Automotive V2X Market Share, Size, Growth, Trends And Forecast 2024-2032

IMARC Group's report titled "Automotive V2X Market Report 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)), Connectivity (Dedicated Short-Range Communication (DSRC), Cellular-V2X (C-V2X) Communication), Vehicle Type (Passenger Cars, Commercial Vehicles), and Region 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:

● Rising Safety Concerns:

The growing adoption of automotive V2X due to the increasing number of road accidents across the globe is offering a positive market outlook. In addition, the rising focus on enhanced safety among individuals is impelling the market growth. Furthermore, V2X technologies offer a proactive approach by allowing vehicles to communicate with each other, infrastructure, pedestrians, and networks. This communication enables real-time exchange of critical data, such as vehicle speed, position, and road conditions, facilitating early warning systems and collision avoidance. V2X systems help mitigate accidents and reduce fatalities on the roads by providing drivers with enhanced situational awareness and predictive capabilities.

● Increasing Number of Connected Vehicles:

The rising adoption of connected vehicles that are equipped with advanced communication capabilities is supporting the growth of the market. Individuals are increasingly preferring vehicles that offer not only transportation but also connectivity, convenience, and safety features. Moreover, V2X technologies enable vehicles to communicate with each other and the surrounding infrastructure, facilitating features, such as real-time traffic updates, predictive maintenance, and emergency assistance. Apart from this, key players are integrating V2X systems into their product offerings to stay competitive in the market and meet the evolving expectations of individuals.

● Traffic Congestion:

The rising traffic congestion due to rapid urbanization is strengthening the market growth. Additionally, V2X technologies address these challenges by optimizing traffic flow, reducing congestion, and improving overall transportation efficiency. These systems enable dynamic routing, adaptive traffic signal control, and coordinated intersection management through real-time communication between vehicles, infrastructure, and traffic management systems.  Apart from this, urban planners, policymakers, and transportation authorities are recognizing the potential of V2X systems to transform urban mobility, which is propelling the growth of the market.   

Leading Companies Operating in the Global Automotive V2X Industry:

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

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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 can address critical safety challenges beyond the capabilities of onboard sensors.

By Connectivity:

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

Cellular-V2X (C-V2X) communication holds the biggest market share on account of its high reliability, low latency, and extensive coverage.  

By Vehicle Type:

● Passenger Cars
● Commercial Vehicles

Passenger cars account for the largest market share due to the rising need for seamless driving experience among individuals.  

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 a leading position in the automotive V2X market, which can be attributed to the thriving automotive sector.    

Global Automotive V2X Market Trends:

Governing agencies of several countries are mandating the integration of V2X technologies into vehicles to address road safety challenges and improve traffic management. These regulations set standards and requirements for automotive manufacturers to incorporate V2X systems. Regulatory bodies are recognizing the potential of V2X technologies to enhance road safety, reduce traffic congestion, and pave the way for autonomous vehicles. Furthermore, compliance with these regulations is becoming a crucial factor for automotive manufacturers to remain competitive in the market.

Besides this, advancements in communication technologies, such as fifth generation (5G) networks and low-latency communication protocols, are enhancing the performance and capabilities of V2X systems, making them more attractive to automotive manufacturers and individuals.

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