According to the new market research report “Automotive V2X Market by Connectivity (DSRC, and Cellular), Communication (V2V, V2I, V2P, V2G, V2C, and V2D), Vehicle (Passenger Car, and Commercial Vehicle), Propulsion (ICE and EV), Unit, Offering, Technology, and Region – Global Forecast to 2028“, published by MarketsandMarkets™, The Automotive V2X Market is projected to grow at a CAGR of 44.2% to reach USD 12,859 million by 2028 from an estimated USD 689 million in 2020.
The demand for safe and connected vehicles, increased EV sales, government regulations to curb emissions, and need to reduce traffic congestion are driving the overall Automotive V2X Market. OEMs, in collaboration with automotive V2X players, have installed V2X in their models, which is expected to drive the growth of the Automotive V2X Market.
Browse and in-depth TOC on “Automotive V2X Market”
136 – Tables
50 – Figures
182 – Pages
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OBU is expected to hold the largest share of Automotive V2X Market, by unit
The increase in sales of vehicles equipped with V2X is the key factor driving the OBU segment, as every vehicle will be equipped with OBUs for V2X communication. Some of the top players in the Automotive V2X Market offering OBUs are Denso, Cohda Wireless, and Savari, among others. OBUs are the main units used for all communications such as V2V, V2I, and V2P.
ICE segment is estimated to be the fastest and largest Automotive V2X Market, by propulsion
The growth of the ICE segment is due to the fact that V2X directly helps in improving fuel economy, which further helps reduce pollution. The pollution caused by transportation is a major issue faced across the globe. The optimization of traffic by application of the V2X would enable the reduction of fuel consumption. The number of ICE vehicles equipped with V2X is high, and more vehicles are expected to be launched during the forecast period. This would also drive the ICE V2X market.
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North America is expected to be the fastest Automotive V2X Market, by region
The growth of the North American Automotive V2X Market can be attributed to the high sales of vehicles equipped with V2X, such as Cadillac CTS and Mercedes-Benz E-Class in the region. The presence of top V2X players such as Qualcomm Technologies, Harman International, and Savari would also contribute to the growth of the North American Automotive V2X Market.
The Automotive V2X Market is dominated by globally established players such as Robert Bosch GMBH (Germany), Continental AG (Germany), Qualcomm Technologies, Inc. (US), Autotalks Ltd. (Israel), and Delphi Technologies (UK). In September 2018, Autotalks announced the launch of the V2X solution. The second-generation V2X chipset is the only available solution capable of supporting both DSRC and C-V2X direct communications (PC5 protocol) at the highest security level. In April 2019, Qualcomm Technologies partnered with Audi AG, Ericsson, SWARCO Traffic Systems GmbH, and the University of Kaiserslautern to demonstrate the world’s first cross-border C-V2X direct communication in San Diego, California.
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