Overview and Scope
Vehicle to Everything (V2X) is a communication system used in a vehicle that supports the exchange of the from a vehicle to moving components of the traffic system that may have an impact on the vehicle. The technology improves traffic efficiency by notifying drivers to approach traffic, offering other routes to avoid traffic, and spotting unoccupied parking spaces.
Sizing and Forecast
The automotive v2x market size has grown exponentially in recent years. It will grow from $1.09 billion in 2023 to $1.56 billion in 2024 at a compound annual growth rate (CAGR) of 43.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in investments in smart cities, increase in occurrences of vehicle theft, increase in occurrences of vehicle theft and rise in demand for autonomous mobility.
The automotive v2x market size is expected to see exponential growth in the next few years. It will grow to $6.84 billion in 2028 at a compound annual growth rate (CAGR) of 44.7%. The growth in the forecast period can be attributed to rapid urbanization, increasing safety features in automobiles, growing automotive industry and growing demand for electric vehicles (ev). Major trends in the forecast period include focus on advanced vehicle-to-everything (v2x) connectivity solutions to provide reliable products to their customers and strengthen their market, focus on new c-v2x technology pilot projects. pilot projects provide concrete evidence that c-v2x technology works in practical settings, focus on advancements in technology to provide reliable products to their customers and to strengthen their position in the market, focus on use of 5g technology in automotive v2x, focus on partnerships and collaborations to expand their product portfolio and geographic presence, focus on increasing adoption of cellular v2x to enhance safety of vehicles, focus on integration of artificial intelligence (ai) technology and focus on the installation of cybersecurity systems. cyber security systems are designed to combat threats to protect devices, networks, programs and personal information in networked systems.
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Segmentation & Regional Insights
The automotive v2x market covered in this report is segmented –
1) By Technology, Emergency Vehicle Notification, Automated Driver Assistance, Passenger Information System, Line Of Sight, Others
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Connectivity: Direct Short-Range Communications (DSRC), Cellular
4) By Communication: Vehicle To Vehicle (V2V), Vehicle To Infrastructure (V2I), Vehicle To Pedestrian (V2P), Vehicle To Grid (V2G), Vehicle To Cloud (V2C), Vehicle To Device (V2D)
North America was the largest region in the automotive V2X market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive v2x market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in demand for fully autonomous vehicles is expected to propel the growth of the automotive V2X market in the coming years. Autonomous vehicles are defined as self-driving vehicles that move without any human intervention or require very little human intervention. V2X offers an advantage in automatic vehicles since it delivers information about objects that other sensors are unable to detect. Also, it can improve traffic efficiency by giving information about traffic signals. For instance, in July 2021, according to Close Brothers Asset Finance, a UK-based firm providing advice and investment management services, it is expected 73% of all cars will have some level of autonomy (Levels 1-3) by 2025 in the UK and while 40% of people polled would be willing to use fully autonomous or semi-autonomous cars. Thus, the increasing demand for fully autonomous vehicles drives the growth of the automotive V2X market.
Key Industry Players
Major companies operating in the automotive v2x market report are Robert Bosch GmbH, NXP Semiconductors N.V., Samsung Electronics Co. Ltd., Lear Corporation, Continental AG, Qualcomm Technologies, Inc., LG Electronics, Aptiv PLC, Autotalks Ltd., Infineon Technologies AG, STMicroelectronics, Renesas Electronics, Aisin Automotive, Jost India, Mando Automotive India Pvt. Ltd., Automotive Axles Ltd., Denso India Pvt Ltd., Volvo Cars, Audi AG, Fibocom, Mercedes, Cohda Wireless, BMW Group, Delphi Technologies, Avtovaz, Avtotor, Kamaz, Sreda Ltd., Fort Telecom, Savari Inc., Harman International, Ford Motor Company, Verizon Communications, AT&T, Goodyear Middle East.
The automotive v2x market report table of contents includes:
1. Executive Summary
2. Automotive V2X Market Characteristics
3. Automotive V2X Market Trends And Strategies
4. Automotive V2X Market – Macro Economic Scenario
5. Global Automotive V2X Market Size and Growth
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31. Automotive V2X Market Other Major And Innovative Companies
32. Global Automotive V2X Market Competitive Benchmarking
33. Global Automotive V2X Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive V2X Market
35. Automotive V2X Market Future Outlook and Potential Analysis
36.Appendix
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