NEW DELHI, Feb. 4, 2022 /PRNewswire/ — The Global V2X Market was valued at USD 3,283.7 Million in 2021 and is forecasted to reach USD 18,877.1 Million by 2027. The market is expected to register a CAGR of 33.8% during the forecast period 2022-2027. The growth of the market is majorly driven by the growing demand in adoption of connected cars, favorable government initiatives and rising technology penetration. Vehicle- to- Everything (V2X) is a communication technology which enables real time communication between the vehicle and the surroundings. The main motivation for V2X is road safety, autonomous driving, energy saving and traffic flow optimization by enabling vehicles to communicate with each other and the surrounding infrastructure.
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The hardware segment is estimated to have the highest market share during the forecast period owing to growing dependency on V2X hardware products by automakers in order to provide customer satisfaction, reliability and safety of their products. In terms of communication, the vehicle-to-vehicle (V2V) segment holds the highest market share of 36.6% in 2020. Furthermore, the cellular segment in terms of connectivity is projected to grow at a fastest CAGR during the forecast period. Also, with the rising implementation of new technologies and lower carbon emission level the autonomous driving segment reinforce the growth in the overall market. Moreover, the ICE vehicle is the most lucrative segment in the Global V2X Market as it directly aids in enhancing fuel economy. Passenger segment dominated the market and hold the highest share in 2020. Also, Asia-Pacific is estimated to grow at a fastest CAGR during the forecast period.
Market Dynamics and Trends
Drivers
The Global V2X Market is majorly driven by factors such as rise in adoption of connected cars, favorable government initiatives and rising technology penetration. The demand for connected car services has majorly increased due to rise in need for basic vehicle connectivity as these enable cars to communicate with drivers, other vehicles and road infrastructure. These services help in reduced traffic death by detecting and alerting the driver, allow automotive dealers, fleet operators to optimize resource usage. Further, with the favorable government initiatives such as telematics systems installation and satellite positioning has significantly contributed in the growth of V2X market. The rising technology penetration that is used in road transportation system is the key factor attributed towards more efficient and safer rides with the help of real time data and optimized routes.
Restraint/ Challenges
With the increased advancement in communication system further leads to privacy and security concerns such as GPS location sharing, data privacy infringement and breaking patterns and speed are the major reasons that may hamper adoption of V2X system and restrain the market growth.
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Opportunities and Trends
Rapid increase in adoption of V2X communication technology has projected to rise in the forecast period and is moving forward for robust and reliable information storage connectivity. Advanced features such as making telematics compatible with multiple operating systems and software platforms are more likely to affect the growth of the V2X market during the forecast period.
Also, the advancement in 5G technology is expected to offer better capabilities and lucrative growth opportunities for V2X in order to carry out critical communications for safer and secure driving
Regional Analysis
US is the highest shareholder in the North America V2X Market
In terms of revenue, US hold a major share in the market in 2020 owing to the rising preference for personalized experience, feasibility to improve safety, and reduce pollution level have lead to more V2X connectivity. Hardware component holds a major share in terms of revenue in the marketplace. On the basis of application segment, autonomous driving contributed the major share in the North America V2X market.
UK is growing at a fastest CAGR in the European V2X Market
By country, UK has the fastest CAGR in the European V2X market during the forecast period whereas in terms of revenue, Germany holds a major share of 30.0% in the marketplace in 2020. Hardware segment holds the major share due to growing dependency on V2X hardware products by automakers. On the basis of communication, Vehicle-to-Vehicle (V2V) segment is estimated to have the major share because of forward collision and lane changing warning safety features.
China is the highest shareholder in the Asia Pacific V2X Market
In terms of revenue, China holds a major share in the marketplace in 2020 and India is growing at a fastest CAGR of 45.0% in Asia Pacific during the forecast period. On the basis of vehicle type, ICE Vehicle holds the major share in the V2X market due to the fact that it directly aids in enhancing fuel economy which further helps in lower pollution level. Moreover, the hardware component in terms of revenue holds a major share in marketplace.
Rest of Middle East & Africa holds a significant share in 2020 in MEA V2X Market
Rest of Middle East & Africa holds a major share of V2X market in 2020 with the growing CAGR of 38.9% during the forecast period. In application segment, autonomous driving contributed the major share in the MEA V2X market due to rising implementation of new technologies in smart driving systems. Also, on the basis of vehicle type, the electric vehicle is projected to grow at a fastest CAGR during the forecast period.
South America V2X Market is driven by the market share of Brazil
By country, Brazil holds a major share in terms of revenue in the V2X marketplace. Based on communication segment, South America is growing at a fastest CAGR in the Vehicle-to-Infrastructure (V2I) form.
Competitive Landscape
Global V2X Market is highly competitive in order to increase their presence in the V2X market. Some of the key players operating in the global V2X market include Robert Bosch, Harman, Continental, NXP, Huawei, Altran, STMicroelectronics and Infineon. These big players have adopted several competitive strategies such as mergers and acquisitions in order to have a grip of emerging market.
Segmentation Overview
Global V2X Market is segmented based on component, communication, connectivity, application, vehicle type, vehicle application and region. The industry trends in global marketplace are sub- divided into different categories in order to get a holistic view of the market.
Following are the different segments of the Global V2X Market:
- By Component Segment of the Global V2X Market is Sub- Segmented into:
- Hardware
- Software Platform
- Services
- By Communication Segment of the Global V2X Market is Sub-Segmented into:
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Pedestrian (V2P)
- Vehicle-to-Cloud (V2C)
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Grid (V2G)
- Vehicle-to-Device (V2D)
- By Connectivity Segment of the Global V2X Market is Sub-Segmented into:
- Dedicated short-range communications (DSRC)
- Cellular
- Hybrid
- By Application Segment of the Global V2X Market is Sub-Segmented into:
- Autonomous Driving (includes Platooning)
- Automated driver assistance (ADAS)
- Intelligent traffic systems
- Emergency vehicle notification
- Passenger information system
- Parking management system
- Fleet & asset management
- Line and non-line of sight
- Backing
- Others
- By Vehicle Type Segment of the Global V2X Market is Sub-Segmented into:
- ICE Vehicle
- Electric Vehicles
- By Vehicle Application Segment of the Global V2X Market is Sub-Segmented into:
- Passenger
- Commercial
- Off-highway
- By Region Segment of the Global V2X Market is Sub-Segmented into:
- North America
- US
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- Germany
- France
- Italy
- UK
- Spain
- Poland
- Russia
- Rest of Europe
- Asia- Pacific
- China
- Japan
- India
- Australia & New Zealand
- ASEAN
- Rest of Asia- Pacific
- MEA
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
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