According to Vision Research Reports, the global automotive vehicle-to-everything (V2X) market size is expected to hit around US$ 13.3 billion by 2030.
The Automotive V2X market size was valued at US$ 2.5 billion in 2020 and is anticipated to grow at a CAGR of 53% over forecast period 2021 to 2030.
Vehicle-to-everything (V2X) is a communication technology that allows a vehicle to communicate with other vehicles, road users, and infrastructure. The major purpose of V2X technology is to improve road safety, energy savings, and traffic efficiency on roads. The key components of V2X include 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) communication systems. The automotive industry is evolving in the front of technology, enabling cars to interact with infrastructure such as traffic signals, pedestrian’s communication devices, other digital devices. These advancements in technology have challenged automotive makers to incorporate automotive V2X solutions that will offer enhanced safety, utility, and convenience to their customers.
Major factors driving the growth of the Automotive V2X Market
Trends influencing the growth of Automotive V2X Market
The rise in the adoption of connected cars is expected to increase the growth of the Automotive V2X Market. Connected vehicles allow cars to connect with other vehicles, road infrastructure, and the cloud via a V2X platform. Connected vehicles gather data from their surroundings and communicate it to one another, as well as connect to intelligent transportation infrastructure and send real-time traffic data to transportation authorities for better road management and infrastructure planning.
The rapid increase in urbanization & industrialization is expected to further fuel the growth of the automotive V2X market. The expansion of the automotive V2X industry is predicted to be fueled by macroeconomic variables such as an increase in disposable income, an increase in employment rates, and an increase in overall GDP, which are encouraging projects such as smart cities with smart infrastructure facilities.
The future potential of 5G & AI technology coupled with the advancement in cellular-V2X (C-V2X) technology is expected to increase the growth of the Automotive V2X Market. Artificial intelligence (AI) and 5G have an important role in the future of the automotive industry, as predictive capabilities are becoming more prevalent in cars, personalizing the driving experience. Furthermore, V2X is better equipped with 5G and AI to carry out vital communications for safer and more secure driving. The C-V2X technology is built to interact with impending 5G network technologies, allowing mission-critical V2X and C-V2X to serve as ultimate platforms for cooperative intelligent transportation systems (C-ITS) services and technology.
Presence of Major OEMs to Augment Growth in North America
The market in North America is expected to witness a high growth rate during the forecast period owing to the presence of major manufactures in the region. The growing production of luxury vehicles in the US will have a positive influence on the market in the region. Europe is expected to witness a substantial growth rate in the forthcoming years due to the existing Automotive V2X manufacturers in the region.
The growing adoption of autonomous and semi-autonomous vehicles will further enhance the market potential in European countries such as Germany, France, England, and others. Asia Pacific is predicted to rise excellently in the forthcoming years. The growth in the region is attributed to the rapid expansion of the automotive industry in the region.
The global impacts of the COVID-19 are already starting to be felt, and will significantly affect the automotive V2X market in 2020. There are apprehensions of extension to the lockdown period that could further hamper the production activity across all sectors, including the automotive industry. Thus, owing to the lockdown imposed, manufacturing units across the globe have halted their production, which is likely to affect the purchase of vehicles equipped with vehicle-to-everything (V2X) features. The COVID-19 crisis is creating uncertainty in the market, disruption of supply chain, decline in businesses, and increase in panic among customer segments. Governments of different regions have already announced total lockdown and temporarily shutdown of industries, which have affected the overall production and sales adversely. Therefore, the spread of the COVID-19 pandemic has negatively impacted the global automotive V2X market.
Market Share Analysis
The key players operating in the market are Delphi Automotive PLC, Continental AG, Infineon Technologies AG, Qualcomm Inc., Cohda Wireless Pty, Arada Systems Inc, Savari Technologies Pvt. Ltd., Kapsch TrafficCom, eTrans Systems, Denso Corporation, AutoTalks Ltd among others.
|Market Size||US$ 13.3 billion by 2030|
|Growth Rate||CAGR of 53% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Offering, communication, Vehicle, Technology, Connectivity, Propulsion, Unit|
|Regional Scope||Asia Pacific, Europe, North America, RoW|
|Companies Mentioned||Delphi Automotive PLC, Continental AG, Infineon Technologies AG, Qualcomm Inc., Cohda Wireless Pty, Arada Systems Inc, Savari Technologies Pvt. Ltd., Kapsch TrafficCom, eTrans Systems, Denso Corporation, AutoTalks Ltd|
Market by offering
Market by communication
Market by propulsion
Market by connectivity
Market by technology
Market by vehicle type
Market by unit type
Market By Region
The main objective of this report is to define, describe, and forecast the global market by types, application, manufacturers, and regions. The report provides detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the global market. The report also attempts to forecast the market size of the 5 main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It strategically profiles the key market players and comprehensively analyzes their core competencies. It also tracks and analyzes the competitive developments, such as joint ventures, mergers and acquisitions, new developments, and Research and Development (R&D) activities, in market.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the automotive V2X market in 2020.
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
Major highlights of Report:
Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the automotive V2X market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the automotive V2X market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Automotive V2X market.
Market Segments: This part of the report discusses about product, application and other segments of the automotive V2X market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The study objectives of this report are:
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