Yahoo Finance Automotive V2X Market Is Expected To Reach around USD 11,088.1 Million by 2030, Grow at a CAGR Of 45.2% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, In 2021, Asia Pacific had the biggest share of the automotive V2X market, which was worth USD 259.0 Million.
Farmington, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The Global Automotive V2X Market Size Was Valued At USD 628.9 Million In 2021. The Market Is Projected To Grow From USD 813.9 Million In 2022 To USD 11,088.1 Million By 2030, Exhibiting A CAGR Of 45.2% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. Compared to what it was before the pandemic, demand is lower than expected in all areas. Our research shows that the world market was 10.8% smaller in 2020 than in 2019.
Vehicle-to-everything lets the car and the things around it talk to each other in real time. It can be used in many ways, such as between vehicles, between vehicles and pedestrians, and between vehicles and infrastructure. By letting cars talk to each other and the infrastructure around them, this technology makes it easier for cars to drive themselves, speeds up traffic, and makes roads safer. This lets people come up with smarter and more connected solutions.
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Recent Developments:
October 2021 – Brandmotion LLC, an automotive safety technology company, announces a collaboration with DENSO Products and Services Americas to provide a one-stop service for cities looking to equip their cars with advanced V2X technology.
October 2021 – Infineon Technologies announced the release of the SLS37 V2X Hardware Security Module (HSM) and plug-and-play security solution for V2X communications. The SLS37 V2X HSM is based on a highly secure, tamper-evident microcontroller tailored to the security requirements of V2X applications within telematics control units.
Segment Overview
Connectivity Type Insights
Based on the type of connection, the market is divided into two groups: DSRC and cellular. In 2021, the DSRC segment had the biggest share of the market because it was easy to set up, the technology was already designed, and data security standards had been tested.
Over the next few years, the cellular segment of the market is expected to have a higher CAGR. Cellular vehicle-to-everything is a flexible and cost-effective way to connect short-range and long-range devices securely over a large area. It has more safety features, can hold more people, and is less likely to stop working. Because of these things, this part of the market will grow.
Communication Type Insights
Vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), and other types of communication make up the different parts of the market. The V2V segment made up most of the market. V2V lets drivers know the speed, direction, and location of other vehicles, as well as their own speed, direction, and location. It can also warn them about possible dangers like blind spots, heavy traffic, intersections, and problems with the terrain, among other things. Because of these things, this part of the market will grow.
Vehicle Type Insights
Based on the type of vehicle, the market is divided into two groups: passenger cars and commercial vehicles. Passenger cars made up the biggest part of the market. Major automakers are already using V2X. For example, by putting DSRC technology in more than 100,000 Lexus and Toyota cars and trucks, Toyota has helped make progress in vehicle-to-everything. Volkswagen's new Golf models in Europe also come with DSRC-based vehicle-to-everything features. Because of these things, this part is the most important.
Unit Type Insights
Based on the type of unit, the market is split into the on-board unit (OBU) and the roadside unit (RBU). The OBU segment had the largest share of the market because it is the most important part for sharing data in real time with other OBUs in other vehicles and roadside networks. It is also easy to add new apps because of its software platform. The RSU market segment is also expected to grow well because, among other things, deployment costs are going down, they help manage traffic flow, and they make drivers and pedestrians safer.
Regional Outlook:
In 2021, Asia Pacific had the biggest share of the automotive V2X market, which was worth USD 259.0 million. In this area, companies that make technology for telecommunications and companies that make cars are the ones most likely to work on "vehicle-to-everything" development. It is expected that Japan and China will have the most advanced technologies in the Asia-Pacific region. In the Yongchuan district of Chongqing, for example, a 20-square-kilometer area is being used as a "vehicle-to-everything pilot zone" to test level 4 autonomous vehicles, which can almost always drive themselves without a person in charge.
People expect Europe to do well on the market. For vehicle-to-everything communication, there were a lot of research projects, industrial groups, and joint tests in the area. For example, the CAR 2 CAR Communication Consortium is made up of a number of automakers and technology companies. Its main goal is to make intelligent transportation systems and put them to use on European roads.
