Analysis - by Vehicle Type
Passenger
Vehicles is analyzed to grow with the
highest CAGR of 13.4% in the global Vehicle to Pedestrian Communications
during 2022-2027. Factors attributing to this market growth include rapid rise
in roadside fatalities from passenger cars, increasing demand towards
integrating advanced driving functionalities, significant deployment of
pedestrian protection or pedestrian safety solutions, and so on. Governmental
stringency on mandates or regulations for improving vehicle safety standards of
passenger vehicles as well as surging consumer demands for passenger cars have
been eventually catering to the need for advanced driver assistance systems
(ADAS), collision avoidance and many other in-vehicle systems. According to Ministry of
Road Transport and Highways (MoRTH), in India in 2020, pedestrians accounted for 42% of
road deaths in New Delhi, a 25% increase compared to 2019, while road
fatalities in Bihar rose to 37% in 2020, compared to 17.5% over the previous
year. The
Indian Government had revealed about mandating pedestrian safety as a standard
feature for all cars and SUVs from October 2020. Under this regulation, new
passenger cars being manufactured within the country along with existing ones
were required to be upgraded with pedestrian protection software. Moreover,
some of the leading automotive companies including General Motors, Ford Motor,
Tata Motors and many others have been raising their investments in the development
of electric as well as autonomous cars from time to time, thereby influencing
the growth of V2P communications. These factors will help in expanding the global Vehicle
to Pedestrian Communications market size for homeland
security in
the coming time.
Vehicle to Pedestrian Communications Market Segment Analysis - by Geography
Europe dominated the global Vehicle to Pedestrian Communications market with a share of 36% in 2021, attributed to several factors like increasing adoption of V2X technologies from leading automakers including Volkswagen, Mercedes Benz, BMW Group and others along with rising rate of road crashes, accidents or fatalities within the region. According to European Commission, about 19,800 people were killed in road crashes within EU in 2021, a comparative increase of 5% from previous year. This statistical data further highlighted that car occupants (drivers & passengers) had accounted for 43% of all road deaths followed by 20% of pedestrians, 18% of users of powered-two-wheelers (motorbikes & mopeds) and 10% of cyclists out of total fatalities. Moreover, plans regarding the roll-out of robotaxis within some countries, as well as rising governmental support or approval of connected vehicles will drive the pedestrian safety concerns, thus influencing the market growth of V2P communications. These factors are set to transform the Europe Vehicle to Pedestrian Communications industry outlook in the long run.
Vehicle to Pedestrian Communications Market Drivers
Governmental Mandates or Initiatives regarding Pedestrian Safety due to Surge in Roadside Fatalities is Driving the Growth of Vehicle to Pedestrian Communications Market:
Stringent governmental mandates or initiatives for ensuring pedestrian safety due to rising roadside fatalities act as a major factor driving the growth of Vehicle to Pedestrian Communications market. With increasing road traffic, there is a significant rise in roadside crashes, accidents or fatalities, which eventually pose a threat to public safety. In January 2020, the New York City Department of Transportation (NYCDOT) revealed the deployment of Savari’s SmartCross V2P solution, as a part of supporting safer transformation under its connected vehicle project. Adoption of this cloud-based software was meant to boost the confidence of impaired people using crosswalks, through providing relevant information to drivers as well as pedestrian as per requirement. This system offers alert displays in car’s infotainment dashboard or on the driver’s tablet or smartphone, thus providing the driver with life-saving reaction time. According to the Centers for Disease Control and Prevention (CDC), there were more than 7000 pedestrian deaths from road crashes within the nation, involving a motor vehicle in 2020. In addition, an estimated emergency department visits of 104,000 pedestrians were reported, for non-fatal crash-related injuries treatment during the same year.
