During the forecast period of 2023-2033, the global automotive V2X market is expected to reach an estimated value of ~USD 20 billion by 2033, by expanding at a CAGR of ~39%. The market further generated a revenue of ~USD 3 billion in the year 2022. The rapid urbanization of the world and the increase in disposable incomes, intelligent and connected vehicles are becoming more and more popular throughout the world which is anticipated to drive the growth of automotive V2X market.
Market Definition of Automotive V2X
A V2X system, also known as a vehicle-to-everything system or just a V2X, allows information to be passed from a vehicle to any entity that might communicate with that vehicle and conversely. A connected vehicle provides the latest infotainment technology that makes driving more comfortable. By communicating directly with other vehicles, infrastructure and the cloud, they can also make driving safer and more efficient. As a result of Vehicle-to-X (Vehicle-to-Everything) communication, cars or commercial vehicles are able to exchange information on real-time traffic updates and road hazards, enhancing safety assist functions in the future. It is widely recognized that V2X technology plays a critical role in reducing road fatalities in most countries. This has prompted the industry to reduce the timeline for its deployment. V2X is an important milestone in the development of fully autonomous vehicles.
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Global Automotive V2X Market: Growth Drivers
The growth of the global automotive V2X market can majorly be attributed to the increasing level of connectivity in vehicles. Essentially, V2X is a system of vehicular communication that supports the transmission of information between connected vehicles and elements of the traffic system that can have an impact on the vehicle. The automotive V2X market is also expected to expand with surge in vehicle connectivity during the forecast period. Around 80 million new connected cars are projected to be on the road in the United States by 2025, with more than 25% of new vehicles having 5G connectivity. Moreover, the increasing partnership agreements between major key players to enhance V2X technology in developed countries are further anticipated to drive market growth over the forecast period. For instance, a joint venture between Honda Motor Co., Ltd. and V2X Suisse is underway in Switzerland to advance the technology of vehicle-to-grid charging.
The global automotive V2X market is also estimated to grow majorly on account of the following:
Increasing demand for real-time traffic data
Fierce competition between automobile manufacturers
Increased electrification of vehicles.
Technological advancements
Rise in pedestrian accidents
Global Automotive V2X Market: Restraining Factor
As vehicles are constantly communicating with one another and the cloud is being used, data security is becoming increasingly problematic. Networks can be intercepted and vehicles can be controlled for illegal purposes by hackers. Hence this factor is expected to be the major hindrance for the growth of the global automotive V2X market during the forecast period.
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Global Automotive V2X Market Segmentation
By Propulsion Type {Internal Combustion Engines (ICEs), and Electric Vehicles}
The electric vehicles segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. There has been an explosion in the sales of electric vehicles, as well as an increase in the demand for them which is anticipated to drive segment growth over the forecast period. According to recent estimates, around 2 million electric vehicles will be sold worldwide in the first quarter of 2022. Using V2X technology, electric vehicles and plug-in hybrids can utilize large-capacity batteries to store electricity. Moreover, the widespread use of V2X technology in electric vehicles is anticipated to drive segment growth over the forecast period.
By Connectivity {Dedicated Short-Range Communications (DSRC), and Cellular}
By Components {Vehicle to Infrastructure(V2I), Vehicle to Vehicle (V2V), and others}
By Unit (On-Board, and Roadside)
By Region
The Asia Pacific automotive V2X market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions on account of strong manufacturing infrastructure facilitating the implementation of V2X services and systems, growing vehicle sales supporting V2X communication, and a growing awareness of the benefits of V2X among the general public. It was observed that approximately 19,994,000 cars were sold in China in 2020, out of over 25 million vehicles sold. Moreover, the high level of personal disposable income and the presence of leading market players are expected to drive regional market growth during the forecast period.
The market research report on global automotive V2X also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key Market Players Featured in the Global Automotive V2X Market
Some of the key players of the global automotive V2X market are Honda Motor Co., Ltd., Mercedes-Benz Group AG, Ford Motor Company, Hyundai Motor Company, Honda Motor Co., Ltd., General Motors, Volkswagen AG, Bayerische Motoren Werke Aktiengesellschaft, FCA US LLC, Nissan Motor Co., Ltd., and others.
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The Global Automotive Vehicle-to-Everything (V2X) Market research report offers accurate insights for the growth prospects of the Automotive Vehicle-to-Everything (V2X) market in the forecast years 2020-2027.
The report is an all-inclusive study of the Automotive Vehicle-to-Everything (V2X) market that offers the readers a better view of the current and emerging market trends through a thorough analysis of the market size, growth trends, supply and demand ratio, market share, sales network and distribution channels, and other key elements.Furthermore, the report is furnished with the current market scenario with regards to the COVID-19 pandemic.
The global public health emergency has disrupted the lives of everyone across the globe.
It has also had a substantial impact on the Automotive Vehicle-to-Everything (V2X) industry as global supply chains have been disrupted, and the financial scenario is tight.
The report is formulated by extensive primary and secondary research and backed by the verified data from industry experts and professionals.
Along with this, the report extensively studies the competitive landscape in the market and profiles the key players of the industry.The report covers extensive analysis of the key market players in the market, along with their business overview, expansion plans, and strategies.
Vehicle-to-Everything (V2X) Communications Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2018-2024 The vehicle-to-everything (V2X) communications market is expected to see significant growth during the forecast period 2018-2024.
Some of the major drivers behind the growth will be stringent safety rules & regulations by government bodies, increased demand for connectivity and development of autonomous vehicles.
Today’s automotive industry are dramatically changing, triggered by development in emerging markets, autonomous functionality coupled with advanced connectivity capabilities is enabling new vehicle driving models.Continue ….
@ https://brandessenceresearch.com/automotive-transport/vehicle-to-everything-v2x-communications-marketKey Players Analysis:General Motors CoToyota Motor CoVolkswagen AGBMW AGDaimler AGArada SystemsAutotalks Ltd.Cohda WirelessDenso CorporationDelphi AutomotiveeTrans SystemsKapsch TrafficComQualcommSavariOthersScope of Vehicle-to-Everything (V2X) Communications Market Reports Global Vehicle-to-Everything (V2X) Communications market report is segmented on the basis of communication type, and by regional & country level.
Based upon communication type, global Vehicle-to-Everything (V2X) Communications market is classified as Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), Vehicle to Pedestrian (V2P) / DSRC Equipped Smartphones, Vehicle to Home (V2H) and In Vehicle (IN-V).Market Dynamics:Growing concerns about passenger safety has compelled automobile manufacturers to install the various driver assistance systems and focus on improving the integration of passive safety systems with active safety systems, especially ACC, AEBS, BSD, LDWS, and NVS.
The report focuses on the operation and their competitive landscape present within the market.
