The latest report by IMARC Group, titled “Automotive V2X Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global automotive V2X market size reached US$ 2.2 Billion in 2021. Automotive vehicle to everything (V2X) is an advanced communication system that supports the real-time exchange of information between infrastructure, cloud, and vehicles. It includes vehicle-to-vehicle (V2V), vehicle-to-pedestrian (V2P), and vehicle-to-infrastructure (V2I) communication systems. It helps avoid traffic, the severity of injuries, road accident fatalities, and collisions with other vehicles. Owing to these properties, automotive V2X technology is widely adopted in vehicles to allow drivers to receive information about approaching vehicles, road conditions, weather patterns, and activities of other drivers, thereby safeguarding the vehicle and its passengers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive V2X Market Trends:
The market is primarily driven by the rising incidences of road accidents across the globe. Nowadays, manufacturers are integrating automotive V2X to enhance fuel savings, traffic efficiency, and driver and road safety. In addition, the implementation of stringent government regulations to minimize carbon emissions represents another major growth-inducing factor. Besides this, various key players 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. This, coupled with the increasing partnerships between cellular and transportation companies, and the rising deployment of 5G technology to deliver efficient and innovative transportation solutions, is creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 20.2 Billion by 2027, exhibiting a CAGR of 45.89% during the forecast (2022-2027).
- Based on the communication, the market has been classified into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), vehicle-to-grid (V2G), vehicle-to-cloud (V2C), and vehicle-to-device (V2D).
- On the basis of connectivity, the market has been bifurcated into dedicated short-range communication (DSRC) and cellular V2X (C-V2X) communication.
- The market has been segregated based on the vehicle type into passenger cars and commercial vehicles.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some 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 N.V.
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