North American automakers are using vehicle-to-everything technology more and more, so the market is expected to grow a lot there. Honda is working with the Ohio Department of Transportation to make the U.S. State Route 33 Smart Mobility Corridor the most dense V2X environment of its kind. In a similar way, Audi and the Virginia Department of Transportation (DOT) announced a pilot programme for cellular vehicle-to-everything deployments that will start in the third quarter of 2020. (Q3).
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Scope of Report:
Report Attributes | Details |
Growth Rate | CAGR of 45.2% from 2023 to 2030. |
Revenue Forecast by 2022 | USD 813.9 Million |
By Connectivity Type | DSRC, Cellular, Others |
By Communication Type | Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), Others |
By Vehicle Type | Passenger Cars, Commercial Vehicles, Others |
By Unit Type | Roadside Unit, Onboard Unit, Others |
By Companies | Denso Corporation (Japan), Aptiv (Ireland), Infineon Technologies AG (Germany), Continental AG (Germany), Qualcomm Technologies, Inc. (U.S.), Autotalks Ltd. (Israel), Cohda Wireless (Australia), Kapsch TrafficCom (Austria), Savari Inc. (U.S.), Lear Corporation (U.S.), LG Electronics (South Korea), Ford Motor Company (U.S.), Robert Bosch GmbH (Germany), NXP Semiconductors (Netherlands), Harman International (U.S.) |
Regions and Countries Covered |
|
Base Year | 2022 |
Historical Year | 2017 to 2022 |
Forecast Year | 2023 to 2030 |
Trends:
Many automakers, like Daimler, SAIC, Ford, Tesla, Audi, PSA, Nissan, BMW, and Lexus, support cellular vehicle-to-everything. It is also backed by some of the biggest companies that make mobile phones and telecommunications equipment. For example, Ford has promised to put C-V2X in all new U.S. cars starting in 2022, depending on how the Federal Communications Commission decides to divide up the radio waves. The company also planned to put this technology in all Ford cars sold in China by 2021. So, C-V2X will help this market grow faster because it is being used more and more.
Driving Factors:
A 2018 WHO report on road safety says that more than 1.3 million people die in traffic accidents every year. The U.S. Department of Transportation (DOT) has found that vehicle-to-everything can reduce traffic accidents by 80%. It could help cut down on traffic deaths by finding things that can't be seen and letting the driver know about them.
For example, a V2X application like Emergency Brake Light could warn the driver of the car behind it if the car in front of it suddenly slowed down while making a blind turn. This could stop an accident. The U.S. Department of Transportation says that vehicle-to-everything would save more than 1,000 lives per year and stop 2.3 million non-fatal injuries. These things will help the market grow because of this.
Restraining Factors:
Testing V2X in cars is hard because it costs a lot to set up test tracks, real vehicles, and the infrastructure needed for testing. Setting up high-density traffic that can go in a million different ways is also hard and expensive. Also, there are some situations in traffic that are too dangerous to test with people. For example, Abnormal Vehicle Warning (AVW), Control Loss Warning (CLW), and Hazardous Location Warning (HLW) are all applications that need to be tested (HLN). The specific spectrum isn't always available, which makes it hard to test on real roads. Also, it's hard to make test situations happen in the real world. So, these things will make the automotive V2X market grow more slowly.
Key Segments Covered:
Top Market Players:
Denso Corporation (Japan), Aptiv (Ireland), Infineon Technologies AG (Germany), Continental AG (Germany), Qualcomm Technologies, Inc. (U.S.), Autotalks Ltd. (Israel), Cohda Wireless (Australia), Kapsch TrafficCom (Austria), Savari Inc. (U.S.), Lear Corporation (U.S.), LG Electronics (South Korea), Ford Motor Company (U.S.), Robert Bosch GmbH (Germany), NXP Semiconductors (Netherlands), Harman International (U.S.), and others.
By Connectivity Type
DSRC
Cellular
Others
By Communication Type
Vehicle-to-Vehicle (V2V)
Vehicle-to-Infrastructure (V2I)
Vehicle-to-Pedestrian (V2P)
Others
By Vehicle Type
Passenger Cars
Commercial Vehicles
Others
By Unit Type
Roadside Unit
Onboard Unit
Others
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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