The global automotive V2X market is anticipated to grow at a CAGR of around 45.3% during the forecast period 2020 to 2027 and to reach around US$ 13.6 Bn by 2027.
Automotive sector is witnessing rapid advancements across the globe, increasing government spending on development of smart cities and manufacturers approach towards deploying advanced features for driver safety are factors expected to drive the growth of global market. In addition, increasing passenger vehicle sale in developing countries and consumer demand for vehicles with AI technology for assistance and security are among other factors expected to support the growth of target market.
Major players focus in business development through product launch and acquisition in order to increase the business profit this is expected to augment the growth of target market.
In 2019, Continental AG, multinational automotive parts manufacturing company specializing in brake systems, interior electronics, automotive safety, powertrain and chassis components developed new 5G hybrid platform integrates different Vehicle-to-Everything technologies (V2X). This product is expected to help the company to enhance the business profit and increase the customer base.
In 2018, Toyota Motor Corporation a multinational automotive manufacturer and Lexus collaborated with the focus to deploy Dedicated Short-Range Communications (DSRC) systems on vehicles sold in the US starting in 2021. DSRC transmissions enable vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communications. This collaboration is expected to help the company to enhance the business profit.
In 2018, Qualcomm Incorporated a global phone chip supplier launched Car-to-Cloud service that allows car companies to connect vehicles to clouds. This is expected to help the company to enhance the product portfolio and increase the revenue share.
In 2018, AT&T a telecommunications company in collaboration with HARMAN launched advanced connected car device. This product launch is expected to help the company to enhance the business presence and increase the revenue share.
In 2015, Lear Corporation a global manufacturer of automotive seating and automotive electrical systems Arada Systems, automotive technology company specializes in vehicle-to-vehicle and vehicle-to-infrastructure communications. This acquisition is expected to help the company to enhance the company profit.
However, factors such as high cost to R&D and issues related to reliability of technology are factors expected to hamper the growth of global automotive V2X market. In addition, lack of advanced infrastructure in developing countries and risk associated to cyber threat are factors expected to challenge the growth of target market.
Rapid technological advancements in devices, emergence of 5G in developing countries and high government spending on infrastructure development are factors expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period. In addition, favorable business policies by the government and emergence of small and mid-size enterprise with innovative solution are factors expected to support the growth of revenue transaction of target market.
Segment Analysis by Region
The market in Asia Pacific is expected to witness faster growth in the global market due developing automotive standards. In addition, rise in adoption of commercial and passenger vehicles and consumers demand for passenger vehicles with advanced features are factors expected to support the growth of target market.
Major players inclination towards developing countries in order to enhance the business presence is factor expected to support the growth of target market.
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Global Automotive V2X Market
2016 – 2027
2020 – 2027
Offering, Communication Type, Connectivity Type, Vehicle Type and Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Automotive V2X Market Segment Analysis, 2019
The global automotive V2X market is segmented into offering, communication type, connectivity type, and vehicle type. The offering segment is bifurcated into hardware and software and the software segment is expected to witness faster growth in the target segment. The vehicle type segment is divided into passenger vehicles and commercial vehicles. Among the vehicle type the passenger vehicle segment is expected to account for major revenue share in the global market.
The players profiled in the report are Continental are AG, Delphi Automotive PLC, Qualcomm Inc., Infineon Technologies AG and Cisco Systems, Inc.
Market By Offering
Market By Communication
Vehicle-to Device (V2D)
Market By Connectivity
Market By Vehicle Type
Market By Region
Middle East & Africa
Automotive sector is witnessing rapid advancements across the globe, increasing government spending on development of smart cities and manufacturers approach towards deploying advanced features for driver safety are factors expected to drive the growth of global market.
The global automotive V2X market in 2027 is expected to be above US$ 13.6 Bn.
In vehicle type the passenger vehicle segment is growing at faster pace.
The CAGR of the global automotive V2X market from 2020-2027 is above 45.3%.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Continental are AG, Delphi Automotive PLC, and Qualcomm Inc.
The Asia Pacific is expected to account for major revenue share in the global market.