|Status : Published
|Published On : Dec, 2023
|Report Code : VRAT4080
|Industry : Automotive & Transportation
|Available Format :
|Page : 181
The Global Automotive V2X Market is estimated to be USD 3.1 billion in 2023 and is further expected to grow to USD 2.1 billion by 2030, witnessing a CAGR of 40.5% during the forecast period. The growth of this market is attributed to extensive technological upgradation, stringent rules imposed by the government authorities towards the improvement of traffic management, extensive demand for safety features in vehicles, and excessive trends 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 to the growth of the global automotive V2X market at a significant rate.
Insight by Connectivity Type
Based on connectivity type, the global automotive V2X market is subdivided into Cellular Connectivity & Others, and DSRC. Amongst these segments, the DSRC segment is expected to witness higher CAGR during the forecast period owing to the extensive popularity of DSRC amongst tier 1 and tier 2 suppliers. Additionally, significant cost benefits and ease of implementing DSRC is other factors attributing to 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, the commercial vehicles segment is expected to witness higher CAGR during the forecast period owing to extensive growth in the construction domain globally.
Insight by Unit Type
On the basis of unit type, the global automotive V2X market is subdivided into on-board units and roadside units. Amongst these segments, the roadside unit segment is expected to witness the highest CAGR as a roadside unit (RSU) is a device used for vehicular networks that ensures connectivity of vehicles to infrastructure at nearby vehicles.
Global Automotive V2X Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. USD 3.1 Billion Billion
Revenue Forecast in 2030
U.S.D. USD 21.4 Billion Billion
Segments Covered in the Report
By Connectivity Type,By Vehicle Type,By Unit Type,
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America,Europe,Asia-Pacific (APAC),Rest of the World (RoW)
The 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 the 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 congestion, the fuel consumption of automobiles increased that further adds to air pollution and emission. Furthermore, excessive environmental concerns along with increasing demand from users regarding real-time traffic alerts is another factor pertaining to the growth of the 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 the global automotive V2X market.
Geographically, the automotive V2X market in North America is expected to generate the largest revenue by 2030. The growth of this market in this segment is attributed to 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 the automotive domain and comprises the 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 are considered to be a crucial technique in attaining this objective.
Moreover, the automotive V2X market in Europe is expected to witness the highest CAGR during the forecast period owing to stringent norms imposed by the government authorities pertaining to safety. Furthermore, the use of features such as blind spot detection and adaptive cruise control with the use of V2V communications will play a 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 support them in providing innovative solutions to the users and thus gain a 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 industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behavior.
The Automotive V2X Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Source: VynZ Research
Source: VynZ Research