DSRC TechnologyMarket Size Worth $23.62 BillionBy 2030: IndustryARC
Research Reports
Apr 06, 2024
The Global DSRC TechnologyMarket size is predicted to reach $23.62 billion by 2030, growing at a CAGR of 36.93 % during the forecast period 2023-2030 according to the latest market research report published by IndustryARC.The demand for DSRC (Dedicated ShortRange Communications) technology is surging due to its vital role in enabling efficient and secure communication between vehicles and infrastructure. As the automotive industry embraces connected and autonomous vehicles, DSRC’s fast and reliable data exchange becomes increasingly essential for enhancing road safety and traffic management, finds IndustryARC in its recent report, titled “DSRC Technology Market Size, Share & Trends Analysis Report By Offering [Automotive OEM’s (Internal Combustion Engine Based Vehicle), (Passenger Vehicle (Small Car, Sedan, Sports Utility Vehicles, Luxury, Others)), (Commercial Vehicle (Small Truck, Medium Truck, Heavy Truck, Bus, Trailers, Others)), (Battery Operated Vehicle, Passenger Vehicle, Small Car, Sedan, Sports Utility Vehicles, Luxury, Others)), and Aftermarket (Commercial Vehicle, Retail Establishments, Gas Stations, Mass Transits, Rail, Parking Lots, Others), By Transceiver ((On Board Unit(Standalone,Hybrid), Roadside Unit)], By Technical Specifications ( By Technology, (Active DSRC,Passive DSRC)), (By Electromagnetic Spectrum (Passive DSRC, Infrared)), (By Standard, (North America(ASTM, ASTM, ISO, SAE,AASHTO, ITS America))), (Europe(CEN)), Japan (ARIB)Others, others)), By Frequency (5.8 GHz,5.8 GHz), and By Applications (Transit signal priority, Transit vehicle refueling management, Personalized taxi dispatch services, Integrated transportation financial transactions(Integrated transportation financial transactions, Parking payment, Rental car payments and processing) Enhanced truck roadside inspection, Real time freight logistics, Pedestrian safety at intersections, Routing and scene management for emergency services, Advanced highway-rail and highway-transit grade crossings, Others), By Region and Segment Forecasts, 2023–2030”
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Europe to Register Highest Growth:
During the forecast period of 2023-2030, the Europe region is expected to exhibit the highest compound annual growth rate (CAGR) of 42.29% in the global DSRC Technology Market. DSRC’s reliable and low-latency communication supports advanced driver assistance technologies mandated by The New Vehicle General Safety Regulation, enhancing road safety and driving market growth in the EU.
For instance, according to a report by European Commission in 2022, the New Vehicle General Safety Regulation will go into effect in July 2022. It incorporates several required advanced driver assistance technologies to increase road safety and sets the legal basis for the approval of automated and completely driverless cars in the EU.
DSRC Technology Market 2023-2030: Segmentation
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By Offering |
o Internal Combustion Engine Based Vehicle
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By Transceiver |
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ByTechnical Specifications |
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By Frequency |
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By Applications |
o Toll collection o Parking payment o Rental car payments and processing
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By Region |
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DSRC Technology Market Report – Key Takeaways:
Transit Signal Priority is the Highest Growth.
As per the DSRC Technology Market forecast, the Transit Signal Priority is estimated to grow at the fastest CAGR of 40.58% during the forecast period in terms of Application. TSP enables vehicles equipped with DSRC devices to communicate with traffic signals, granting priority and optimizing traffic flow. This technology facilitates seamless interactions between vehicles and infrastructure, reducing congestion, improving overall road safety, and enhancing transportation efficiency. As urban areas increasingly focus on smart transportation solutions, the demand for DSRC technology is rapidly escalating due to its potential to revolutionize traffic management and foster the development of intelligent transportation systems
On-Board Unit (OBU) Segment to Leading the Market
According to the DSRC Technology Market forecast, the On-Board Unit held the largest market valuation of $1.27 billion in 2022. The On-Board Unit (OBU) are essential component installed in vehicles to enable DSRC communication. The integration of advanced transceivers in OBUs enhances their communication capabilities, allowing for faster and more reliable data exchange between vehicles and infrastructure. As governments and industries worldwide focus on improving transportation safety and efficiency, the demand for OBUs with superior transceiver technology is increasing, thereby fuelling the growth of the DSRC market.
