Automotive Vehicle to Everything (V2X) Market: Current Analysis and Forecast (2022-2028)

Automotive Vehicle to Everything (V2X) Market: Current Analysis and Forecast (2022-2028)

Global Automotive Vehicle to Everything (V2X) Market is expected to grow at a significant rate of around 42% during the forecast period. Automotive Vehicle to Everything (V2X) is a technology to connect cars with the surroundings like infrastructure, and other vehicles that help the vehicle to get the information about direction, distance, and location of pedestrians and other vehicles. Moreover, to increase the safety of road users and riders’ automotive vehicles to everything (V2X) is introduced. In addition, the market’s key players are introducing the technology and are responsible for the lucrative growth of the market. For instance, In August 2021, Hyundai Motor (South Korea) formed a strategic partnership with Autotalks through a direct investment to accelerate the development and deployment of the next-generation chipset for connected cars

Capgemini Engineering, Autotalks Ltd, Continental AG, Harman International Industries, Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies Inc, Robert Bosch GmbH, Savari Inc, STMicroelectronics are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst connectivity, Cellular Connectivity category to witness robust CAGR during the forecast period”

Based on type, the market is categorized into Cellular Connectivity and Dedicated Short Range Communication (DSRC). The Cellular Connectivity category to witness higher CAGR during the forecast period. As cellular connectivity has a wide coverage and great connectivity option. Moreover, cellular connectivity owing to its extensive coverage will require substantial time for deployment. In addition, cellular with its strong potential and exact response is the reason for gaining lucrative growth in this market.
"Amongst communication, the Vehicle-to-Vehicle (V2V) hold a significant share in the market in 2020”

Based on communication, the market is categorized into vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), vehicle-to-pedestrian (V2P), vehicle-to-cloud (V2C), and others. Among these, vehicle-to-vehicle (V2V) hold a significant share in the market in 2020. This is mainly due to the growing cases of accidents all over the world. Moreover, the V2X technology helps to connect with the surrounding vehicles and inform the driver about their location, direction, the speed which reduces the chances of any mishappening.
"Amongst vehicle type, passenger cars hold a significant share in the market in 2020”

Based on the vehicle type, the market is categorized into commercial vehicles and passenger cars. Among all these, Passenger Cars hold a significant share of the market in 2020. Moreover, with an increase in traveling and the growing preference of the population for the passenger vehicle and for the safety of passengers, V2X technology in the passenger type vehicle is driving the growth of this market. Moreover, factors such as the growing demand for passenger cars among private customers, the potential to reduce collisions, and increase extra safety for the rider as well as everything around.
"Asia-Pacific to hold a significant share in the market”

In 2020, Asia-Pacific held a significant share of the global automotive vehicle to everything (V2X) market. The area has become a center for the manufacture of automobiles. Demand for Automotive Vehicle to Everything (V2X) has increased in the Asia Pacific due to rising environmental concerns and the rising purchasing power of the populace. As two of the world's top producers of electronics, South Korea and Japan would be able to create V2X systems that perform better and are more affordable. Additionally, the important players' confidence to enter this market has increased because of the rising demand in the area. Moreover, to increase the safety of the road users and the riders as well. For instance, according to the Ministry of Road Transport And Highways, a total of 1,20,806 fatal accidents were reported in 2020

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