Pune, India, Feb. 09, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, Automotive V2X Market Size to Reach USD 7,351.9 Million by 2028 with stunning CAGR of 42.1% during forecast period 2021-2028. Automotive V2X technology can detect congestion-causing factors and help vehicles to mitigate the congestion on the road. The technology can help in the reduction of supply chain delays by detecting road blockages. This will facilitate more efficient transportation and increase economic savings. Future potential of 5G & AI technology coupled with the advancement in cellular-V2X (C-V2X) technology
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- November 2020: Subaru Corporation and Softbank Corp. successfully verified the world's first on-site merging vehicle assistance that uses Cellular V2X and 5G.
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Scope Of The Report:
- Historical Years: 2017-2019
- Base Year: 2020
- Forecast Period: 2021–2028
Drivers & Restraints-
- 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.
- V2X technology can detect any congestion on the road and alert the driver to act accordingly. This increases the economic savings and makes the transportation system more efficient. As per the U.S. DOT, approximately USD 871 billion can be saved in the U.S. using this technology.
- 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.
- Owing to the rapid development of economy in several developed countries across the globe, industrialization and urbanization have increased. In addition, in recent years, the V2X-based intelligent transport system (ITS) has been developed, which is considered as the key enabling technology to improve road safety, traffic efficiency, and driving experience.
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Segmentation-
- On the basis of connectivity type, the market is bifurcated into cellular and DSRC. On the basis of communication type, the market is segmented into vehicle-to-pedestrian (V2P), vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), and others. On the basis of vehicle type, the market is categorized into commercial vehicles and passenger cars.
- On the basis of unit type, the market is fragmented into the roadside unit and on-board unit. Geographically, the market is classified into four major regions- North America, Europe, Asia Pacific, and the rest of the world.
- An analysis of the key trends in each sub-segment of the global automotive V2X market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on communication, connectivity and vehicle type.
Regional Insights-
Asia Pacific to Gain the Largest Share due to the Increasing Demand for Autonomous Vehicles
Asia Pacific is anticipated to hold the largest portion of the automotive V2X market share. China and Japan are projected to lead the technology development in Asia Pacific. The increasing demand for autonomous vehicles and the development of efficient V2X technology is anticipated to drive the market growth.
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Key Players Partner Up to Deliver Smart Automotive Solutions & Garner Growth
The market is fairly competitive, and the key players in the market focus on the development of efficient V2X technology. To improve market positions and garner growth, the key players adopt ingenious growth strategies such as new product launches, technological developments, patents, partnerships, mergers, acquisitions, and others.
Key Players in this Market are:
- Denso Corporation (Aichi, Japan)
- Aptiv (Dublin, Ireland)
- Infineon Technologies AG (Neubiberg, Germany)
- Continental AG (Hanover, Germany)
- Qualcomm Technologies, Inc. (San Diego, U.S.)
- Autotalks Ltd. (Kfar-Netter, Israel)
- Cohda Wireless (Wayville, Australia)
- Kapsch TrafficCom (Vienna, Austria)
- Savari Inc. (California, Inc)
- Lear Corporation (Michigan, U.S.)
- LG Electronics (Seoul, South Korea)
- Ford Motor Company (Michigan, U.S.)
- Robert Bosch GmbH (Gerlingen, Germany)
- NXP Semiconductors (Eindhoven, Netherlands)
- Harman International (Connecticut, U.S.)
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