Pune, India, April 29, 2021 (GLOBE NEWSWIRE) -- According to the report, Automotive V2X Market size is projected to reach USD 10,318.3 million value by 2027, exhibiting a CAGR of 52.4%. The Automotive V2X Industry was valued at USD 354.0 Million in 2019. The transformation in the automotive industry can be a vital factor in providing impetus to the market during the forecast period. Similarly, the constant efforts of OEMs to enhance in-vehicle user-experience will bolster healthy growth of the market in the forthcoming years.
Inflated Demand for Self-Driving Cars to Aid Market Expansion
The market is primarily driven by the rapidly progressing automotive industry. The growing demand for semi-autonomous cars with advanced driver assistance systems will have a tremendous impact on the global market during the forecast period. Moreover, the increasing efforts of numerous manufacturers towards the development of high-end self-driving cars with enhanced control will simultaneously foster healthy growth of the market.
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The growing development of complex passenger & commercial vehicles with numerous features such as blind-spot detection, intelligent parking assistance, emergency Braking, and more will spur the demand of the market in the near future. Moreover, the growing emphasis on eco-friendly cars, equipped with smart transportation management minimal and adaptive cruise control will significantly boost the growth of the market in the forthcoming years. In addition, the increasing technological advancement in vehicle-to-Infrastructure (V2I), and Vehicle-to-vehicle (V2V) communications will create lucrative opportunities for the market in the foreseeable future.
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.
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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.
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Key Development:
Savari announced that it has signed an agreement with 5GAA, BMW Group, Ford, Groupe PSA, and Qualcomm for the first European demonstration of C-Automotive V2X direct communication interoperability between multiple automakers.
- 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.
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Global Automotive V2X Market Segmentation:
By Connectivity Type:
- DSRC
- Cellular
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
By Communication Type:
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Pedestrian (V2P)
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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