Global Automotive V2X (Vehicle-to-Everything) Market Overview
The key driver impacting the automotive V2X (Vehicle-to-Everything) market is the increasing demand for fully autonomous driving and safe vehicles with increasing concerns over environmental pollution caused by vehicles. For instance, according to the Environment Protection Agency (EPA), motor vehicles together generate 75 percent of carbon monoxide pollution in the U.S. Also, the Environmental Defense Fund (EDF) estimation shows that on-road vehicles are responsible for one-third of the total air pollution that creates smog in the U.S., and transportation gives rise to 27% of greenhouse gas emissions. The U.S. accounts for 30% of the global automobiles, yet it adds about half of the global emissions through cars. Moreover, growing concern and demand for safety and convenience features are estimated to be significant factors contributing to market growth. For example, the EPA implements national programs and standards for fuels and vehicles that reduce air pollution, including smog, soot, toxic pollutants, and spur investments in the clean vehicle and engine technology. Whereas with regards to volume, the market was calculated XX Thousand Units in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global automotive V2X (Vehicle-to-Everything) market size was valued at around USD 695 million in 2020 and is projected to grow at a CAGR of about 40% during the forecast period 2021 to 2027.
The violently growing traffic congestion is estimated to augment automotive V2X (Vehicle-to-Everything) demand in the forecast period. As per the World Health Organisation, around 1.35 million people die every year due to road traffic crashes. About 93% of the global fatalities on the roads occur in low- and middle-income countries; as such countries have roughly 60% of the global vehicles. As per the India transport report in India, traffic fatalities have been augmented by around 6% to 8% annually since 2000. It is anticipated that total passenger traffic is expected to grow by 15%. Whereas in 2031-32, road traffic growth is expected to be 15.4% and will increase by 16% in 2015, which is 7 to 8% in 2014. According to the department of transport of the United Kingdom government, in 2016, 320 billion vehicles traveled on the UK road, and it is increased by 1.4% than the previous year. In 2016, car vehicles, van, and HGV's traffic flow grew by 0.9%, 3.8%, and 3.4%, respectively. It is estimated that there is around a 13% rise in traffic globally. However, the high cost of implementation and insufficiency of cellular coverage in developing nations may hamper the global automotive V2X (Vehicle-to-Everything) market in the long run. Also, the complexity in maintaining data security and anonymity is negatively impacting the market. The current industry trends, such as the increasing government support for V2X technology, and rising advancements in 5G Technology, are expected to provide market players with new market opportunities.
The automotive V2X (Vehicle-to-Everything) market is vast, with many local and global players. The automotive V2X (Vehicle-to-Everything) market is extensive, with many local and international players. The key leaders follow different strategies to advance their market position, such as amalgamation, contracts, extending product portfolio, product upgrades, and acquisitions, to augment their market share across the globe. For instance, In October 2016, SAIC USA, a SAIC Motor (China) subsidiary, signed an agreement with Savari Inc. (U.S.). It will be distributing and manufacturing Savari’s V2X communications solutions across China and other ASEAN countries. The significant players studied in the report are Qualcomm Technologies, Continental AG, Delphi Technologies, Infineon Technologies, Robert Bosch, Harman International, Denso Corporation, NXP Semiconductors, Denso Corporation, and STMicroelectronics.
In this research report, the automotive V2X (Vehicle-to-Everything) market is segmented by communication type, connectivity type, vehicle type, and region.
Analysis by Communication Type:
By communication type, the report is segmented into the Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Pedestrian (V2P), Vehicle-To-Home (V2H), Vehicle-To-Grid (V2G), and Vehicle-To-Network (V2N). The Vehicle-To-Vehicle (V2V) dominates the communication type segment with a 20% share in 2020. It is due to its growing usage in the various active safety features such as adaptive cruise control, blind-spot detection, and lane change assist. Moreover, the ever-increasing stringency in safety regulations with the need for resolving problems such as traffic congestion and emissions is driving demand for Vehicle-To-Vehicle (V2V) communication type in the forecast period.
Analysis by Connectivity Type:
By connectivity type, the report is categorized into DSRC and cellular connectivity. The DSRC dominates the connectivity type segment with a 55% share in 2020. It is due to the current cost benefits of the DSRC over cellular connectivity. Moreover, the increasing popularity of DSRC connectivity among various tier 1 and tier 2 suppliers due to the cost-benefit and ease of implementation contributes to the DSRC segment's growth in the forecast period.
Analysis by Vehicle Type:
By vehicle type, the report is segmented into commercial vehicles and passenger cars. The passenger cars dominate the vehicle type segment with a 70% share in 2020. It is due to the rising demand for passenger cars globally. Moreover, the increasing technological advancement in the passenger car segment contributes to the passenger car segment's growth in the coming years.
Analysis by Region:
In the regional outlook of the global automotive V2X (Vehicle-to-Everything) market, the North America region dominates with over 30% market share during the forecast period. It is due to the technologically advanced countries such as the U.S. and Canada, which enables ease of technological adoption. Moreover, the expanding automotive sector and the need to implement the V2X systems for better traffic control and lower gas emissions contribute to the high demand for the automotive V2X (Vehicle-to-Everything) market in North America.
Market Segmentation covered in the Report:
By Communication Type
By Connectivity Type
- Vehicle-To-Vehicle (V2V)
- Vehicle-To-Infrastructure (V2I)
- Vehicle-To-Pedestrian (V2P)
- Vehicle-To-Home (V2H)
- Vehicle-To-Grid (V2G)
- Vehicle-To-Network (V2N)
By Vehicle Type
- Cellular Connectivity
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization