The Business Research Company’s Automotive V2X Market 2022 – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, July 19, 2022 /EINPresswire.com/ — 5G technology in automotive V2X is a key trend gaining popularity in the automotive V2X market. 5G refers to the 5th generation wireless mobile network technology that is designed to connect everything including objects, machines, and devices virtually. 5G automotive V2X is changing automotive experiences as it allows cars to communicate with each other for data sharing from their current destination and speed according to previous road conditions, and to connect to a city’s smart network to locate access services and available parking. Automotive HMIs allow drivers and passengers to interact with their vehicles in a far more natural way. According to the automotive V2X market analysis, major players in the market are focusing on producing automotive V2X capable of 5G connectivity to expand the connected technologies.
The global automotive V2X market size reached a value of nearly $0.55 billion in 2021, having increased at a compound annual growth rate (CAGR) of 39.7%. The global automotive V2X market is expected to grow at a CAGR of 44.6% from 2021 to reach $3.40 billion in 2026. The global automotive V2X market share is expected to reach $23.58 billion in 2031, at a CAGR of 47.3%.
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The growing global automotive industry is expected to be the key driver of the automotive V2X market. Automotive V2X technologies are mainly used in passenger cars and commercial vehicles. Forbes estimates that global auto sales will increase by 5% in 2022 to 86.9 million and 4% in 2023 to 89.7 million. According to McKinsey, the automotive revenue pool from traditional car sales and aftermarket products/services is expected to reach about $5.2 trillion, up by 50% from about $3.5 trillion in 2015. Overall global car sales will continue to grow at an annual rate of around 2% by 2030. The automotive industry in India is expected to reach $251.4-282.8 billion by 2026. This growth in the automotive industry will drive the automotive V2X industry growth.
Major players covered in the global automotive V2X industry are Robert Bosch GmbH, NXP Semiconductors N.V., HARMAN International (Samsung Electronics Co. Ltd.), Continental AG, Lear Corporation.
TBRC’s automotive V2X market report is segmented by technology into emergency vehicle notification, automated driver assistance, passenger information system, line of sight, others, by vehicle type into passenger cars, commercial vehicles, by connectivity into DSRC, cellular, by communication into vehicle to vehicle (V2V), vehicle to infrastructure (V2I), vehicle to pedestrian (V2P), vehicle to grid (V2G), vehicle to cloud (V2C), vehicle to device (V2D).
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