New York, United States , June 04, 2024 (GLOBE NEWSWIRE) -- The Global Automotive V2X Market Size is to Grow from USD 0.6 Billion in 2023 to USD 38.49 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 51.61% during the projected period.
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Vehicle-to-everything (V2X) technology connects a vehicle to other vehicles, road users, and infrastructure. V2X technology aims to improve road safety, energy efficiency, and traffic flow. V2X technology enables real-time communication between the vehicle and its surroundings. The application cases include vehicle-to-vehicle, vehicle-to-pedestrian, and vehicle-to-infrastructure. Furthermore, many governments and regulatory organizations around the world acknowledge V2X technology's potential to transform transportation and increase road safety. As a result, they are enacting laws and regulations to encourage the usage of V2X technologies. These initiatives usually entail agreements between vehicle manufacturers, infrastructure providers, and technology companies to create standardized communication protocols and ensure interoperability. However, some of the challenges faced in automotive V2X testing include enormous setup costs for test tracks, actual cars, and the infrastructure required for testing. Furthermore, setting up millions of scenarios for traffic with large densities is both expensive and practically challenging.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive V2X Market Size, Share, and COVID-19 Impact Analysis, By Connectivity Type (DSRC, Cellular, and Others), By Communication Type (Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The cellular segment is anticipated to hold the greatest share of the global automotive V2X market during the projected timeframe.
Based on the connectivity type, the global automotive V2X market is divided into DSRC, cellular, and others. Among these, the cellular segment is anticipated to hold the greatest share of the global automotive V2X market during the projected timeframe. The planned C-V2X technology will allow vehicles to communicate directly with one another and with road infrastructure using cellular networks. C-V2X employs 5G wireless technology to offer vehicles with real-time safety alerts on road conditions and impediments.
The vehicle-to-vehicle (V2V) segment is anticipated to grow at the fastest pace in the global automotive V2X market during the projected timeframe.
Based on the communication type, the global automotive V2X market is divided into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), and Others. Among these, the vehicle-to-vehicle (V2V) segment is anticipated to grow at the fastest pace in the global automotive V2X market during the projected timeframe. Vehicle-to-vehicle (V2V) communication allows vehicles to share data via dedicated short-range communications (DSRC) technology. V2V enables cars to broadcast their location, speed, direction, and other data multiple times per second.
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Asia Pacific is expected to hold the largest share of the global automotive V2X market over the forecast period.
Asia Pacific is expected to hold the largest share of the global automotive V2X market over the forecast period. The Asia Pacific automotive V2X market is being propelled by rapid growth in the automobile sector, rising urbanization, and technological advances. Concurrently, the region's densely populated urban centers face increasing traffic congestion and road safety concerns, making V2X technology an appealing solution. Furthermore, governments around Asia Pacific are working on improving transportation infrastructure and establishing smart city programs, creating an enabling environment for the adoption of V2X technologies. Furthermore, the region's dominating position in electronics and telecoms production creates a solid foundation for the development and implementation of V2X communication technologies.
North America is predicted to grow at the fastest pace in the global automotive V2X market during the projected timeframe. North America is expected to have higher demand for automotive V2X systems than other regions because it is home to developed countries such as the United States, Canada, and Mexico. The market is being driven by the advancement of IoT and other information, communication, and technology, particularly in automobiles, as well as government measures to promote their adoption and integration. The desire for intelligent mobility and user environmental concern are the primary factors driving the growth of the North American vehicle V2X industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive V2X Market include Autotalks Ltd, Altran, HARMAN International, Continental AG, NXP Semiconductors, Infineon Technologies AG, Robert Bosch GmbH, Qualcomm Technologies, Inc., STMicroelectronics, Savari, Inc., and Others.
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Recent Developments
- In October 2021, Brandmotion LLC, an automobile safety technology company, has formed a relationship with DENSO Products and Services Americas to offer a one-stop shop for cities wishing to equip their vehicles with modern V2X technology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Automotive V2X Market based on the below-mentioned segments:
Global Automotive V2X Market, By Connectivity Type
- DSRC
- Cellular
- Others
Global Automotive V2X Market, By Communication Type
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Pedestrian (V2P)
- Others
Global Automotive V2X Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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