With 35.7% CAGR, Automotive V2X Market Size Worth US$ 76.7 Billion by 2032 | IMARC Group

IMARC Group, a leading market research company, has recently released a report titled "Automotive V2X Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global automotive V2X market size reached US$ 4.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 76.7 Billion by 2032, exhibiting a growth rate (CAGR) of 35.7% during 2024-2032.

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Factors Affecting the Growth of the Automotive V2X Industry:

Safety Regulations:

Regulatory bodies in various countries are mandating the adoption of V2X technology in vehicles. This, in turn, is increasing the integration of V2X into vehicles. Moreover, safety is a paramount concern for regulatory authorities. V2X technology enables real-time communication between vehicles and infrastructure, providing crucial data about traffic conditions, road hazards, and potential collisions. By enforcing the use of V2X, regulators aim to enhance road safety and reduce accidents.

Connected and Autonomous Vehicles:

Connected and autonomous vehicles (CAVs) rely on V2X communication to enhance safety. They can exchange real-time data with other vehicles (V2V) and infrastructure (V2I), which enables them to anticipate and respond to potential hazards swiftly. This proactive safety approach is catalyzing the demand for V2X technology. In addition, fully autonomous vehicles require a high level of environmental awareness. V2X communication provides critical information about road conditions, traffic flow, and obstacles, allowing autonomous vehicles to make informed decisions. This growth of autonomous driving capabilities is fueling the need for robust V2X solutions.

Urbanization and Traffic Congestion:

V2X enables real-time communication between vehicles and infrastructure, allowing for better traffic management. Smart traffic signals can adjust their timing based on traffic flow, reducing congestion and improving the overall efficiency of urban transportation systems. With V2X, vehicles can receive information about traffic conditions and optimal routes, helping commuters make more informed decisions. This can lead to reduced commute times, making V2X technology an attractive solution. Besides this, V2X can facilitate efficient parking management by providing real-time information about available parking spaces.

key players operating in the Automotive V2x industry:

The report covers the major market players including:

Autotalks Ltd
Capgemini SE
Continental AG
HARMAN International (Samsung Electronics Co. Ltd.)
Infineon Technologies AG
NXP Semiconductors
Qualcomm Technologies Inc
Robert Bosch GmbH
STMicroelectronics.

Automotive V2X Market Report Segmentation:

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)

Vehicle-to-vehicle (V2V) represents the largest segment as it forms the foundation of safety-critical applications in the market, facilitating real-time exchange of information between vehicles to prevent accidents and improve road safety.

By Connectivity:

Dedicated Short-Range Communication (DSRC)
Cellular-V2X (C-V2X) Communication

Cellular-V2X (C-V2X) communication accounts for the majority of the market share due to its compatibility with existing cellular networks and ability to support a wide range of services, including safety, navigation, and infotainment, making it a versatile choice for automotive communication.

By Vehicle Type:

Passenger Cars
Commercial Vehicles

Passenger cars exhibit a clear dominance in the market owing to their wide consumer base, leading to greater adoption of V2X technology compared to commercial vehicles or other specialized vehicle types.

Regional Insights:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Asia Pacific enjoys the leading position in the automotive V2X market on account of its rapid urbanization and government initiatives promoting smart transportation solutions.

Global Automotive V2X Market Trends:

 V2X technology is utilized to reduce emissions and improve fuel efficiency. Applications like eco-routing help optimize routes to minimize environmental impact.

V2X is also becoming an integral part of the Internet of Things (IoT) ecosystem. It enables vehicles to communicate with various IoT devices and services, expanding the range of applications beyond traditional automotive use.

Other Key Points Covered in the Report:

COVID-19 Impact
Porters Five Forces Analysis
Value Chain Analysis
Strategic Recommendations

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This release was published on openPR.