Growing Demand towards Autonomous or Self-driving Vehicles while ensuring Pedestrian Safety is Accelerating the Growth of Vehicle to Pedestrian Communications Market:
Increasing demand towards autonomous or self-driving vehicles
while ensuring pedestrian safety can also
be considered a major driver boosting the market growth of Vehicle to
Pedestrian Communications. Factors attributing to the market growth
include increasing investment plans of global automakers like General Motors,
Ford Motor and so on, along with growing emphasis on supporting the transition to
self-driving vehicles. In July 2019, an Israeli V2P solution provider, Viziblezone announced that its patent-protected
technology had successfully achieved a development milestone, beneficial for
detecting pedestrians located behind obstacles or outside a vehicle’s lines of
sight up to 150 meters distance. This development was a part of addressing the
concerns of existing vehicle sensor systems, due to growth towards autonomously
driven vehicles or self-driving cars alongside the expansion of technologies like
Robot-taxis. In June 2021, a major automotive giant, General Motors (GM) revealed its plans of investing about $35 billion by 2025 for the development
of electric and autonomous vehicles, a comparative increase of 30 percent from the
plans announced in 2020. These
factors are set to help in expansion of the global Vehicle to Pedestrian Communications market size in
the coming time.
Vehicle to Pedestrian Communications Market Challenges
Data Security & Privacy Concerns are Restraining the Market Growth of Vehicle to Pedestrian Communications:
Security and data privacy concerns act as one of the major factors
impeding the growth of Vehicle to Pedestrian Communications industry.
Since V2P leverages wireless communication technologies including cellular,
bluetooth, Wi-fi and others, which can pose varied security breach incidents
compromising with customer’s confidential data. Vehicle location, frequently
used applications, name and so on, is tracked or monitoring to provide
real-time data insights for the users, which can be easily targeted by
cybercriminals, for data hacking, misuse, exploitation and others. Moreover, the use
of V2P software or solutions creates major security concerns due to cloud
storage, unauthorized access from smartphones or user credentials and so on. According to a survey conducted by PC Magazine in 2019, out of over 2000
people, about 45% of respondents had revealed about safety concerns and
technology failures being the biggest fear towards autonomous vehicles, followed
by 15% concerned about hacking threats. In March 2021, a cybersecurity company,
Karamba Security had connected a vehicle electronic control unit (ECU) online,
which showed that more than 25,000 breach attempts were made by hackers in
three days. These factors have been creating an adverse impact on the growth of
Vehicle to Pedestrian Communications market.
Vehicle to Pedestrian Communications Industry Outlook
Product launches,
acquisitions and R&D activities are key strategies adopted by players in
the Vehicle to Pedestrian Communications
Market.
The top 10
companies in the Vehicle to Pedestrian Communications market are:
- Harman International
- LG Electronics
- Infineon Technologies AG
- Autotalks Ltd.
- Honda Motor Co. Ltd.
- Denso Corporation
- Continental AG
- Valeo
- Robert Bosch GmbH
- Qualcomm Technologies Inc.
Recent Developments
- In October 2021, Honda Motor Co., Ltd. launched the HONDA Sensing 360 Omni-directional safety and driver-assistive system, capable of removing blind spots around the vehicle. This development was meant to contribute towards collision avoidance through reducing driver’s burden while driving.
- In June 2021, LG Electronics launched a mobile application for pedestrian safety, named Soft V2X, capable of warning users about collision risks between pedestrians and vehicles, and possible car-to-car crashes in order to prevent road accidents. Analyzing data of user's location, moving direction as well as speed on the cloud system in real-time, this solution can alert with sound, vibration and warning messages during collision risk.
- In January 2020, Harman had unveiled an advanced driver assistance system (ADAS) use case, named Vehicle-to-Pedestrian (V2P), at the CES event. This system was capable of warning drivers as well as pedestrians about potential safety conflicts, for preventing crashes or accidents.
Relevant Report Titles:
Report Code: ESR 0162
Report Code: ATR 0017
Report Code: ESR 0257
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