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Automotive Vehicle-to-Everything (V2X) Market Size
Automotive Vehicle-to-Everything (V2X) Market size surpassed over USD 2.5 Billion in 2022 and is anticipated to grow at 25% CAGR from 2023 to 2032 owing to the development of smart cities and Intelligent Transportation Systems (ITS). The industry is a highly competitive & dynamic, driven by advancements in automotive technology, the increasing demand for connected vehicles, as well as the need for enhanced road safety and traffic efficiency.
The high cost of implementing robust data privacy & security measures can add to V2X deployment costs, which is expected to restrain automotive vehicle-to-everything market growth. Encryption algorithms, secure communication protocols, and other cybersecurity technologies require additional resources and investments. This can impact the affordability and cost-effectiveness of V2X solutions, particularly for smaller companies or price-sensitive markets, which may be hesitant to invest in the necessary security infrastructure.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 2.5 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 25% |
| 2032 Value Projection: | USD 25 billion |
| Historical Data for: | 2018 – 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 515 |
| Segments covered: | Connectivity Type, Communication Type, Component, Vehicle Type, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Automotive Vehicle-to-Everything (V2X) Market Trends
The increasing demand for cars with advanced safety, comfort, and convenience systems is surging the adoption of autonomous and connected vehicles. The rising demand for fundamental vehicle connectivity applications including real-time updates, navigation, and in-car infotainment has been largely attributed to the increased demand for connected car services. The growing demand for connectivity solutions, the introduction of the Internet of Things (IoT) in the automotive industry, and the increasing demand for an improved driving experience are the major factors contributing to the adoption of connected vehicles.
Automotive Vehicle-to-Everything (V2X) Market Analysis
Vehicle to infrastructure segment holds the significant automotive V2X market share in 2022. V2I communication is a critical component of the Intelligent Transportation System (ITS) that aims to enhance traffic management, optimize transportation infrastructure, and improve overall mobility. V2I communication enables communication with connected vehicles to avoid traffic congestion and improve road safety. As transportation authorities are emphasizing the need to launch ITS solutions to improve traffic flow & efficiency, the demand for V2I communication technologies is expected to grow.
The hardware segment of the automotive vehicle-to-everything industry expanded at over 25% growth rate in 2022. The increasing adoption of autonomous and connected vehicles is creating a market for chipsets to deal with onboard processes such as image & sensor data processing. These chipsets are compatible with 3GPP Release 14 C-V2X standards and use the 5.9 GHz ITS band for communication. Major Cellular Vehicle to Everything (C-V2X) technology companies are developing C-V2X chipsets to boost connected vehicle technology. Such initiatives will positively influence market growth.
The autonomous driving segment of the automotive vehicle-to-everything market observed 28% growth in 2022. The improvements in the automobile industry are expanding the use of autonomous driving to increase road safety. The most difficult challenge for an autonomous car is predicting human driver behaviours on the road.V2X technology plays a crucial role in ensuring the safety of pedestrians and cyclists in autonomous driving scenarios. By exchanging information with vulnerable road users, such as pedestrians wearing V2X-enabled devices or bicycles equipped with V2X technology, autonomous vehicles can detect their presence and take appropriate actions to avoid accidents. V2X technology provides an additional layer of safety by enhancing the awareness of autonomous vehicles about their surroundings.
Asia Pacific automotive vehicle-to-everything (V2X) market is poised to attain 26% gains till 2032. The Government of China is investing in V2X technology to increase traffic efficiency, reduce traffic congestion, and enhance road safety. To support the deployment & implementation of V2X systems, MIIT and the other regulatory bodies of the nation have issued several initiatives & programs, such as the Intelligent Connected Vehicles Development Plan and the Made in China 2025 Program, to boost the applications of V2X technology in infrastructure and transportation. Several countries of the APAC regions including Japan and South Korea are known for their high rate of technological advancements in the automotive and communications sectors. These countries have made significant progress in developing V2X technology and communication standards. They are leading in the deployment of V2X systems, conducting extensive trials, and investing in research & development to improve V2X capabilities & performance.
Automotive Vehicle-to-Everything (V2X) Market Share
The major companies operating in the Automotive V2X Market include
- Dreem124
- Eight Sleep
- Emfit Ltd.
- Garmin Ltd.
- Google LLC
- Koninklijke Philips
- N.V., Motive Inc
- Oura Health oy
- Sleepace
- SLEEPON
- Sleepme Inc.
- Sleep Number Corporation
- Tempur Pedic North America, LLC
- Ultrahuman Healthcare Pvt Ltd
- Whoop
- Withings
- Xiaomi Corporation
Automotive Vehicle-to-Everything (V2X) Industry News:
- In January 2023, Qualcomm Technologies announced its collaboration with transportation stakeholders to enhance road safety and promote sustainability. The efforts center around the utilization of the Snapdragon Auto Connectivity platform, which plays a pivotal role in advancing the overall safety of road users, optimizing transportation efficiency, and facilitating the widespread adoption of electric vehicles.
- In July 2022, NXP Semiconductors entered a partnership with Hon Hai (Foxconn) in Taiwan to enhance its capacity in developing connected car platforms for the mass market. This collaboration was an extension of their existing digital cockpit partnership, which was built on the utilization of NXP's i.MX application processors and the NXP Software Defined Radio (SDR) platform.
This market research report on automotive vehicle-to-everything (V2X) includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments:
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Market, By Connectivity
- Dedicated Short-Range Communications (DSRC)
- Cellular Vehicle-To-Everything (C-V2X)
Market, By Communication
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-infrastructure
- Vehicle-to-Person (V2P)
- Others
Market, By Component
- Hardware
- Software
Market, By Application
- Fleet Management
- Autonomous Driving
- Collision Avoidance
- Intelligent Transport Systems
- Parking Management Systems
- Others
Market, By Vehicle
- Passenger Vehicle
- Commercial Vehicle
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Poland
- Sweden
- Russia
- Netherlands
- Austria
- Switzerland
- Slovakia
- Czech Republic
- Norway
- Finland
- Denmark
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Thailand
- Malaysia
- Indonesia
- Australia
- Vietnam
- Cambodia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- MEA
- UAE
- South Africa
- Saudi Arabia
Frequently Asked Questions (FAQ) :