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The global automotive V2X market size was valued at USD 354.0 Million in 2019 and is projected to reach USD 10,318.3 Million by 2027, exhibiting a CAGR of 52.4% during the forecast period.
Recently, the automotive vehicle to everything (V2X) in the field of automotive electronics is attracting more attention from both academia and industry. Vehicle-to-everything is a technology that allows vehicles to commune with moving parts of the traffic system across them. It is also known as connected-vehicle-to-everything communication. The automotive V2X has various components for example, vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V) communications, it is a wireless technology to enable data interactions between surroundings and vehicles. The vehicle-to-vehicle (V2V) allows vehicles to communicate with each other. Vehicle to infrastructure (V2I) allows vehicles to commune with external systems such as buildings, street lights, and even pedestrians or cyclists. As this technology becomes more sophisticated in the future, it is expected to exhibit significant growth during the forecast period at high CAGR.
The impact of the COVID-19 pandemic on certain automobile sectors is expected to be more down owing to the slowdown in vehicle production and non-emergency procedures. Throughout February and March vehicle manufacturers have been struggling to keep automobile assemblage lines active but May month has seen the manufacturing take action, in sync with administration advisories, to keep its workers safe. Automobile plants are being shut down around the world, customer’s footfalls in showroom have fallen harshly, automobile sales are dropping considerably and approximately each major business conference is either being cancelled or going the digital mode.
These vehicles to everything systems are used in mostly technologically vehicles. As there is outburst of the COVID-19, the nations which are affected have carried out the lockdown in their areas for social distancing. These factors are expected to slow down the growth of the market over the forecast period for coming years. After the Covid-19 global pandemic, the system suppliers are projected to look for fast track strategies for approachable manufacturing processes and supply chains as they are getting ready for a unstable demand environment.
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A Shift Towards Innovation to Enhance Awareness of Upcoming Potential Dangers
The whole automobile industry is transforming with developments in vehicle design to improve the customer experience. Automotive electronics is playing a major role with innumerable applications such as adaptive cruise control, blind spot detection, parking assistance, automated emergency braking, night vision, lane departure warning etc., in the growth of complex passenger & commercial vehicles. Moreover, the automotive industry is moving towards designing and making innovative technologies for developing advanced vehicle safety, better connectivity solutions, and improve in-vehicle user-experience, by sharing data, such as their speed and position, to surrounding infrastructures and vehicles. Systems improve driver awareness of upcoming dangers and significantly improve collision prevention, ensuing in heavily reduced losses and injury harshness. Moreover, this technology will improve traffic effectiveness by providing warnings for approaching traffic congestion, proposing alternative ways, and ensuring eco-friendly driving, dropping CO2 emissions by adaptive cruise control, and smart transportation management. These trends are anticipated to boost the growth of the market over the forecast period at a noteworthy CAGR.
Increasing Demand for Semi-Autonomous Cars is Anticipated to Boost the Growth of Market
The rapidly growing automotive segment across the globe is anticipated to drive the market during the forecast period. Vehicles in service with some level of automation that are running next to each other are expected to lead to accidents if the vehicles are not aware of a vehicle crossing it. Thus, the increasing demand for semi-autonomous cars or vehicles which are installed with advanced driver assistance systems and the rising efforts by original equipment manufacturers to expand autonomous vehicles as soon as possible. Thus, these parameters are projected to boost the automotive V2X market growth during the forecast period at significant CAGR
Rapid Increase Rate of Urbanization, As Well As Industrialization, is Gaining A Traction
The development of the vehicle-to-everything market is propelled by the growing requirement for lesser traffic congestion, lower fuel consumption, and secured roads. Furthermore, developing security apprehension with energy-saving driving the growth of the global vehicle-to-everything market. Macroeconomic characteristics, for example, expansion in non-refundable income, growing economy, a rapid increase rate of industrialization, as well as urbanization are also inspiring the market. Assimilation of rising automation, value chain, and technological advancements are numerous factors fueling the global market in the coming years at high CAGR.
