Automotive V2X Market Share, Trends, Demand, Growth & Forecast 2023-2028
According to the latest report by IMARC Group "Automotive V2X Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global automotive V2X market size reached US$ 3.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.6 Billion by 2028, exhibiting a growth rate (CAGR) of 43.9% during 2023-2028.
Automobile vehicle-to-everything (V2X) is an interconnected system to pass information from a vehicle to any entity capable of affecting the vehicle and vice versa. It comprises wireless connection, sensors installed both inside the vehicle and on the roads, and the internet of things (IoT) to establish comprehensive communications between cars and objects. It also includes various vehicle connectivity, such as vehicle-to-network (V2N), vehicle-to-infrastructure (V2I), vehicle-to-cloud (V2C), vehicle-to-pedestrian (V2P), vehicle-to-grid (V2G), and vehicle-to-device (V2D). It improves transportation management, reduces road congestion, and enhances road safety. It enables thorough communication between cars and traffic lights, various signals, and smart traffic systems to reduce the occurrence of complications.
It provides information to drivers about road traffic and short routes to reach destinations effortlessly. Automobile V2X also allows vehicles to share their speed, location, and moving directions, along with a 360-degree view of the surrounding of the vehicle through signals. It informs about road accidents, road conditions, and upcoming potential obstacles or dangers to reduce the occurrence of road fatalities. It also enables vehicles to communicate with others for collecting information regarding empty parking spaces in various shopping malls, restaurants, hospitals, and other public places. As automobile V2X provides real-time information and helps maintain safety, it finds extensive applications in the automobile, transportation, and electronics sectors across the globe.
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Market Trends:
The rising demand for automobile V2X to manufacture technologically advanced vehicles represents one of the key factors driving the market. Besides this, there is an increase in the occurrence of road accidents due to careless driving around the world. This, coupled with the growing cases of over speeding, violation of traffic rules, and drunk driving, is positively influencing the market. In addition, the increasing reliance on convenience while driving to reach destinations on time is propelling the growth of the market. Apart from this, governments of several countries are implementing stringent policies to enhance road safety with comprehensive vehicle connectivity applications, which is bolstering the growth of the market. Additionally, automobile V2X helps vehicles avoid traffic congestion and manage fuel expenditure while driving, which is offering a favorable market outlook. Furthermore, key players operating in the industry are extensively investing in research and development (R&D) activities to introduce enhanced features with artificial intelligence (AI). They are also focusing on partnerships to build V2X connectivity frameworks and enhance driver assistance and vehicular experience, which is projected to strengthen the growth of the market.
Breakup 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)
Breakup by Connectivity:
- Dedicated Short-Range Communication (DSRC)
- Cellular-V2X (C-V2X) Communication
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Autotalks Ltd
- Capgemini SE
- Continental AG
- HARMAN International (Samsung Electronics Co. Ltd.)
- Infineon Technologies AG
- NXP Semiconductors
- Qualcomm Technologies Inc
- Robert Bosch GmbH
- STMicroelectronics.
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