V2X in Automotive Market to Grow at 15.82% CAGR in Value Terms by 2026
Growing adoption of connected cars is to drive the global V2X
in automotive market through 2026.
According
to TechSci Research report “Global
V2X in Automotive Market By Communication Type (V2C, V2G, V2P,
V2I, V2V, V2D), By Connectivity Type (DSRC Connectivity and Cellular
Connectivity), By Offering Type (Hardware and Software), By Technology Type
(Emergency Vehicle Notification, Automated Driver Assistance, Passenger
Information System, Line of Sight and Others), By Propulsion Type (ICE Vehicles
and Electric Vehicles), By Company and By Region, Forecast & Opportunities,
2026”, the global V2X in automotive
market is estimated to reach around a total market value of USD1.98
billion by 2026. V2X stands for
Vehicle-to-Everything (V2X) technology which enables the automotive vehicles to
interact virtually with everything moving in surrounding environment. It is a
vehicular communication approach that supports the transmission of information
from a vehicle to moving parts of the traffic system that can affect the
movement of the vehicle. The aim behind installing a Vehicle-to-Everything
technology in a vehicle is to improve road safety, energy reduction, and to
increase traffic efficiency on the roads. By coupling a vehicle to its
surroundings, Vehicle-to-Everything (V2X) technology can transform mobility. With
increased awareness of every nearby vehicle, including those that lie out of
sight, the V2X enabled vehicles can actively reduce the chances of accidents
and enhance traffic flow. According to an article published by the US
Department of Transportation in October 2019, a total of 36,560 lives were lost
on U.S. roads in 2018. ITS America in an article claims that Vehicle-to-vehicle
(V2V), vehicle-to-infrastructure (V2I) and vehicle-to-pedestrian (V2P)
communications can reduce 80% road crashes, can increase road capacity by 40%
and can reduce fuel emissions by 10%. Due to the above-mentioned factors,
growing number of automakers are increasingly adopting the
Vehicle-to-Everything (V2X) technology in their manufactured vehicle, growing
the demand for connected car services. Moreover, outpouring in demand for
connectivity solutions, rise in demand for an enhanced driving experience, and
introduction of Internet of Things (IoT) in the automotive industry are the key
factors that contribute towards the adoption of the connected cars. Due to the
growing demand for Vehicle-to-Everything (V2X) technology, companies operating
in connected car technologies are increasingly growing their product portfolio.
For instance, in January 2017, Altran, a global design and engineering company,
unveiled Strata V2X connectivity framework at the International Consumer
Electronics Show (CES) in Las Vegas.
Browse more than 121
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V2X in Automotive Market."
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Global V2X in automotive market is segmented
based on communication type, connectivity type, offering type, technology type,
propulsion type, company and region. V2C stands for Vehicle-to-Cloud, V2G for
Vehicle-to-Grid, V2P for Vehicle-to-Pedestrian, V2I for
Vehicle-to-Infrastructure, V2V for Vehicle-to-Vehicle, V2D for
Vehicle-to-Device. Based on communication type, the global V2X in automotive
market is dominated by Vehicle-to-Vehicle (V2V) technology. The high
market share of V2V technology can be attributed to the reason that V2V
technology majorly decides the road safety.
Based on connectivity type, the global V2X in automotive
market is segmented into DSRC Connectivity and Cellular Connectivity.
Traditional Dedicated Short-Range Communication (DSRC) based V2X technology was
used in majority of vehicles, but after cooperation of 5G cellular
connectivity, cellular vehicle-to-everything (C-V2X) technologies are being
increasingly adopted for connected car mobility. As a result, cellular
vehicle-to-everything (C-V2X) is leading the global V2X in automotive
market in the year 2020. Due to the growing acceptance of 5G cellular
connectivity, cellular vehicle-to-everything (C-V2X) is anticipated to maintain
their dominance over the next five years as well.
The lockdown imposed to contain the spread of virus has disrupted the
supply chain for the automotive industry, negatively influencing the V2X
market. As different vehicle parts are manufactured and assembled in different
regions, the lockdown and international trade
restrictions due to closed borders, increased the shortage of required vehicle
parts and limited the supply. Moreover, companies adopted just-in-time
production strategy due to tight budget which further makes the supply chain
vulnerable to disruptions. China is the largest producer of automobiles among
all other countries and therefore lockdown in China has resulted in supply
shortages for assembly of all OEMs in North America, Europe, and Asia. Nevertheless,
the market is showing positive signs of recovery, because of which the global
V2X in automotive market is expected to recover from the COVID-19 impact in
around three years.
Some of the major players
operating in the global V2X in automotive market are Robert Bosch GmbH,
Continental AG, NXP Semiconductors N.V., Infineon Technologies AG, DENSO
Corporation. Apart from these companies, other companies
like Qualcomm Technologies, Inc., HARMAN International (Samsung Electronics Co.
Ltd.), etc. are also increasing their marketing activities and enriching their
product portfolios to increase their customer outreach.
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“In 2020, Asia Pacific accounted for the largest share, i.e., 42.52% in the
global V2X in automotive market. The
region is expected to maintain its dominance over the next five years as well. Asia
Pacific is one of the leading V2X technology manufacturing regions in the world.
Increasing adoption of connected cars and growing sales of passenger cars is
boosting demand for V2X enabled vehicles in the world.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global V2X
in Automotive Market By
Communication Type (V2C, V2G, V2P, V2I, V2V, V2D), By Connectivity Type (DSRC
Connectivity and Cellular Connectivity), By Offering Type (Hardware and
Software), By Technology Type (Emergency Vehicle Notification, Automated Driver
Assistance, Passenger Information System, Line of Sight and Others), By
Propulsion Type (ICE Vehicles and Electric Vehicles), By Company and By Region,
Forecast & Opportunities, 2026” , has
evaluated the future growth potential of the global V2X in automotive market and
provides statistics and information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global V2X in automotive Market.
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