Automotive V2X Market to Observe Promising Growth by 2028
The global automotive V2X market is projected to grow from USD 2.6 billion in 2022 to USD 19.5 billion by 2028, at a CAGR of 39.7%. Parameters such as developments in connected car technology, in conjunction with the rise in demand for autonomous driving will upsurge the demand for the automotive V2Xs. Further, strong government support for V2X technology, coupled with advancements in 5G technology will create lucrative opportunities for the automotive V2X market. The major players in the automotive V2X market are Qualcomm Incorporated (US), Autotalks (Israel), Continental AG (Germany), Cohda Wireless (Australia), and Robert Bosch GmbH (Germany). These companies have strong product portfolio that offer automotive V2X technology for automotive manufacturers. These companies have adopted growth strategies such as partnerships, collaborations, and mergers & acquisitions to gain traction in the global automotive V2X market.
The Asia Pacific region is expected to be the largest market during the forecast period. Asia Pacific is estimated to account for the largest market share by 2028 in terms of volume and value, followed by Europe and North America. Asia Pacific is home to countries such as China, Japan, and South Korea, which are expected to take the lead in 5G adoption. The advancements in 5G technology would enable the adoption of cellular connectivity, which is expected to drive the Asia Pacific market during the forecast period.
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Europe region will hold the second largest market size in the automotive V2X market during the forecast period. Europe is home to some of the top players in the automotive V2X market, such as Continental AG, Robert Bosch GmbH, and Altran. The presence of these companies would also contribute to the growth of the European automotive V2X market during the forecast period. Many of the top vehicle manufacturers from the region, such as Daimler AG and Volkswagen AG, have incorporated V2X technology into their vehicles.
The passenger car segment is estimated to account for the largest share in terms of value as well as volume. The passenger car segment is the largest vehicle segment in the global automotive industry and is the most promising market for automotive V2Xs. The key factors driving the passenger car segment are the growing concerns over traffic safety and pollution levels. As per the US EPA, a typical passenger car emits 4.6 metric tons of CO2 per year. This value could be higher when considering the miles driven per year, fuel economy of the vehicle, etc. The application of V2X technology would help reduce traffic congestion through efficient driving, which helps reduce fuel consumption as well. In addition, the fatalities caused by passenger car accidents have been a concern among the public and governments, which could fuel the growth of this segment in the automotive V2X market.
Key Market Players:
Automotive V2X Market by Connectivity (DSRC, and Cellular), Communication (V2V, V2I, V2P, V2G, V2C, and V2D), Vehicle Type (Passenger Cars, and Commercial Vehicles), Propulsion (ICE and EV), Unit, Offering, Technology and Region – Global Forecast to 2028
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