|Status : Published||Published On : Jan, 2021||Report Code : VRAT4080||Industry : Automotive & Transportation||Available Format :||Page : 181|
The global automotive V2X market is estimated to be USD 700.0 million in 2020 and is further expected to grow to USD 986 million by 2027, witnessing a CAGR of 40.5% during the forecast period. The growth of this market is attributed towards extensive technological upgradation, stringent rules imposed by the government authorities towards improvement of traffic management, extensive demand for safety features in vehicles and excessive trend observed for the acceptance of connected vehicles.
Vehicle-to-everything (V2X) is a technology that allows vehicles to connect with the moving parts of the traffic revolving around them. Additionally, V2X communication systems are extensively being used for preventing collisions and enhancing safety. V2X is used for imparting essential information to the driver pertaining to nearby accidents, inclement weather, dangerous activities of nearby vehicles and road conditions. These features of V2X are thereby contributing towards the growth of global automotive V2X market at significant rate.
Insight by Connectivity Type
Based upon connectivity type, the global automotive V2X market is subdivided into Cellular Connectivity & Others and DSRC. Amongst these segments, DSRC segment is expected to witness higher CAGR during the forecast period owing to extensive popularity of DSRC amongst tier1 and tier 2 suppliers. Additionally, significant cost benefits and ease of implementing DSRC is another factor attributing towards its growth.
Insight by Vehicle Type
On the basis of vehicle type, the global automotive V2X market is subdivided into commercial vehicles and passenger cars. Amongst these segments, commercial vehicles segment is expected to witness higher CAGR during the forecast period owing to extensive growth in construction domain globally.
Insight by Unit Type
On the basis of unit type, the global automotive V2X market is subdivided into on-board unit and roadside unit. Amongst these segments, roadside unit segment is expected to witness highest CAGR as roadside unit (RSU) is a device us used for vehicular networks that ensures connectivity of vehicle to infrastructure at nearby vehicles.
Extensive demand for safe vehicles and fully autonomous driving along with increasing concerns regarding environmental pollution caused by vehicles are the key factors anticipated to drive the growth of global automotive V2X market. The excessive number of passenger cars globally is one of the crucial factors for traffic congestion. As a result of traffic congestions, the fuel consumption of automobile increased that further adds to the air pollution and emission. Furthermore, excessive environmental concerns along with increasing demand from users regarding real-time traffic alerts is another factor pertaining towards the growth of global automotive V2X market.
High cost of implementation, insufficiency of cellular coverage in emerging nations along with need for maintaining anonymity and data security are the key factors that are anticipated to hamper the growth of global automotive V2X market.
Geographically, automotive V2X market in North America is expected to generate largest revenue by 2027. The growth of this market in this segment is attributed towards technological progressions being undertaken in countries such as Canada and the U.S. that enables increasing acceptance of automotive V2X in this region. Furthermore, North America is the largest market for automotive domain and comprises of largest population of automobiles in comparison to the world. Furthermore, initiatives implemented by government authorities in the region to lower gas emissions and control traffic automotive V2X is considered to be crucial technique in attaining this objective.
Moreover, automotive V2X market in Europe is expected to witness highest CAGR during the forecast period owing to stringent norms imposed by the government authorities pertaining to safety. Furthermore, use of features such as blind spot detection and adaptive cruise control with the use of V2V communications will play pivotal role in strengthening the growth of automotive V2X market in Europe.
Key players operating in the automotive V2X market are emphasizing their efforts upon strategic acquisitions in order to strengthen capabilities of research & development that supports them in providing innovative solutions to the users and thus gain competitive advantage.
Some of the major players operating in the global automotive V2X market include Qualcomm, Inc., TomTom International B.V., Continental AG, HARMAN International, Infineon Technologies AG, Delphi Automotive LLP, Robert Bosch GmbH, Cisco Systems, Inc., NXP Semiconductors, and Mobileye.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research