The Global Automotive V2X Communication Market was valued at USD 560 Mn in 2020 and is expected to reach USD 6584 Mn by 2027, with a growing CAGR of 42.2% during the forecast period.
Vehicle-to-everything (V2X) communication is vital to redefine transportation by providing real-time, highly reliable, and actionable insights to enhance safety, mobility, and environmental applications. It enables the exchange of data between vehicles and vehicles infrastructure. The V2X technology is to improve road safety, increase the efficient flow of traffic, and decrease environmental impacts.
The increase in the adoption of connected cars across the globe is one of the major influencing factors that propel the automotive V2X communication market during the forecast period. The connected cars enable vehicles to link with other vehicles, road infrastructure, and the cloud via the V2X technology platform. Connected cars accumulate information from their surroundings and communicate with others and provide real-traffic information to the authorities for improved road management and infrastructure planning. For instance, according to secondary sources, in 2020, the global connected car market generated around USD 54 Bn. Thus, these facts supported the growth of automotive V2X communication market with an increasing penetration of connected cars across the globe.
By Connectivity Type
By Communication Type
By Vehicle Type
By Unit Type
Based on the connectivity type, the cellular segment is expected to be the fastest-growing in the automotive V2X communication market during the forecast period owing to the rapid deployment of 5G technology across the globe
Based on the connectivity type, the automotive V2X communication market has been segmented into the DSRC (Dedicated Short-Range Communications), and Cellular. The cellular segment is expected to be the fastest-growing in the automotive V2X Communication market during the forecast period owing to the rapid deployment of 5G technology across the globe. The 5G technology is featured with low latency, higher capacity, and increased bandwidth as compared to 4G. These network developments will have greater impacts on peoples live, work, and play across the globe. Moreover, the cellular segment is cost-effectively associated with the hardware components. Thus, proliferating the growth of the segment during the forecast period.
Based on the communication type, the V2V segment is growing at the highest CAGR during the forecast period due to the increasing safety concerns among individuals and governments
Based on the communication type, the automotive V2X communication market is segmented into Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), and others. The Vehicle-to-Vehicle (V2V) segment is growing at the highest CAGR during the forecast period due to the increasing safety concerns among individuals and governments. For instance, V2V improves vehicle safety through features such as Forward Collision Warning (FCW) and lane changing warning (LCW). V2V communications represent an additional step in helping to warn drivers about impending danger. Thus, proliferating the segment growth of automotive V2X communication market during the forecast period.
Based on region, Europe is expected to witness the largest market share in automotive V2X communication industry during the forecast period
Europe is expected to witness the largest market share in automotive V2X communication industry during the forecast period. The growth in the region is attributed to the highly robust infrastructure facility. Moreover, the presence of prominent players such as Robert Bosch GmbH, Continental AG, Delphi Technologies, along with the large-scale adoption of V2X equipped vehicles propels the market growth. For instance, in March 2020, Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, introduced that a couple of Cellular Vehicle-to-Everything (C-V2X) merchandise from leading automotive and infrastructure suppliers, offering the Qualcomm® 9150 C-V2X Platform, have completed certification according to the European Radio Equipment Directive (“RED”) Certification in Europe, demand for placing radio device on the market. This is a primary breakthrough in the direction of the commercial introduction of C-V2X in Europe. Furthermore, the addition of V2X to the 2025 EuroNCAP roadmap will further boost the automotive V2X communication market growth in the region in the forecast period.
The report also provides an in-depth analysis of automotive V2X communication market dynamics such as drivers, restraints, opportunities, and challenges:
COVID-19 Impact on the Automotive V2X Communication Market Analysis:
The COVID-19 pandemic has impacted various industries such as oil & gas, retail, manufacturing, and others due to the strict lockdown imposed by the government across the globe. The disruption in the supply chain of products and services impacted the market growth of the various industries. Similarly, the automotive V2X communication market has been negatively impacted by the COVID-19 pandemic due to the standby in the manufacturing plant of the automotive industry. The supply chain of the automotive parts is impacted due to the COVID-19. Moreover, the automotive industry represents the decline in the sales of vehicles in 2020. For instance, according to the International Organization of Motor Vehicle Manufacturers, 2020, the global auto production in 2020 is majorly impacted by the COVID-19 pandemic with a 16% drop in the world auto production. However, government initiatives across the globe to support EVs, connected cars, and autonomous vehicles will provide a lucrative opportunity for the growth of V2X technologies in the coming years.
*Note: A detailed analysis is specific to the automotive V2X communication market will be provided in the report
The report also provides an in-depth analysis of key trends in the automotive V2X communication market:
The report also provides an in-depth analysis of recent news developments and investments:
The unique insights provided by this report also include the following:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis