The global automotive V2X communication market is anticipated to grow at a significant CAGR of 30% during the forecast period (2022-2028). Various governments have implemented automotive V2X solutions to minimize fuel waste and carbon emissions as a result of the growing number of cars on the road and the resulting congestion. The need for vehicle V2X technology is predicted to grow in response to rising environmental concerns and the necessity for real-time traffic flow alerts.
The concept of vehicle-to-everything (V2X) communication entails the transmission of data from automobiles to specialized devices that can influence the vehicle. Vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-pedestrian communication are all covered by the vehicular transportation system (V2P). The communication makes use of Wi-Fi and operates directly between vehicles or communications to create vehicular ad-hoc networks, removing the need for infrastructure or communication for automobiles. An increased focus on effective traffic management and car safety is expected to propel global market growth. Other growth-promoting variables include the macroeconomic environment, growing incomes, increased urbanization and industrialization, increasing automation, and technological advancements.
Stringent safety standards embracing features such as blind-spot detection and adaptive cruise control are bound to benefit growth all over the globe. The market’s rise is likely to be aided by these technologies’ substantial reliance on V2V communication. 5G technology’s high data speed will enable high-speed data transfer, which is crucial in a dense vehicle environment. As a result of the high-speed data transfer, the software may be updated more quickly. 5G-V2X has a high throughput and low latency, making it ideal for exchanging raw/processed data and providing planned trajectory information. Wideband range and location, as well as high throughput, would be made possible by the technology, allowing for the creation of dynamic and local maps. These benefits of 5G technology could lead to increased growth in the vehicle V2X communication market.
Some major players in the market include Continental AG, Huawei Technologies Co., Ltd., NXP, Qualcomm Technologies, Inc., and Robert Bosch GmbH, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, Robert Bosch GmbH offers a V2X connectivity control unit. In a single device, the hybrid V2X connectivity control unit (CCU) integrates V2X capabilities with telematics data sharing. It links the car to other cars, infrastructure (such as traffic lights), and the cloud.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Continental AG, Huawei Technologies Co., Ltd., NXP, Qualcomm Technologies, Inc., Robert Bosch GmbH, among others.
A full report Automotive V2X Communication Market of is available at: https://orionmarketreports.com/automotive-v2x-communication-market/105827/
Global Automotive V2X Communication Market Report by Segment
By Type
- V2V
- V2I
- V2P
- Others
By Application
- Passenger Car
- Commercial Vehicle
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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