BANGALORE, India, July 12, 2021 /PRNewswire/ — The Automotive V2X Market is Segmented by Communication (Vehicle-to-vehicle (V2V), Vehicle-to-infrastructure (V2I), Vehicle-to-pedestrian (V2P), Vehicle-to-grid (V2G), Vehicle-to-cloud (V2C), and Vehicle-to-device (V2D)), by Connectivity (Dedicated Short-range Communication (DSRC), and Cellular-V2X (C-V2X) Communication) and by Vehicle Type (Passenger Cars and Commercial Vehicles). The report covers global opportunity analysis and industry forecast 2027. It is published in Valuates Reports under the Automotive Industry Category.
The global automotive V2X market size was valued at USD 2,565.6 Million in 2019 and is projected to reach USD 11,718.7 Million by 2027, registering a CAGR of 28.4% over the forecast period from 2020 to 2027.
Major factors driving the growth of the Global Automotive V2X Market
- Features such as improved road safety, energy savings, and traffic efficiency on roads are expected to increase the adoption of V2X technology
- The rise in adoption of connected cars and rapid increase in urbanization & industrialization are expected to drive the market growth
- Furthermore, the automotive V2X market is likely to benefit from the future potential of 5G and AI technologies, as well as advancements in cellular-V2X (C-V2X) technology and developments in semi-autonomous and autonomous vehicles.
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TRENDS INFLUENCING THE GROWTH OF AUTOMOTIVE V2X MARKET
The rise in the adoption of connected cars is expected to increase the growth of the Automotive V2X Market. Connected vehicles allow cars to connect with other vehicles, road infrastructure, and the cloud via a V2X platform. Connected vehicles gather data from their surroundings and communicate it to one another, as well as connect to intelligent transportation infrastructure and send real-time traffic data to transportation authorities for better road management and infrastructure planning.
The rapid increase in urbanization & industrialization is expected to further fuel the growth of the automotive V2X market. The expansion of the automotive V2X industry is predicted to be fueled by macroeconomic variables such as an increase in disposable income, an increase in employment rates, and an increase in overall GDP, which are encouraging projects such as smart cities with smart infrastructure facilities.
The future potential of 5G & AI technology coupled with the advancement in cellular-V2X (C-V2X) technology is expected to increase the growth of the Automotive V2X Market. Artificial intelligence (AI) and 5G have an important role in the future of the automotive industry, as predictive capabilities are becoming more prevalent in cars, personalizing the driving experience. Furthermore, V2X is better equipped with 5G and AI to carry out vital communications for safer and more secure driving. The C-V2X technology is built to interact with impending 5G network technologies, allowing mission-critical V2X and C-V2X to serve as ultimate platforms for cooperative intelligent transportation systems (C-ITS) services and technology.
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AUTOMOTIVE V2X MARKET SHARE ANALYSIS
- Based on region, Europe was the highest revenue contributor, accounting for USD 851.8 Million in 2019, and is estimated to reach USD 3,030.5 Million by 2027, with a CAGR of 24.4%. This dominance of Europe is attributed to the increase in penetration of connected vehicles and technological shifts in the automotive industry across the country.
- On the other hand, Asia Pacific is expected to exhibit the highest CAGR of 32.4% during 2020-2027.
- Based on communication, the vehicle-to-infrastructure (V2I) segment is expected to register significant growth during the forecast period.
- Based on connectivity, the cellular-V2X (C-V2X) communication segment is projected to lead the global market in terms of market share by the end of the forecast period.
- Based on vehicle type, the passenger cars segment is expected to register significant CAGR during the forecast period.
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Major Companies in the Automotive V2X Market
- Autotalks Ltd.
- Continental AG
- HARMAN International
- Infineon Technologies AG
- NXP Semiconductors
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- Savari, Inc.
- Additional companies can be added on request and data availability.
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– The globally connected car market size was valued at USD 63.03 Billion in 2019 and is projected to reach USD 225.16 Billion by 2027, registering a CAGR of 17.1% during the forecast period
– Vehicle-To-Vehicle (V2V) Communication Market contains segmentation By Type (Cellular Based Technology, DSRC), By Application (Passenger Cars, Commercial Vehicles)
– Internet of Vehicle Market contains segmentation By Type (Bluetooth, Cellular, Wi-Fi, NFC, Other), By Application (Vehicle-To-Vehicle, Vehicle-To-Infrastructure, Others)
– The global connected motorcycle market size was valued at USD 35.6 Million in 2019, and is projected to reach USD 304.1 Million by 2027, registering a CAGR of 39.6% from 2020 to 2027. Europe accounted for the highest share in the global connected motorcycle market in 2019, in terms of revenue, and LAMEA is anticipated to exhibit remarkable growth rate during the forecast period.
– The global Electric Commercial Vehicle market size is projected to reach USD 178560 Million by 2027, from USD 101270 Million in 2020, at a CAGR of 8.3% during 2021-2027.
– Semi-Autonomous Vehicle Market contains segmentation By Type (ICE, EV), By Application (Commercial, Family use)
– The global automotive software market size was valued at USD 18.5 Billion in 2019, and is projected to reach USD 43.5 Billion by 2027, registering a CAGR of 14.5% from 2020 to 2027.
– Connected Vehicles Market contains segmentation By Type (Embedded, Tethered, Integrated), By Application (Car, Train, Other)
– The global Big Data Analytics in Automotive market size is projected to reach USD 5622.9 Million by 2026, from USD 2916.4 Million in 2019, at a CAGR of 9.7% during 2021-2026.
– The global Automotive Head-up Display (HUD) market size is projected to reach USD 1626.6 Million by 2027, from USD 817.1 Million in 2020, at a CAGR of 10.2% during the forecast period 2021-2027.
– The electric vehicle on board charger market size was valued at USD 2.15 Billion in 2019, and is projected to reach USD 10.82 Billion by 2027, registering a CAGR of 22.4% from 2020 to 2027. By vehicle type, the electric passenger car segment was the highest revenue contributor in 2019, accounting for USD 1.43 Billion, and is estimated to reach USD 6.47 Billion by 2027, registering a CAGR of 20.7% during the forecast period. In 2019, Asia-Pacific was anticipated to account for major market share.
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