According to the latest report by IMARC Group “Automotive V2X Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global automotive V2X market size reached US$ 2.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 20.2 Billion by 2027, exhibiting a growth rate (CAGR) of 45.89% during 2022-2027.
Automotive vehicle to everything (V2X) refers to a vehicular communication system that facilitates real-time sharing of data between users. It is utilized to convey important information regarding road conditions, collisions, weather and traffic. It includes vehicle-to-infrastructure (V2I), vehicle-to-home (V2H), vehicle-to-network (V2N), vehicle-to-vehicle (V2V) and vehicle-to-pedestrian (V2P). It assists in improving road management, safety, traffic efficiency and avoiding road accidents, injuries and collisions.
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Note: 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.
Market Trends:
The global automotive V2X market is primarily being driven by the widespread adoption of autonomous and connected vehicles for reduced travel time, fuel consumption, and enhanced safety. Moreover, the rising expenditure capacities of the consumers and the increasing demand for advanced features, such as collision warning and lane-keeping assists systems, are positively impacting the market growth. Other factors, including various technological advancements, such as the integration of 5G technology and artificial intelligence (AI) in automobiles for high-speed communication and enhanced network connectivity, are anticipated to drive the market growth.
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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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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