Global V2X Market Driven by the Increasing Demand for Real-Time Traffic Data
The global V2X market, according to a new research report published by Market Research Future (MRFR), is poised to record a considerable market valuation at a modette CAGR over the assessment period. Automotive V2X Market is projected to be worth USD 15 billion by 2028, registering a CAGR of 35% during the forecast period (2021 – 2027), The market was valued at USD 767 million in 2020. The connectivity provided by the applied information solutions enables the infrastructure to communicate with any cloud-connected vehicles. Technologies such as applied information and TravelSafely smartphone app connect drivers to the infrastructure, providing the first application of connected vehicle technology.
The global vehicle to vehicle (V2V) communication market is growing rapidly. The market growth attributes to the penetration of automotive information & communication technologies. Besides, the proliferation of sensor technologies and increasing demand & popularity for luxury cars drive the growth of the market. Moreover, the growing adoption of traffic management systems, intelligent transport management systems, grouptalk services escalates market growth.
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Prominent players profiled in the global V2X market report include
STMicroelectronics NV, Denso Corporation, Delphi Technologies, Robert Bosch GmbH, Infineon Technologies AG, and Continental AG.
Drivers and Restraints
The V2X market has observed remarkable growth in recent times, primarily due to the start of advanced technology in automobiles as innovative driver assistance methods. Rapidly growing safety concerns among consumers, and increased emphasis by the insurance corporations, the market for V2X is predicted to register a high growth rate. Increasing demand for vehicles and the continually growing production is expected to have a significant contribution in the V2X market. Rapid developing infrastructure across the globe to accommodate the altering tide in the automotive industry will have a promising impact on the V2X market.
Furthermore, growing demand for real-time traffic data and the expansion of connected vehicles are projected further to enhance the need for V2X in the market. With government authorities framing policies to backing major automotive producers to push for technological improvement, the demand for V2X is slated for notable growth over the review period.
On the other hand, the high primary cost connected with V2X is likely to act as a significant limiting factor in the global V2X market over the foreseeable future.
By Communication Type
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The global market for V2X has been analyzed based on propulsion, communication type, and component type. Based on the communication type, the v2x market has been segmented into V2C, V2V, V2G, V2P, V2D, and V2I. Based on the component type, the V2X market has been segmented as Hardware and Software. Based on the propulsion type, the global V2X market has been bifurcated into E.V. and ICE.
On the basis of region, the global V2X market has been analyzed in North America, Middle East & Africa, Asia Pacific, Europe, and Latin America.
Additionally, the Asia Pacific region is one of the key regional markets across the world for V2X and is slated to record a considerable market share through the review period. The V2X market is presently thriving in the Asia Pacific region. The increasing vehicle manufacture in this region is one of the major driving factors for the growth of the market. Improving infrastructure in this region, along with emerging living standards, has positively impacted the automotive industry as a whole. Increasing The availability of vehicle electrification in the Asia Pacific region is also anticipated to impact the V2X market positively. The low-cost labor in the Asia Pacific has also been a critical factor in the V2X market. Furthermore, the rapidly growing automotive infrastructure in this region is anticipated to lay the foundation for the swift expansion of the automotive industry.
North America and Europe are the two other substantial regions, primarily due to the established automotive industry in these regions. The presence of primary producers in the developed economies of these regions is also a key driver for the V2X industry. Growing investment in research and development allows producers in this region to create new methods and products to tap capitalizing on the impending market trends.
The automotive industry in Latin America and the Middle East is at a promising stage, which offers favorable conditions for V2X market growth. The market for V2X is predicted to have steady growth over the review period. These regions are likely to be profitable in the foreseeable future, with numerous automotive manufacturers growing investments to capitalize on the ample demand in these regions.
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