Pune, India, Sept. 06, 2021 (GLOBE NEWSWIRE) -- The global automotive V2X market size is anticipated to hit USD 7,351.9 million by 2028 from USD 628.9 million in 2021 and exhibit a CAGR of 42.1% during the forecast period. Automotive vehicle-to-everything enables vehicle-to-vehicle communication in real-time and enables vehicles to communicate with their surroundings. The growing demand for autonomous vehicles and the increasing digitization of vehicles are anticipated to fuel the market growth. Fortune Business Insights™ has presented this information in its report titled, “Automotive V2X Market, 2021-2028”. The market size stood at USD 529.6 million in 2020.
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.
Significant Industry Developments of the Automotive V2X Market Include:
- 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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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.
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. Hence, the economic savings gained through the technology are anticipated to boost the growth of the market.
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.
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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 expected to exhibit stellar growth in the global market due to the increased research initiatives, collaborative testing, and industrial consortiums for V2X communication. The development of intelligent transport systems and the implementation of these systems is expected to fuel 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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List of Manufacturers in the Automotive V2X Market include:
- 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
- Robert Bosch GmbH
- NXP Semiconductors
- Harman International
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