Pune, India, April 11, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global automotive V2X market size is anticipated to hit USD 7,351.9 million by 2028 from USD 628.9 million in 2021 and exhibit a CAGR of 42.1% during the forecast period. The global Automotive V2X market size stood at USD 529.6 million in 2020. Automotive V2X (vehicle-to-everything) enables vehicle-to-vehicle communication in real-time and enables vehicles to communicate with their surroundings.
The growing demand for autonomous vehicles and the increasing digitization of vehicles are anticipated to fuel the market growth. Fortune Business Insights™ has presented this information in its report titled, Automotive V2X Market, 2021-2028.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 42.1% |
| 2028 Value Projection | USD 7,351.9 million |
| Base Year | 2020 |
| Market Size in 2021 | USD 628.9 million |
| Historical Data for | 2017-2019 |
| No. of Pages | 165 |
| Segments covered | Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), Others |
| Growth Drivers | Increased Traffic Safety Benefits to Accumulate Growth for the Market |
| Asia Pacific to Gain the Largest Share due to the Increasing Demand for Autonomous Vehicles |
Regional Insights-
Asia Pacific to Gain the Largest Share due to the Increasing Demand for Autonomous Vehicles
Asia Pacific is anticipated to hold the largest portion of the automotive V2X market share. China and Japan are projected to lead the technology development in Asia Pacific. The increasing demand for autonomous vehicles and the development of efficient V2X technology is anticipated to drive the market growth.
Europe is expected to exhibit stellar growth in the global market due to the increased research initiatives, collaborative testing, and industrial consortiums for V2X communication. The development of intelligent transport systems and the implementation of these systems is expected to fuel market growth.
North America is projected to witness robust growth in the upcoming years due to major automakers' escalating deployment of the technology.
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Drivers & Restraints-
Increased Traffic Safety Benefits to Accumulate Growth for the Market
According to the report published by WHO in 2018 on road safety, more than 1.3 million fatalities occur every year due to vehicular traffic-related incidents. The V2X technology can help reduce these numbers as the technology can detect any potential threat and alert the driver accordingly. The increased traffic safety benefits through the employment of this technology are likely to boost the automotive V2X market growth.
V2X technology can detect any congestion on the road and alert the driver to act accordingly. This increases the economic savings and makes the transportation system more efficient. As per the U.S. DOT, approximately USD 871 billion can be saved in the U.S. using this technology. Hence, the economic savings gained through the technology are anticipated to boost the growth of the market.
Additionally, the increasing digitization of vehicles and the increasing investments to make vehicles smarter are expected to fuel the market growth. However, the technology's high setup and testing costs are likely to impede the growth of the market for automotive V2X.
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Segmentation-
- On the basis of connectivity type, the market is bifurcated into cellular and DSRC.
- On the basis of communication type, the market is segmented into vehicle-to-pedestrian (V2P), vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), and others.
- On the basis of vehicle type, the market is categorized into commercial vehicles and passenger cars.
- On the basis of unit type, the market is fragmented into the roadside unit and on-board unit.
- Geographically, the market is classified into four major regions- North America, Europe, Asia Pacific, and the rest of the world.
Competitive Landscape-
Key Players Partner Up to Deliver Smart Automotive Solutions & Garner Growth
The market is fairly competitive, and the key players in the market focus on the development of efficient V2X technology. To improve market positions and garner growth, the key players adopt ingenious growth strategies such as new product launches, technological developments, patents, partnerships, mergers, acquisitions, and others. Most recently, GM and Qualcomm Technologies extended their partnership in January 2021 to deliver automotive solutions to GM’s next-generation telematics systems, digital cockpits, and future advanced driver assistance systems.
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COVID-19 Impact-
The global pandemic has significantly impacted the growth of several industries and markets. However, the demand for automotive V2X technology has augmented during the pandemic due to the need for autonomous vehicles to deliver supplies. The improved safety offered by autonomous vehicles augmented the demand for this technology and flourished the market growth. The investments in the future-mobility technologies made during the pandemic have supported the market’s growth. The market is anticipated to witness unprecedented growth in the coming years.
Key Players in the Automotive V2X Market are:
- Denso Corporation (Aichi, Japan)
- Aptiv (Dublin, Ireland)
- Infineon Technologies AG (Neubiberg, Germany)
- Continental AG (Hanover, Germany)
- Qualcomm Technologies, Inc. (San Diego, U.S.)
- Autotalks Ltd. (Kfar-Netter, Israel)
- Cohda Wireless (Wayville, Australia)
- Kapsch TrafficCom (Vienna, Austria)
- Savari Inc. (California, U.S.)
- Lear Corporation (Michigan, U.S.)
- LG Electronics (Seoul, South Korea)
- Ford Motor Company (Michigan, U.S.)
Global Automotive V2X Market Segmentation:
By Connectivity Type:
- DSRC
- Cellular
By Communication Type:
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Pedestrian (V2P)
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
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