Automotive V2X Market

Market Overview 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.

Automotive vehicle to everything (V2X) is a communication system that supports the real-time exchange of information between the cloud, infrastructure and vehicles. It assists in improving the experience of the driver by providing upcoming traffic warnings, alternative routes, and available parking spaces. Besides this, it also helps avoid traffic, severity of injuries, road accident fatalities, and collision with other vehicles. As a result, it is integrated into conventional cars around the world for allowing drivers to receive information about approaching vehicles, weather patterns, road conditions and activities of other drivers, thereby safeguarding the vehicle and its passengers.

Automotive V2X Market Trends:

Due to the rising air pollution, environmental concerns and sales of vehicles worldwide, governing agencies of numerous countries are implementing strict regulations to minimize carbon emissions. This represents one of the major factors encouraging manufacturers to incorporate V2X technology into vehicles. A significant rise in the number of road accidents is also propelling the need for automotive V2X to enhance fuel savings, traffic efficiency, and driver and road safety. Moreover, with rapid urbanization and inflating disposable incomes, the demand for intelligent and connected vehicles is escalating across the globe. V2X systems are incorporated into vehicles to allow minimized human intervention. Besides this, the leading companies are offering hybrid solutions that involve 4G and 5G network access, dedicated short-range communication (DSRC), and cellular V2X communication to expand their existing consumer base and retain their position in the market. In confluence with this, the rising deployment of 5G technology and partnerships between cellular and transportation companies to deliver efficient and innovative transportation solutions are also contributing to the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive V2X market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on communication, connectivity and vehicle type.

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
   

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:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Autotalks Ltd, Capgemini SE, Continental AG, HARMAN International (Samsung Electronics Co. Ltd.), Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies Inc, Robert Bosch GmbH and STMicroelectronics.

Report Coverage: