Pune, India, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The global automotive V2X market size is projected to reach USD 11,088.1 million by the end of 2029. Traffic safety benefits and economic savings due to automotive V2X are expected to fuel market growth. According to a report published by Fortune Business Insights, titled “Automotive V2X Market Size, Share & COVID-19 Impact Analysis, By Connectivity Type (DSRC, Cellular), By Communication Type (Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Unit Type (Onboard Unit, Roadside Unit), and Regional Forecast, 2022-2029,” the market was worth USD 628.9 million in 2021 and will exhibit a CAGR of 45.2% during the forecast period, 2022-2029.
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. The economic savings owing to V2X technology are likely to accumulate growth for the market.
Industry Developments-
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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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 45.2% |
| 2029 Value Projection | USD 11,088.1 Million |
| Base Year | 2021 |
| Market Size in 2022 | USD 813.9 Million |
| Historical Data for | 2018-2020 |
| No. of Pages | 165 |
| Segments covered | By Connectivity Type, By Communication Type, By Vehicle Type, By Unit Type |
| Growth Drivers | Asia Pacific to Gain the Largest Share due to the Increasing Demand for Autonomous Vehicles |
| Increased Traffic Safety Benefits to Accumulate Growth for the Market |
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.
Europe is anticipated to exhibit significant growth in the coming years. The increasing collaborative testing, industrial consortiums, and research initiatives for automotive V2X communication are expected to foster market growth.
North America is projected to witness robust growth in the upcoming years due to major automakers' escalating deployment of the technology.
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Market Drivers-
Increased Traffic Safety Benefits to Accumulate Growth for the Market
According to the report published by WHO in 2018 on road safety, more than 1.3 million fatalities occur every year due to vehicular traffic-related incidents. The V2X technology can help reduce these numbers as the technology can detect any potential threat and alert the driver accordingly. The increased traffic safety benefits through the employment of this technology are likely to boost the automotive V2X market growth.
Moreover, automotive V2X offers economic savings. By detecting the congestion-causing factors and suggesting optimized routes, transportation and commutation can be more efficient and faster. Hence, the potential economic savings are expected to fuel the market growth.
Additionally, the increasing digitization of vehicles and the increasing investments to make vehicles smarter are expected to fuel the market growth. However, the technology's high setup and testing costs are likely to impede the growth of the market for automotive V2X.
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COVID-19 Impact-
The global pandemic has significantly impacted the growth of several industries and markets. However, the demand for automotive V2X technology has augmented during the pandemic due to the need for autonomous vehicles to deliver supplies. The improved safety offered by autonomous vehicles augmented the demand for this technology and flourished the market growth. The investments in the future-mobility technologies made during the pandemic have supported the market’s growth. The market is anticipated to witness unprecedented growth in the coming years.
Competitive Landscape
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. Most recently, GM and Qualcomm Technologies extended their partnership in January 2021 to deliver automotive solutions to GM’s next-generation telematics systems, digital cockpits, and future advanced driver assistance systems.
Companies Profiled in the Automotive V2X Market Research Report:
- 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, U.S.)
- Lear Corporation (Michigan, U.S.)
- LG Electronics (Seoul, South Korea)
- Ford Motor Company (Michigan, U.S.)
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FREQUENTLY ASKED QUESTIONS
1. Who has the best Automotive V2X?
Denso Corporation, Aptiv, Infineon Technologies AG, Continental AG, Qualcomm Technologies, Inc., Autotalks Ltd., Cohda Wireless, Kapsch TrafficCom, Savari Inc., Lear Corporation, LG Electronics, Ford Motor Company
2. How big is the Automotive V2X market?
Fortune Business Insights says that the global market size was USD 813.9 Million in 2022 and is projected to reach USD 11,088.1 Million by 2029.
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Automotive V2X
5. Global Automotive V2X Market Analysis, Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Connectivity Type
5.2.1. DSRC
5.2.2. Cellular
5.3. Market Analysis, Insights and Forecast – By Communication Type
5.3.1. Vehicle-to-Infrastructure (V2I)
5.3.2. Vehicle-to-Vehicle (V2V)
5.3.3. Vehicle-to-Pedestrian (V2P)
5.3.4. Others
5.4. Market Analysis, Insights and Forecast – By Vehicle Type
5.4.1. Passenger Cars
5.4.2. Commercial Vehicles
5.5. Market Analysis, Insights and Forecast – By Unit Type
5.5.1. On-Board Unit
5.5.2. Roadside Unit
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Rest of The World
Continued…
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