Asia Pacific is Leading the Market
Asia Pacific region held a major market share of 33% in 2022. The Asia Pacific region is projected to experience substantial growth due to increasing demand for high-quality public transportation, government efforts to reduce vehicular emissions and accidents, and the adoption of digital services for car-to-infrastructure communication. Japan, being an early adopter of DSRC technology, benefited from transportation authorities’ acceptance and factors like low ownership rates compared to developed nations.
Lack of Standardization, Limited infrastructure and Cyber Security Risks hamper the market growth
Lack of standardization, limited infrastructure, and cyber security risks will act as a challenge that can impact the market growth.DSRC technology is not yet standardized, which creates difficulties in ensuring interoperability between different products and systems. This lack of standardization can also lead to fragmentation in the market and slow down the adoption of the technology. Additionally, the limited availability of this infrastructure can be a significant barrier to the adoption of DSRC technology, particularly in rural areas or regions with limited resources.
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Key Opportunity Analysis:
Advanced Driver Assistance Systems for DSRC Technology Market
The Advanced Driver Assistance Systems (ADAS) market utilizing DSRC (Dedicated Short-Range Communications) technology is experiencing rapid growth. DSRC enables vehicles to communicate with each other and infrastructure, enhancing safety and efficiency on the road. With the increasing demand for connected vehicles and smart transportation solutions, the DSRC market holds significant opportunities for companies to capitalize on the growing need for safer and more intelligent driving experiences.
Rising Smart Cities and Infrastructure is Propelling Market Growth.
The rise of Smart Cities and Infrastructure presents a significant opportunity for the Dedicated Short-Range Communications (DSRC) market. DSRC technology enables efficient and secure communication between vehicles and roadside infrastructure, facilitating advancements in autonomous driving, traffic management, and overall transportation safety. As Smart Cities continue to develop and implement connected solutions, the demand for DSRC systems is expected to grow, driving market expansion.
Industrial Automation Is Fuelling theDSRC Technology Market Growth.
DSRC enables reliable, low-latency, and high-speed communication between vehicles and infrastructure, making it an ideal solution for optimizing industrial processes and increasing operational efficiency. As industries increasingly adopt smart and connected systems, the demand for DSRC technology is expected to grow, presenting significant opportunities for market expansion.
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The Report also Covers the Following Areas:
- DSRC TechnologyMarket Size and Forecast
- DSRC TechnologyMarket Trends
- DSRC TechnologyMarket Analysis by Product Type
DSRC Technology Market 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain Analysis of key stakeholders
- Detailed analysis of market drivers and opportunities during the forecast period
- DSRC TechnologyMarket size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the DSRC TechnologyMarket
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic has had a negative impact on the DSRC technology market, leading to a decrease in demand for DSRC-enabled vehicles and applications. The decrease in traffic due to the pandemic has reduced the need for DSRC-enabled applications such as traffic management and collision avoidance. The economic slowdown caused by the pandemic has led to decreased investment in DSRC-enabled vehicles and infrastructure.
The Ukraine crisis has had a negative impact on the DSRC technology market, as Russia and Ukraine are major producers of key components used in DSRC devices. The conflict has disrupted supply chains and led to higher prices for these components, which has slowed the growth of the DSRC market.
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List of Key Market Players in DSRC Technology Market:
The Global DSRC TechnologyMarket is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Kapsch Group
- Cohda Wireless Pty Ltd
- Savari, Inc.
- Arada Systems
- Q-free ASA
- Qualcomm Technologies, Inc.
- Oki Electric Industry Co. Ltd
- Norbit Group AS
- Continental AG
- Autotalks Ltd
- Toyota Motor Corporation
- Mitsubishi Motors Corporation
- Denso Corporation
- Bosch GmbH
- Panasonic Corporation
Related Reports:
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Vehicle to Pedestrian Communications Market – Solid State Drive Market is projected to grow at a CAGR of 12.3% during the forecast period from 2023 to 2030. Growing concerns about pedestrian safety and reducing accidents drive the demand for Vehicle-to-Pedestrian (V2P) communication solutions in the automotive market.
Connected Cars Market– Solid State Battery Market size is growing at a CAGR of 18.23% during the forecast period. Increasing consumer demand for advanced safety features, enhanced driving experience, and seamless connectivity, along with advancements in IoT and 5G technologies, drives the growth of the connected cars market.
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Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 518 282 4727
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