New Jersey, United States – Analysis of Automotive V2X Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast
Vehicle-to-everything (V2X) is a communication technology that permits a vehicle to communicate with different vehicles, street clients, and infrastructure. The significant purpose of V2X technology is to improve street security, energy savings, and traffic efficiency on streets. The vital components of V2X include vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), vehicle-to-network (V2G), vehicle-to-cloud (V2C), and vehicle-to-device (V2D) communication frameworks. The automotive industry is evolving in the front of technology, enabling vehicles to interact with infrastructure, for example, traffic lights, pedestrian’s communication devices, and other advanced devices. These advancements in technology have challenged automotive producers to incorporate automotive V2X solutions that will offer enhanced well-being, utility, and convenience to their clients.
The Automotive V2X market, which was valued at US$ million in 2022, is expected to grow at a CAGR of approximately percent over the forecast period, according to our most recent report.
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The elements like rise in the adoption of connected vehicles and the rapid increase in urbanization and industrialization are expected to drive the market development. However, the significant expenses of implementation and security concerns connected with information communication hinder the automotive V2X market development. On the contrary, future potential of 5G and AI technology coupled with the advancements in cell V2X (C-V2X) technology and developments in semi-autonomous and autonomous vehicles are expected to offer lucrative opportunities for the automotive V2X market development during the gauge period.
The global impacts of COVID-19 are now starting to be felt, and will significantly influence the automotive V2X market in 2022. There are apprehensions of an extension to the lockdown period that could additionally hamper the production activity across all areas, including the automotive industry. Consequently, owing to the lockdown imposed, manufacturing units across the globe have stopped their production, which is probably going to influence the purchase of vehicles equipped with vehicle-to-everything (V2X) highlights. The COVID-19 crisis is creating uncertainty in the market, disruption of supply chain, decline in businesses, and an increase in panic among client segments. Governments of different regions have previously announced absolute lockdown and temporarily shutdowns of industries, which have impacted the overall production and deals adversely. In this manner, the spread of the COVID-19 pandemic has negatively impacted the global automotive V2X market.
Division Segment
The global Automotive V2X market is segmented into communication, connectivity, vehicle type, and region. Depending on communication, the market is bifurcated into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), vehicle-to-network (V2G), vehicle-to-cloud (V2C), and vehicle-to-device (V2D). By connectivity, it is divided into devoted short range (DSRC) communication and cell V2X (C-V2X) communication. On the basis of vehicle type, it is classified into passenger vehicles and commercial vehicles. Region wise, the market is concentrated on across North America, Europe, Asia-Pacific, and LAMEA.
Regional Analysis
The Asia Pacific comprises emerging countries, for example, China and India and developed countries like Japan and South Korea. China, India, Japan, and South Korea have been considered under this review, while Taiwan and Australia have been covered qualitatively. In recent years, this region has arisen as a hub for automobile production. The increasing purchasing power of the population and increasing concerns over the environment have set off the demand for V2X in Asia Pacific. Since South Korea and Japan are among the forerunners in electronics, it would enable them to design V2X solutions with better performance at a lesser price.
Competitive Analysis
The vital participants operating in the automotive V2X market are: Altran, Autotalks Ltd., Continental AG, HARMAN International, Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies, Inc., Robert Bosch GmbH, Savari, Inc., and STMicroelectronics.
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