The automotive V2X market size is estimated to reach US$ 12.93 billion by the end of 2027, registering a CAGR of 43.7% from 2020 to 2027. The report provides the overall revenue of the global automotive V2X market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.
Automotive Vehicle-To-Everything (V2X) is a Wi-Fi derivative based on short-range communications and enables the establishment of radio link between vehicles, even in non-line-of-sight conditions.By sharing datasuch as speed and position to the surrounding infrastructures and vehicles, V2X technology improves driver awareness from upcoming potential dangeras well as dramatically improvesthe collision avoidance, thereby significantly reduces the severity of injury and fatality.
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Increasing sales of passenger as well as commercial vehicles across the globe contribute significantly to drive the market. Increasing traffic congestion, greenhouse gas emission rising number of accidents have forced governments of various regions to impose stringent safety and emission norms. V2X technology helps driver to improve safety of the vehicle as well as it reduces the greenhouse gas emission from the vehicle, thereby accelerating the demand of the technology in the coming years. Furthermore, the concept of driverless cars and autonomous vehicles are still under their research phase and expected to take years to be commercialized. In addition, V2X technology helps to achieve driverless mobility, thus again propels the growth of the technology over the analysis period. Besides the benefits of V2X technology, they are largely subject to cyber threats such as hacking and manipulation; this hampers the market growth in the near future.
- In 2019, North America led the global automotive V2X market with significant revenue share in the year 2019. Ease of technology adoption along with the region being one of the largest markets for automobile are some of the prime factors that drives the growth of the region. In addition, greenhouse emission and traffic congestion are some of the crucial problems that can be overcome significantly with the implementation of V2X systems.
- Europe is the other major region that contributes prominently towards the revenue share. Stringent emissions as well as safety norms in the region are the major factors that drive the regional market. In addition, the region registered prominent growth in battery-powered vehicles that again influence the V2X communication market growth positively over the coming years.
- Based on vehicle type, passenger vehicles accounted for the largest market value share of nearly 75% in the year 2019 and analyzed to continue its dominance during the forecast period. However, increasing demand for commercial vehicles due to boom in the commercial sector flourishes the growth of commercial vehicles in the near future.
- By communication type, Vehicle-To-Vehicle (V2V) projected to dominate the global automotive V2X market during the forecast period. Increasing safety regulations have spur the adoption of various types of communication technologies in a vehicle such as Adaptive Cruise Control (ACC), driver assistance system, lane change assistance, blind spot detection, and many more. This expected to significantly drive the demand for V2V communication.
- Based on connectivity type, Dedicated Short Range Connectivity (DSRC) seeks to capture maximum revenue share in the present as well as during the forecast period. Ease of implementation along with cost benefits of DSRC over the cellular connectivity expected to drive the growth of the segment.
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Report Scope of the Automotive V2X Market
|Market Size||USD 12.93 Billion by 2027|
|Growth Rate||CAGR of 43.7% from 2021 to 2027|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2027|
|Segments Covered||Communication Type, Vehicle Type, Connectivity Type, Regional Outlook|
|Companies Mentioned||Nolato AB, Freudenberg Medical LLC, Rochling Group, GW Plastics Inc., MedPlast Inc., Phillips Medisisze Corporation, C&J Industries Inc., Tekni-Plex, Inc., Pexco LLC, and Medical Plastic Devices Inc.|
In 2019, North America encountered maximum revenue share in the global automotive V2X market. Presence of technologically advanced countries such as Canada and U.S. along with ease of technology adoption in the region is some of the prime factors that drive the market growth. Furthermore, the region experience high threat from greenhouse emission and traffic congestion that trigger the adoption of various communication technologies within the vehicle to assist driver in different ways while driving. Subsequently, the communication technology enhances the safety of a vehicle, reduces the greenhouse gas, and also reduces the traffic congestion. The aforementioned factors significantly propel the growth of the market in the region..
Key Players & Strategies
The global automotive V2X market is highly competitive with the presence of numerous market leaders with high technological capabilities. These companies have strong global presence, diversified product portfolio, and are involved in various strategic initiatives to hold on to their market share. Continental AG, Delphi Automotive PLC, Qualcomm Inc., Infineon Technologies AG, and Cisco Systems, Inc. are some of the major market players that dominate the market substantially. However, there are numerous vendors operating in the market that offer differentiated services and products. Partnership, Collaboration, product development & enhancement, and merger & Acquisition are the key strategies adopted by the market players to retain their position in the market.
Some of the key players operating in the market are Continental AG, Qualcomm, Inc., Delphi Automotive LLP, NXP Semiconductors, TomTom International B.V., Robert Bosch GmbH, HARMAN International, Cisco Systems, Inc., Mobileye, and Infineon Technologies AGamong others.
Segments Covered in the Report
This research study comprises comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative acumens, and forecasts of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report includes market division and its revenue assessment by categorizing it depending on communication type, vehicle type, connectivity type, and region:
By Communication Type
- Vehicle-To-Infrastructure (V2I)
- Vehicle-To-Grid (V2G)
- Vehicle-To-Vehicle (V2V)
- Vehicle-To-Home (V2H)
- Vehicle-To-Pedestrian (V2P)
- Vehicle-To-Network (V2N)
By Vehicle Type
- Commercial Vehicles (CV)
- Passenger Cars
By Connectivity Type
- Cellular Connectivity
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
Why Buy this Report?
The purpose of Precedence Research’s automotive V2X market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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