The latest report by IMARC Group, titled “Automotive V2X Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″. offers a comprehensive analysis of the industry, which comprises insights on the global automotive V2X market demand. The global market size reached US$ 3.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.6 Billion by 2028, exhibiting a growth rate (CAGR) of 43.9% during 2023-2028.
The automotive vehicle-to-everything (V2X) communication system is a revolutionary technology that allows vehicles to communicate with any entity that may affect the vehicle and vice versa. It is a broad framework comprising vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-network (V2N), vehicle-to-pedestrian (V2P), vehicle-to-device (V2D), and vehicle-to-grid (V2G) communications. These connections facilitate vital information exchanges that significantly improve road safety, traffic efficiency, and the driving experience. For instance, the technology can help prevent accidents by alerting drivers about potential hazards, optimize traffic flow by managing traffic signals intelligently, and pave the way for autonomous vehicles by facilitating real-time data sharing and coordination. Automotive V2X also holds the potential to integrate vehicles into the larger ecosystem of smart city infrastructure, supporting energy efficiency and sustainable mobility goals.
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What are the growth prospects and trends in the automotive V2X industry?
The global automotive V2X market is primarily driven by the growing emphasis on enhancing road safety and decreasing traffic congestion, which has prompted governments and regulatory bodies of various nations to encourage the adoption of intelligent transportation systems (ITS), such as V2X technologies. Besides this, continuous advancements in wireless communication technologies and the rapid proliferation of the Internet of Things (IoT) in the automotive industry have promoted the uptake of V2X systems. In addition, the substantial shift toward electric and autonomous vehicles, which heavily rely on these novel technologies for efficient operations, is contributing to market growth. Along with this, the advent of 5G networks and their deployment in the automotive sector will provide faster data transfer, reduced latency, and improved reliability for V2X communication, thereby propelling market growth. Moreover, the emerging trend of smart cities, which necessitate advanced mobility solutions and integrated transportation ecosystems, is offering lucrative opportunities for market expansion. With elevating digitization levels, there has been a rise in the number of connected cars on roads as modern automobiles are equipped with various sensors and internet connectivity, making them part of the broader IoT ecosystem. These connected vehicles generate vast amounts of data that can be utilized to improve the efficacy of V2X systems, resulting in safer, smoother, and more efficient transportation. Furthermore, the increasing consumer demand for innovative safety features in vehicles like collision warnings, pedestrian alerts, and real-time traffic updates to enhance safety and the overall convenience and comfort of the driving experience is catalyzing the market growth. In line with this, the substantial shift toward eco-friendly transportation solutions is augmenting the market growth as automotive V2X technologies can enable more efficient vehicle operations, reducing fuel consumption and the associated greenhouse gas emissions. This aligns with the growing global focus on sustainability, further accelerating the adoption of V2X solutions. Other factors, including advancements in artificial intelligence (AI) and machine learning (ML) technologies, rising investments in infrastructure development and smart city initiatives, inflating consumer expenditure capacities, and escalating sales of high-end cars, are also favoring the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Communication:
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Pedestrian (V2P)
- Vehicle-to-Grid (V2G)
- Vehicle-to-Cloud (V2C)
- Vehicle-to-Device (V2D)
Breakup by Connectivity:
- Dedicated Short-Range Communication (DSRC)
- Cellular-V2X (C-V2X) Communication
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Autotalks Ltd
- Capgemini SE
- Continental AG
- HARMAN International (Samsung Electronics Co. Ltd.)
- Infineon Technologies AG
- NXP Semiconductors
- Qualcomm Technologies Inc
- Robert Bosch GmbH
- STMicroelectronics.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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