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Automotive V2X Market worth $12,859 million by 2028

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MarketsandMarkets™
Automotive V2X Market worth $12,859 million by 2028

"Automotive V2X Market by Connectivity (DSRC, and Cellular), Communication (V2V, V2I, V2P, V2G, V2C, and V2D), Vehicle (Passenger Car, and Commercial Vehicle), Propulsion (ICE and EV), Unit, Offering, Technology, and Region - Global Forecast to 2028", Automotive V2X Market is projected to grow at a CAGR of 44.2% to reach USD 12,859 million by 2028 from an estimated USD 689 million in 2020.


The demand for safe and connected vehicles, increased EV sales, government regulations to curb emissions, and the need to reduce traffic congestion are driving the overall automotive V2X market. In collaboration with automotive V2X players, OEMs have installed V2X in their models, which is expected to drive the growth of the automotive V2X market.


Top Players:


Qualcomm Technologies (US)

Continental AG (Germany)

Robert Bosch (Germany)

Delphi Technologies (UK)

NXP Semiconductors (Netherlands)

Infineon Technologies (Germany)

Denso Corporation (Japan)

Harman International (US)

STMicroelectronics (Switzerland)


Top Start-ups:


Autotalks (Israel)

Cohda Wireless (Australia)

Savari (US).

 

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OBU is expected to hold the largest share of the automotive V2X market, by unit


The increase in sales of vehicles equipped with V2X is the key factor driving the OBU segment, as every vehicle will be equipped with OBUs for V2X communication. Some of the top players in the automotive V2X market offering OBUs are Denso, Cohda Wireless, and Savari, among others. OBUs are the main units for all communications such as V2V, V2I, and V2P.


ICE segment is estimated to be the fastest and largest automotive V2X market, by propulsion


The growth of the ICE segment is due to the fact that V2X directly helps in improving fuel economy, which further helps reduce pollution. The pollution caused by transportation is a significant issue faced across the globe. The optimization of traffic by application of the V2X would enable the reduction of fuel consumption. The number of ICE vehicles equipped with V2X is high, and more vehicles are expected to be launched during the forecast period. This would also drive the ICE V2X market.


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North America is expected to be the fastest automotive V2X market, by region


The growth of the North American automotive V2X market can be attributed to the high sales of vehicles equipped with V2X, such as the Cadillac CTS and Mercedes-Benz E-Class in the region. The presence of top V2X players such as Qualcomm Technologies, Harman International, and Savari would also contribute to the growth of the North American automotive V2X market.


The automotive V2X market is dominated by globally established players such as Robert Bosch GMBH (Germany), Continental AG (Germany), Qualcomm Technologies, Inc. (US), Autotalks Ltd. (Israel), and Delphi Technologies (UK).

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