LONDON, Dec. 14, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the automotive V2X market, the global automotive V2X market is expected to grow from $517.31 million in 2020 to $619.42 million in 2023 at a compound annual growth rate (CAGR) of 19.7%. The growth of the automotive V2X market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The automotive V2X market is expected to reach $2,258.04 million in 2025 at a CAGR of 38.2%.
The automotive V2X market consists of sales of automotive V2X technologies by entities (organizations, sole traders, and partnerships) that are mainly used to increase safety and prevent collisions. Vehicle to Everything (V2X) is a communication system used in a vehicle that supports the exchange of the from a vehicle to moving components of the traffic system that may have an impact on the vehicle. The technology improves traffic efficiency by notifying drivers to approach traffic, offering other routes to avoid traffic, and spotting unoccupied parking spaces.
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The main types of technologies in automotive V2X are emergency vehicle notification, automated driver assistance, passenger information system, line of sight, others, with various connectivities such as DSRC, cellular. The emergency vehicle notification technology provides an emergency vehicle notification system which is a method for notifying traffic of an approaching emergency vehicle. The different vehicle types include passenger cars and commercial vehicles. The several types of communications involved in automotive V2X are vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), vehicle-to-grid (V2G), vehicle-to-cloud (V2C), and vehicle-to device (V2D).
North America was the largest region in the automotive V2X market in 2020. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive V2X market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Business Research Company’s report titled Automotive V2X Global Market Report 2023 – By Technology (Emergency Vehicle Notification, Automated Driver Assistance, Passenger Information System, Line Of Sight), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Connectivity (DSRC, Cellular), By Communication (Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Pedestrian (V2P), Vehicle-To-Grid (V2G), Vehicle-To-Cloud (V2C), Vehicle-To Device (V2D)), COVID-19 Growth And Change covers major automotive V2X companies, automotive V2X market share by company, automotive V2X manufacturers, automotive V2X market size, and automotive V2X market forecasts. The report also covers the global automotive V2X market and its segments.
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Growing technological advancements such as LTE-V2X technology are a key trend gaining popularity in the automotive V2X market. LTE-V2X technology is an innovative information and communication technology that is used in road transportation systems to allow information to be exchanged between vehicles, humans, networks, and infrastructure. Major companies operating in the automotive V2X sector are focused on developing LTE-V2X technology to strengthen their position. For instance, in 2019, Qualcomm, a US-based semiconductor company launched a Snapdragon automotive 4G platform, which is a 6th generation multimode LTE modem with integrated V2X technology used for automotive vehicles. Vehicle-to-vehicle (V2V) and vehicle-to-roadside infrastructure (V2I) communications for safety, high bandwidth, and low latency teleoperations, precision location, and multi-gigabit cloud connectivity are all advantages of these platforms.
In February 2023. Harman International, a USA-based company focused on connected devices for automotive in customer and enterprise markets acquired the resources of Savari, Inc. for an undisclosed amount. With the acquisition of Savari, Harman International aims to improve its car telematics and Advanced Driving Assistance Systems (ADAS) related to the automotive v2x market, and extend the organization’s qualities in 5G Edge, Multi-Access Edge Computing (MEC). Savari is a USA-based automotive innovation company creating new technologies in vehicle-to-everything technology (V2X) and 5G Edge markets.
Major players in the automotive V2X industry are Autotalks Ltd., Continental AG, Denso Corporation, Harman International, Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies Inc., Robert Bosch, Cohda Wireless, STMicroelectronics, TE Connectivity Ltd., Qorvo Inc., Ford Motor Company, Danlaw Inc., and Amphenol Corporation.
Automotive V2X Global Market Report 2023 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide automotive V2X market overviews, automotive V2X market analyze and forecast market size and growth for the whole market, automotive V2X market segments and geographies, automotive V2X market trends, automotive V2X market drivers, automotive V2X market restraints, automotive V2X market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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