Pune, India, April 27, 2023 (GLOBE NEWSWIRE) -- The global automotive V2X market size is anticipated to hit USD 11,088.1 million by 2029 and exhibit a stellar CAGR of 45.2% during the forecast period. Traffic safety benefits and economic savings due to automotive V2X are expected to fuel market growth. Fortune Business InsightsTM has presented this information in its report titled, “Automotive V2X Market, 2022-2029”. The market size stood at USD 628.9 million in 2021 and USD 813.9 million in 2022. Additionally, the rising adoption of cellular vehicle-to-everything (C-V2X) is expected to be a key trend stimulating the market growth during the forecast period.
KEY INDUSTRY DEVELOPMENTS:
December 2021 – Iteris and Continental joined forces to launch their new V2X enabled detection solution, Vantage Fusion, at ITS America annual meeting 2021. Vantage Fusion is a hybrid traffic detection system that will allow real-world V2X applications and advanced intersection visualization.
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Report Highlights:
| 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 2021 | USD 628.9 Million |
| Historical Data for | 2018-2020 |
| No. of Pages | 165 |
| Segments covered | 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) |
| Growth Drivers | Traffic Safety Benefits to Fuel Market Growth |
| These factors are attributed to the increasing demand for vehicle-to-everything in the automotive industry. |
Market Drivers:
Fatalities due to vehicular-related accidents are very high. The U.S. Department for Transportation’s research estimated that up to 80% road accidents can be averted using automotive V2X. It can detect and alert drivers of unforeseen objects. It can also decelerate vehicles to avoid crash. These traffic safety benefits are likely to bolster 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.
Lastly, the rising adoption of automotive C-V2X is anticipated to be key trend stimulating the market growth in the forthcoming years.
However, high costs of test setups and other such challenges may restrain the market growth.
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COVID-19 Impact:
COVID-19 Pandemic has Accelerated Development of Vehicle-to-Everything Globally
The swift digitalization experienced during the pandemic has significantly boosted the market growth. The increased investments in future-mobility technologies, such as vehicle-to everything, vehicle-to-infrastructure, connectivity, have provided high impetus and benefitted the market. The favorable government regulations regarding the use of autonomous vehicles have boosted automotive V2X adoption.
Report Coverage:
- It incorporates Porters’ Five Forces analysis for precise prediction.
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It assesses the COVID-19 pandemic’s impact on the market.
Segments:
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 fragmented into commercial vehicles and passenger cars. On the basis on unit type, the market is divided into roadside unit and onboard unit. Geographically, the market is classified into Europe, North America, Asia Pacific, and the Rest of the World.
Regional Insights:
Asia Pacific to Hold Dominance Due to High R&D Activities
Asia Pacific is projected to gain the largest automotive V2X market share. The growing research and development activities by major OEMs and telecommunication technology providers are expected to drive the region’s market growth. China and Japan are likely to dominate in Asia Pacific.
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 expected to witness substantial growth due to the expanding automotive industry and increasing development of vehicle-to-everything communication.
Competitive Landscape:
LG Electronics Leads Market due to Diverse Patent Portfolio
The market comprises several key players with LG Electronics dominating the market share. It offers a diverse patent portfolio and is known for holding the second-largest patent count for V2X technology. The major market players emphasize new product launches, technological developments, partnerships, and others to amplify their market positions and revenues. For instance, Foxconn Interconnect Technologies invested USD 10 million in Autotalks in November 2021 to magnify V2X penetration in micro-mobility segments.
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List of Key Players Covered in the Automotive V2X Market Report:
- Denso Corporation (Japan)
- Aptiv (Ireland)
- Infineon Technologies AG (Germany)
- Continental AG (Germany)
- Qualcomm Technologies, Inc. (U.S.)
- Autotalks Ltd. (Israel)
- Cohda Wireless (Australia)
- Kapsch TrafficCom (Austria)
- Savari Inc. (U.S.)
- Lear Corporation (U.S.)
- LG Electronics (South Korea)
- Ford Motor Company (U.S.)
- Robert Bosch GmbH (Germany)
- NXP Semiconductors (Netherlands)
- Harman International (U.S.)
Automotive V2X Market Segmentation:
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
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Automotive V2X
- Global Automotive V2X Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Connectivity Type
- DSRC
- Cellular
- Market Analysis, Insights and Forecast – By Communication Type
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Pedestrian (V2P)
- Others
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Unit Type
- On-Board Unit
- Roadside Unit
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of The World
Continued…
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