The automotive V2X market size is expected to reach USD 10,318.3 million by 2027, exhibiting a CAGR of 52.4% during the forecast period. The transformation in the automotive industry can be a vital factor in providing impetus to the market during the forecast period. Similarly, the constant efforts of OEMs to enhance in-vehicle user-experience will bolster healthy growth of the market in the forthcoming years, states Fortune Business Insights, in a report, titled “V2X Market Size, Share & Industry Analysis, By Connectivity Type (DSRC and Cellular), By Vehicle Type (Passenger Car and Commercial Vehicle), By Communication Type (Vehicle-to-Infrastructure (V2I), Vehicle-to-Vehicle (V2V), Vehicle-to-Pedestrian (V2P), and Others), and Regional Forecasts, 2020-2027” the market size stood at USD 354.0 Million in 2019
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The automotive V2X market emphasizes:
- All-inclusive study of all the segments
- Useful data and figures
- Thorough knowledge regarding industry players
- Progressing developments in the industry
Inflated Demand for Self-driving Cars to Aid Market Expansion
The market is primarily driven by the rapidly progressing automotive industry. The growing demand for semi-autonomous cars with advanced driver assistance systems will have a tremendous impact on the global market during the forecast period. Moreover, the increasing efforts of numerous manufacturers towards the development of high-end self-driving cars with enhanced control will simultaneously foster healthy growth of the market. The growing development of complex passenger & commercial vehicles with numerous features such as blind-spot detection, intelligent parking assistance, emergency Braking, and more will spur the demand of the market in the near future.
Moreover, the growing emphasis on eco-friendly cars, equipped with smart transportation management minimal and adaptive cruise control will significantly boost the growth of the market in the forthcoming years. In addition, the increasing technological advancement in vehicle-to-Infrastructure (V2I), and Vehicle-to-vehicle (V2V) communications will create lucrative opportunities for the market in the foreseeable future.
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COVID-19 Outbreak to Hamper Market Growth
The coronavirus outbreak has negatively impacted the global market. The shutdown of manufacturing plants along with the decline in customer footfalls at showrooms has destructively hindered the global market.
The implementation lockdown by several countries has led to drop-in automobile sales, which, in turn, will thwart the growth of the market during the forecast period. In addition, fast track strategies and efforts by key manufactures to overcome the mammoth loss can help recover the damage caused during the pandemic, which in turn, will reinforce the supply chain and accelerate the market.
Presence of Major OEMs to Augment Growth in North America
The market in North America is expected to witness a high growth rate during the forecast period owing to the presence of major manufactures in the region. The growing production of luxury vehicles in the US will have a positive influence on the market in the region. Europe is expected to witness a substantial growth rate in the forthcoming years due to the existing V2X manufacturers in the region.
The growing adoption of autonomous and semi-autonomous vehicles will further enhance the market potential in European countries such as Germany, France, England, and others. Asia Pacific is predicted to rise excellently in the forthcoming years. The growth in the region is attributed to the rapid expansion of the automotive industry in the region.
2018: Savari announced that it has signed an agreement with 5GAA, BMW Group, Ford, Groupe PSA, and Qualcomm for the first European demonstration of C-V2X direct communication interoperability between multiple automakers.
The Report Lists the Main Companies in the V2X Market:
- Delphi Automotive PLC
- Continental AG
- Infineon Technologies AG
- Qualcomm Inc.
- Cohda Wireless Pty
- Arada Systems Inc
- Savari Technologies Pvt. Ltd.
- Kapsch TrafficCom
- eTrans Systems
- Denso Corporation
- AutoTalks Ltd.
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