New York, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Automotive V2X Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “V2X Market Research Report, Component, Communication Type, Propulsion and Region - Forecast till 2027” the market size is projected to be worth USD 52.41 billion by 2028, registering a CAGR of 50.2% during the forecast period (2021 - 2027), The market was valued at USD 767 million in 2020.
The fast track strategies and efforts made by key manufacturers for overcoming the huge loss can aid in recovering the damage resulting from the outbreak that in turn will help to reinforce the supply chain and also accelerate the market size. Further most companies have also provided the choice of work from home thus rise in remote working options has declined the requirement for passenger cars along with the demand for modern connected vehicle technologies. The semiconductor industry again is experiencing shortage in finished goods, materials, and components that is successively impacting the suppliers. The auto industry is experiencing reduced vehicles sales across the globe and shutting down of production facilities which are seriously impacting the availability chains. But with an aim for fighting the deadly virus, OEMs and suppliers are reconfiguring the plant capabilities for supplying medical equipment and PPE kits. Mahindra, for instance has built personal ventilators while Ford along with General Motors have manufactured PPE surgical gears and ventilators.
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Eminent players profiled in the global V2X industry report include-
Robert Bosch GmbH
Infineon Technologies AG
Continental AG., among others.
The global V2X market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
The global certification forum together with the 5G automotive association has announced a partnership for supporting the drive for safety, reliability, and interoperability of emerging cellular vehicle to everything C-V2X systems.
Browse In-depth Market Research Report (154 pages) on V2X Industry
V2X Market Drivers
Growing Adoption of Connected Cars to Boost Market Growth
The growing adoption of connected cars will boost market growth. Connected cars allow cars in communicating through V2X platform with drivers, road infrastructure, other cars, and the cloud. Such services enable automotive dealers, drivers, and fleet operators to optimize resource usage, automate certain driver functions, and improve safety while generating valuable data that includes road conditions and vehicle performance. Connected vehicles work via gathering information from their surroundings and communicating this to each other as also connect to the intelligent transportation infrastructure and offer real-time traffic data for improved infrastructure planning and better road management. Hence the need for connected car services has experienced to go up due to rise in need for basic vehicle connectivity applications like in-car infotainments, navigation, and real-time updates.
V2X Market Opportunities
Technological Advancements in Automotive Electronics to Offer Robust Market Opportunities
Technological advancements in automotive electronics such as cloud technology which are utilized for vehicle platooning will offer robust opportunities for the market in the forecast period.
V2X Market Restraints
Dip in Sales of Cars to act as Market Restraint
The huge fall in the sales of cars during the COVID-19 outbreak may act as a market restraint over the forecast period.
V2X Market Challenges
Security Problems to act as Market Challenge
Security issues related to data communication and the need for robust legal framework will act as major market challenges over the forecast period.
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V2X Market Segmentation
The global V2X market is segmented based on component, type, propulsion, and communication.
By component, the hardware segment will dominate the market in the forecast period at a 60.49% CAGR by 2026.
By communication type, the V2V segment will spearhead the market over the forecast period at a 44.27% CAGR by 2026.
By propulsion, the ICE segment will dominate the market over the forecast period at a 56.48% CAGR by 2026.
V2X Regional Analysis
Europe to Dominate V2X Market
Europe will dominate V2X market over the forecast period. Improved infrastructure facility that enables easy usage of V2X, the presence of different top players, the auto industry getting governed by strict safety and stringent emission norms, adaptive cruise control which uses V2V communication, blind-spot detection, the growing adoption of autonomous and semi-autonomous cars, and increasing adoption of V2X in Germany, France, and England, and the presence of several V2X communication manufacturers and automotive OEMs are adding to the global V2X market share in the region. Besides, the improved infrastructure facility, easy deployment of V2X, large scale adoption of V2X-equipped cars, and mergers of various top players to showcase C-V2X communications is also adding market growth.
Segmentation of Market covered in the research:
Information by Component (Hardware and Software), By Communication Type (V2C, V2D, V2G, V2P, V2V and V2I), By Propulsion (EV and ICE) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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