LONDON, April 26, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the automotive V2X market, artificial intelligence (AI) technology is a major trend gaining traction. Artificial intelligence technology refers to the simulation of human intelligence created by the human that is processed by computer systems. AI simulates human decision-making processes using controls, actions, and deep learning. Deep learning refers to analyzing the users' lifestyle patterns over time and automatically implementing them. Therefore, they provide better driving and safety analyses and help in tracking parts of a vehicle and reporting when they require maintenance. Major players in the market are focusing on developing automotive V2X with AI technology to enhance automotive V2X operating systems. For instance, in November 2020, Hyundai Motor Group, a South Korea-based automotive manufacturer launched NVIDIA DRIVE™ in-vehicle infotainment system, powered by the automotive V2X platform enhanced with AI user experience. It automatically archives the users' preferred shows and recommends similar shows in the same genre. It is a combined video, audio, connectivity, navigation, and artificial intelligence-based system.
Request for a sample of the global automotive V2X market report
The global automotive V2X market size is expected to grow from $619.42 billion in 2021 to $854.99 billion in 2022 at a compound annual growth rate (CAGR) of 38.0%. The change in the automotive V2X market growth trend is mainly due to the companies' stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $2907.53 billion in 2026 at a CAGR of 35.8%.
The increasing concerns regarding road traffic and vehicle safety will drive the automotive v2X market. Due to the increase in road accidents globally, there has been an increased focus on road infrastructure and passenger safety. It is estimated that about 1.2 million people die each year globally, and about 20–50 million people are injured in motor vehicle accidents. Road accidents account for 2.2% of all deaths globally. V2X enables real-time communication between the vehicle and its surroundings, increasing the safety of drivers and pedestrians. According to the US National Highway Traffic Safety Administration, V2V (vehicle-to-vehicle) communication technology could reduce traffic accidents by 13%, resulting in over 400,000 fewer crashes each year. The growing concerns about vehicle safety will push demand for V2X technologies, driving the market.
Major players in the automotive V2X market are Autotalks Ltd., Continental AG, Denso Corporation, Harman International, Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies Inc., Robert Bosch, Cohda Wireless, STMicroelectronics, TE Connectivity Ltd., Qorvo Inc., Ford Motor Company, Danlaw Inc., and Amphenol Corporation.
TBRC’s global automotive V2X market analysis is segmented by technology into emergency vehicle notification, automated driver assistance, passenger information system, line of sight, others; by vehicle type into passenger cars, commercial vehicles; by connectivity into DSRC, cellular; by communication into 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 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive V2X market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive V2X Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive V2X market overviews, analyze and forecast market size and growth for the whole market, automotive V2X market segments and geographies, automotive V2X market trends, automotive V2X market drivers, automotive V2X market restraints, automotive V2X market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