High Cost Associated With Software and Hardware to Restrict Growth
The software and hardware services associated with this system are considerably costly and thus, key vendors are facing a problem of cost lessening while implementing vehicle-to-vehicle connectivity system. Moreover, professional persons are required to perform maintenance services. This is anticipated to hamper the growth of the market to some extent over the forecast period.
V2V Segment is Expected to Hold the Largest Market Share
Based on the Communication Type, the market is segmented into vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), vehicle-to-pedestrian (V2P), and others. The vehicle-to-vehicle (V2V) segment is expected to exhibit significant growth in this market owing to it is a. The vehicle-to-infrastructure (V2I) segment is also expected to show good growth in this market as key manufacturers are developing technologically advance infrastructure to support the vehicle to infrastructure technology. These factors are propelling the growth of the market.
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High Production of Passenger Car is gaining traction and Expected to Hold the Largest Market Share
Based on the vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger car segment has the highest automotive V2X market share for this technology, due to the high production of passenger cars across the globe as well as rapid adoption by consumers. The commercial vehicle segment is also expected to contribute to the growth of market These factors are influencing the growth of the market.
Cellular Connectivity Segment Expected to Hold Grow at High CAGR
In terms of connectivity type, the market is segmented into DSRC and cellular. The DSRC segment holds the largest market share for this technology in the current period. The cellular connectivity type segment is expected to show prominent growth in the coming years. These factors are propelling the growth of the automotive market across the globe at a significant CAGR during the forecast period.
North America Automotive V2X Market Size, 2016-2027 (USD Million)
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By geography, the market has been segmented into Europe, North America, Asia Pacific, and Rest of the World. North America is anticipated to hold the largest share of the global market for automotive V2X owing to which is basically attributed to main OEMs presence in the countries along with the massive production of luxury vehicles in the region has propelled the market growth. The market share of North America is followed by Europe. Europe is estimated to has the second-largest share of automotive V2X, as there is a presence of key automotive OEMs and V2X communications manufacturers. The rapid adoption of autonomous and semi-autonomous vehicles in European countries is anticipated to boost the growth of the market during the forecast period. Asia Pacific is also expected to show good growth in market for automotive V2X owing to, rapid production and adoption of vehicles in the region is anticipated to show steady growth over the forecast period. These parameters are projected to exhibit a high CAGR during the forecast period at a substantial CAGR.
Delphi Automotive PLC, Continental AG, and Qualcomm Inc. are Top Market Players
Delphi Automotive PLC, Continental AG, and Qualcomm Inc. are the top manufacturers of automotive V2X in the world. These major players are focusing on providing technologically advanced systems for various vehicle manufacturers in the world.
For example, in 2019, Hungarian Commsignia company one of the manufacturers of the automotive V2X system received $11 million to make roads safer and traffic more efficient. These type of investments and support is estimated to boost the growth of the market during the forecast period at growing at a CAGR, significantly.
However, Infineon Technologies AG, Cohda Wireless Pty, Arada Systems Inc, Kapsch TrafficCom, Denso Corporation are also prominent players in the global market.
The automotive V2X market report provides a detailed analysis of the market and focuses on key factors and aspects such as leading companies, v2x market by Connectivity Types, and leading markets of the product.
An Infographic Representation of Automotive V2X Market
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Besides this, the report offers insights into the market trends and highlights key industry analysis & developments. In addition to the factors above, the market research report encompasses several factors that have contributed to the growth of the market over recent years.
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Value (USD Million)
By Connectivity Type
By Vehicle Type
By Communication Type
Fortune Business Insights says that the global automotive V2X market size was USD 354.0 million in 2019 and is projected to reach USD 10,318.3 million by 2027.
In 2019, the market value stood at USD 354.0 million.
The V2V segment is expected to be the leading segment in this market during the forecast period.
A shift towards innovation to enhance awareness of upcoming potential dangers
Delphi Automotive PLC, Continental AG, and Qualcomm Inc. are the top manufacturers of the market.
North America dominated the market share in 2019.
Increasing demand for semi-autonomous cars is anticipated to boost the growth of the market
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