The Global Automotive V2X Market was $0.8 Bn in 2020, and it is expected to reach $45.6 Bn by 2030. It is eventually growing at a commendable high compound annual growth rate CAGR of 49.9% between 2020-2030. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The Automotive V2X Market is primarily driven by the increasing demand for automotive safety features and better traffic management. Moreover, rising technological advancements and growing trend and demand for connected vehicles are also projected to fuel the Automotive V2X market growth. Further, increasing demand for commercial and passenger vehicles with enhanced features such as blind-spot detection, intelligent parking assistance, emergency Braking, and many more is anticipated to upsurge the market growth over the forecast period. Some other factors such as growing economy, rising disposable income and rapid urbanization in many regions are expected to boost the market growth during the forecast period.
Global Cellular Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The global Automotive V2X Market has been segmented into Communication Type, Connectivity Type, Vehicle Type, Propulsion, Components, Unit, and Applications. By Communication Type, the global Automotive V2X Market is divided into - Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Pedestrian (V2P), Vehicle-To-Home (V2H), Vehicle-To-Grid (V2G), and Vehicle-To-Network (V2N). By Connectivity Type, the global Automotive V2X Market is divided into - Cellular Connectivity and Dedicated Short-Range Communication (DSRC). By Vehicle Type, the global Automotive V2X Market is divided into Personal Car, and Commercial Vehicle. By Propulsion, the global Automotive V2X Market is divided into Internal Combustion Engine (ICE), and Electric Vehicles (EV). By Components, the global Automotive V2X Market is divided into Hardware, and Software. By Unit, the global Automotive V2X Market is divided into On-Board Unit (OBU), and Roadside Unit (RSU). By Applications, the global Automotive V2X Market is divided into Predictive Maintenance, Remote Monitoring and Diagnostics, Parking Management System, Fleet and Asset Management, Passenger Information System, Emergency Vehicle Notification, Intelligent Traffic System, and Automated Driver Assistance. The Cellular segment is estimated to witness remarkable growth during the forecast period. The growth is attributed to its enhanced performance in cybersecurity as compared to DSRC. Increasing number of trials and test across the world also contributes towards the segment market growth.
By Region, Europe is Holding the Major Market Share
The global Automotive V2X Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, the Europe Automotive V2X Market is holding the largest market share currently and is estimated to show a leading compound annual growth rate in the forecast period. The European market is estimated to witness rapid growth due to the presence of an improved automotive infrastructure facility that facilitates convenient deployment of V2X. Moreover, the presence of major market players in the region such as Continental AG, Robert Bosch GmbH, and Delphi Technologies coupled with the wide adoption of V2X integrated vehicles are projected to bolster the regional market growth. The North America region is also estimated to witness substantial growth over the forecast due to technological advancements and established automotive industry. Asia Pacific region is expected to register steady growth rate due to rising vehicle production and increasing need for a traffic management system. Improving infrastructure and enhancing living standard across the region is also contributing towards the regional market growth. The LAMEA is also projected to witness sluggish growth rate over the forecast period as the automotive industry in LAMEA is in its nascent stage. Higher investment in automotive manufacturing and advancing technologies across the region may fuel the regional market growth over the forecast timeline from 2020 to 2030
Major Players in Automotive V2X Market
Some of the key players in the global Automotive V2X Market include Continental AG, Delphi Automotive LLP, Qualcomm, Inc., NXP Semiconductors, Robert Bosch GmbH, TomTom International B.V., HARMAN International, Mobileye, Cisco Systems, Inc., Infineon Technologies AG, and Denso Corporation.
The Global Automotive V2X Market Has Been Segmented into:
Global Automotive V2X Market: By Communication Type
Global Automotive V2X Market: By Connectivity Type
Global Automotive V2X Market: By Vehicle Type
Global Automotive V2X Market: By Propulsion
Global Automotive V2X Market: By Components
Global Automotive V2X Market: By Unit
Global Automotive V2X Market: By Applications
Global Automotive V2X Market: By Region