Categories: Automotive

Automotive V2X Market Poised to Exceed $66.26 Bn By 2032

The global automotive V2X market size was valued at US$ 2.4 billion in 2022 and it is predicted to touch USD 66.26 Billion by 2032, growing at a CAGR of 39.4% from 2023 to 2032.

Automotive Vehicle-To-Everything (V2X) is a Wi-Fi derivative based on short-range communications and enables the establishment of radio link between vehicles, even in non-line-of-sight conditions.By sharing datasuch as speed and position to the surrounding infrastructures and vehicles, V2X technology improves driver awareness from upcoming potential dangeras well as dramatically improvesthe collision avoidance, thereby significantly reduces the severity of injury and fatality.

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Automotive V2X Market Report Scope

Report Highlights	Details
Market Size in 2023	USD 2.4 Billion
Market Size by 2032	USD 66.26 Billion
Growth Rate from 2023 to 2032	CAGR of 39.4%
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Communication Type, Vehicle Type, Connectivity Type, Regional Outlook
Companies Mentioned	Nolato AB, Freudenberg Medical LLC, Rochling Group, GW Plastics Inc., MedPlast Inc., Phillips Medisisze Corporation, C&J Industries Inc., Tekni-Plex, Inc., Pexco LLC, and Medical Plastic Devices Inc.

Growth Factors

Increasing sales of passenger as well as commercial vehicles across the globe contribute significantly to drive the market. Increasing traffic congestion, greenhouse gas emission rising number of accidents have forced governments of various regions to impose stringent safety and emission norms. V2X technology helps driver to improve safety of the vehicle as well as it reduces the greenhouse gas emission from the vehicle, thereby accelerating the demand of the technology in the coming years. Furthermore, the concept of driverless cars and autonomous vehicles are still under their research phase and expected to take years to be commercialized. In addition, V2X technology helps to achieve driverless mobility, thus again propels the growth of the technology over the analysis period. Besides the benefits of V2X technology, they are largely subject to cyber threats such as hacking and manipulation; this hampers the market growth in the near future.

Regional Snapshots

In 2019, North America encountered maximum revenue share in the global automotive V2X market. Presence of technologically advanced countries such as Canada and U.S. along with ease of technology adoption in the region is some of the prime factors that drive the market growth. Furthermore, the region experience high threat from greenhouse emission and traffic congestion that trigger the adoption of various communication technologies within the vehicle to assist driver in different ways while driving. Subsequently, the communication technology enhances the safety of a vehicle, reduces the greenhouse gas, and also reduces the traffic congestion. The aforementioned factors significantly propel the growth of the market in the region.

Report Highlights

In 2019, North America led the global automotive V2X market with significant revenue share in the year 2019. Ease of technology adoption along with the region being one of the largest markets for automobile are some of the prime factors that drives the growth of the region. In addition, greenhouse emission and traffic congestion are some of the crucial problems that can be overcome significantly with the implementation of V2X systems.
Europe is the other major region that contributes prominently towards the revenue share. Stringent emissions as well as safety norms in the region are the major factors that drive the regional market. In addition, the region registered prominent growth in battery-powered vehicles that again influence the V2X communication market growth positively over the coming years.
Based on vehicle type, passenger vehicles accounted for the largest market value share of nearly 75% in the year 2019 and analyzed to continue its dominance during the forecast period. However, increasing demand for commercial vehicles due to boom in the commercial sector flourishes the growth of commercial vehicles in the near future.
By communication type, Vehicle-To-Vehicle (V2V) projected to dominate the global automotive V2X market during the forecast period. Increasing safety regulations have spur the adoption of various types of communication technologies in a vehicle such as Adaptive Cruise Control (ACC), driver assistance system, lane change assistance, blind spot detection, and many more. This expected to significantly drive the demand for V2V communication.
Based on connectivity type, Dedicated Short Range Connectivity (DSRC) seeks to capture maximum revenue share in the present as well as during the forecast period. Ease of implementation along with cost benefits of DSRC over the cellular connectivity expected to drive the growth of the segment.

Key Players & Strategies

The global automotive V2X market is highly competitive with the presence of numerous market leaders with high technological capabilities. These companies have strong global presence, diversified product portfolio, and are involved in various strategic initiatives to hold on to their market share. Continental AG, Delphi Automotive PLC, Qualcomm Inc., Infineon Technologies AG, and Cisco Systems, Inc. are some of the major market players that dominate the market substantially. However, there are numerous vendors operating in the market that offer differentiated services and products. Partnership, Collaboration, product development & enhancement, and merger & Acquisition are the key strategies adopted by the market players to retain their position in the market.

Some of the key players operating in the market are Continental AG, Qualcomm, Inc., Delphi Automotive LLP, NXP Semiconductors, TomTom International B.V., Robert Bosch GmbH, HARMAN International, Cisco Systems, Inc., Mobileye, and Infineon Technologies AGamong others.