Global Vehicle-To-Infrastructure (V2I) Communication Market Size Forecast 2024 - 2033
23 Dec, 2024
How Is The Global Vehicle-To-Infrastructure (V2I) Communication Market Defined?
Vehicle-to-infrastructure (V2I) communication refers to the exchange of data and information between vehicles and roadside infrastructure elements such as traffic signals, road signs, toll booths, and parking meters. This communication allows vehicles to interact with the surrounding infrastructure to improve traffic flow, enhance safety, and enable advanced transportation services.
Vehicle-To-Infrastructure (V2I) Communication Global Market Report 2024 provides data on the global vehicle-to-infrastructure (v2i) communication market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The vehicle-to-infrastructure (v2i) communication market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Vehicle-To-Infrastructure (V2I) Communication Market Size And Growth Rates Projected To Evolve?
The vehicle-to-infrastructure (V2I) communication market has grown exponentially in recent years. It is projected to increase from $0.39 billion in 2023 to $0.53 billion in 2024, with a CAGR of 34.1%. This growth is driven by investments in infrastructure modernization, the demand for improved road safety, increasing urbanization and congestion, government initiatives for smart transportation, and the growing adoption of connected and autonomous vehicles. The market is expected to continue its rapid expansion, reaching $1.72 billion by 2028 at a CAGR of 34.3%. This growth is attributed to global increases in automobile theft, advancements in the automobile industry, greater emphasis on cybersecurity for V2I communication, the rise of mobility-as-a-service (MaaS) platforms, and a growing demand for predictive maintenance for V2I infrastructure. Key trends include the integration of AI and machine learning in V2I systems, the advancements of 5G technology, a shift toward sustainable mobility solutions, integration into smart city projects, and increased collaboration between automotive OEMs and technology providers.
What Are The Essential Drivers Behind The Growth Of The Vehicle-To-Infrastructure (V2I) Communication Market?
The rise in automobile theft is expected to fuel the growth of the vehicle-to-infrastructure (V2I) communication market. Automobile thefts are on the rise due to factors like leaving keys in the ignition or parking in poorly lit areas. V2I communication helps reduce theft by enabling real-time vehicle tracking, remote immobilization, and enhanced security features. In February 2024, the Equite Association reported a 7.1% increase in automobile theft in Canada from 2022 to 2023, highlighting the growing need for V2I communication solutions.
Get Your Free Sample of the Global Vehicle-To-Infrastructure (V2I) Communication Market ReportHow Is The Global Vehicle-To-Infrastructure (V2I) Communication Market Divided Into Key Segments?
The vehicle-to-infrastructure (V2I) communication market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Big Data Analytics, Smart Sensors
3) By Application: Dedicated Short Range Communication (DSRC), Cellular, Wi-Fi, WiMax, Bluetooth
What Trends Are Reshaping The Future Of The Vehicle-To-Infrastructure (V2I) Communication Market?
In the vehicle-to-infrastructure (V2I) communication market, companies are developing innovative solutions like Savari MECWAVE to optimize vehicle-to-infrastructure communication for better traffic management and safety. Savari MECWAVE provides distributed computing at the network edge, enabling low-latency processing for applications and services, thereby improving performance, security, and response times. For instance, in February 2022, Harman International, a US-based electronics company, launched Savari MECWAVE, a multi-access edge computing (MEC) software platform. MECWAVE facilitates vehicle-to-everything (V2X) communications with ultra-low latency, enhancing safety and connectivity for vehicles, passengers, and pedestrians, even for non-V2X-capable vehicles and devices.
What Is The Fastest Growing Region In The Vehicle-To-Infrastructure (V2I) Communication Market?
North America was the largest region in the vehicle-to-infrastructure (V2I) communication market in 2023. The regions covered in the vehicle-to-infrastructure (V2I) communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.