V2X technology will likely take the Association of Southeast Asian Nations (ASEAN) by storm in the coming years. It stands for Vehicle-to-Everything, meaning that the cars the automotive industry is currently launching will have smart tech on board to enable them to communicate with Internet of Things (IoT) connected devices their surroundings, other motored systems, grids, and infrastructure.
According to Oracle, the IoT refers to a network of physical objects with software, sensors, and other tech installed to connect with other internet-capable appliances and exchange data. By sharing information among themselves, the devices can bring efficiencies in manufacturing, assist with health monitoring through wearables, enhance sustainability by managing energy use, and more.
As the current V2X trends Southeast Asia is demonstrating indicate, the development of electric vehicles and the interconnectivity in modern-day cars can improve our daily lives, similar to IoT. For example, the technology can identify changes in car speeds, thereby preventing collisions. Moreover, V2X can collect information based on traffic and stop signs, saving money on energy costs and plotting new routes for the driver to optimise their travel.
Some Southeast Asia tech startups, like Govicle, are impacting the industry with innovative V2X solutions. Govicle seeks to be the leading company and build the first vehicle data exchange in the region. The company has over 500,000 registered users and started by digitising parking before becoming a super app delivering multiple services.
New vehicle technologies, applications, and standards
One of the most significant improvements in the automotive sector has been in enhancing communication technologies. According to connectivity giant Qualcomm, a key V2X standard making its mark is Cellular Vehicle-to-Everything (C-V2X). It is a platform whose application is in communication between Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), and Vehicle-to-Cloud (V2C).
V2V can ensure that cars are aware of each other’s distance, thereby preventing crashes. It can also notify drivers about the road conditions up ahead, for example, if it has been snowing and the path is challenging to navigate. V2P means a car can monitor its surrounding area to detect bicycles or people in wheelchairs and avoid hitting them.
V2I enhances mobility by detecting road congestion or connecting to the traffic light system to get cars moving. Drivers may also be able to pay their toll booth charges and have that message communicated to the authorities when they get to a toll area. Furthermore, it will benefit emergency services as all road users will be notified to move their cars to one side so an ambulance can get through.
For cloud tech enthusiasts, V2C means that car companies can monitor road networks on behalf of drivers in their branded cars. As a result, they can send alerts through the cloud or update the software firmware remotely.
Due to all these technological advancements, V2X technology is enhancing road safety through blind-spot detection, emergency braking to prevent accidents and other solutions. Its assistance in autonomous driving means that tired drivers can get home safely no matter whether there are obstacles on the way.
Impact of V2X technology in ASEAN
The IoT market in Southeast Asia is on target to grow in the coming years, with revenue projections for 2023 being USD 59.46 billion. Its largest segment, Automotive IoT, is estimated to have a market volume of USD 21.26 billion this year. This should not come as a surprise, as there has been widespread adoption of Teslas and other EVs in recent years, which benefit from the use of the technology inside and also aid in reducing pollution.
The development of 5G technology in ASEAN will ensure faster connectivity and more reliability in the networks. Thus, cars and other internet-capable devices will be able to maintain connectivity, helping to guarantee safety and efficiency while driving.
Southeast Asia tech startups have an opportunity to establish themselves in the industry. However, they need funding for their research and development strategies to take root. Currently, the global economy, beset by inflation and other economic headwinds, is preventing venture capital (VC) firms from deploying funds or reducing funding levels for deserving companies.
Therefore, the regional governments must do more to bridge that financial gap for many companies in the sector. They must be willing to fund emerging businesses until they get a breakthrough and start gaining results.
With the global Vehicle-to-Everything market expected to grow to USD 6 billion by 2025, ASEAN will likely play a significant role in the expansion of the industry. The region is home to sizable automotive manufacturing countries like Thailand and Malaysia and has many natural resources for developing electric vehicles with smart technology onboard.
Thus, the positive V2X trends Southeast Asia is showing in innovation and adoption will likely come to fruition, creating more jobs, boosting sustainability, and improving road safety for all.