Press release
Why Invest in Automotive V2X Global Market Size Reach $6.84 Billion Growing at a CAGR of 44.7% by 2028 | Lear Corporation, Continental AG, LG Electronics, Aptiv PLC, Autotalks Ltd.
Why Invest in Automotive V2X Market Trends
Automotive V2X Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.84 billion In 2028 At A CAGR Of 44.7% :
The automotive v2x market size has grown exponentially in recent years. It will grow from $1.09 billion in 2023 to $1.56 billion in 2024 at a compound annual growth rate (CAGR) of 43.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in investments in smart cities, increase in occurrences of vehicle theft, increase in occurrences of vehicle theft and rise in demand for autonomous mobility.
The automotive v2x market size is expected to see exponential growth in the next few years. It will grow to $6.84 billion in 2028 at a compound annual growth rate (CAGR) of 44.7%. The growth in the forecast period can be attributed to rapid urbanization, increasing safety features in automobiles, growing automotive industry and growing demand for electric vehicles (ev). Major trends in the forecast period include focus on advanced vehicle-to-everything (v2x) connectivity solutions to provide reliable products to their customers and strengthen their market, focus on new c-v2x technology pilot projects. pilot projects provide concrete evidence that c-v2x technology works in practical settings, focus on advancements in technology to provide reliable products to their customers and to strengthen their position in the market, focus on use of 5g technology in automotive v2x, focus on partnerships and collaborations to expand their product portfolio and geographic presence, focus on increasing adoption of cellular v2x to enhance safety of vehicles, focus on integration of artificial intelligence (ai) technology and focus on the installation of cybersecurity systems. cyber security systems are designed to combat threats to protect devices, networks, programs and personal information in networked systems.
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Automotive V2X Market Major Segments
The automotive v2x market covered in this report is segmented -
1) By Technology, Emergency Vehicle Notification, Automated Driver Assistance, Passenger Information System, Line Of Sight, Others
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Connectivity: Direct Short-Range Communications (DSRC), Cellular
4) 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)
Key Driver - Surging Demand For Fully Autonomous Vehicles Accelerates Growth In The Automotive V2X Market
The increase in demand for fully autonomous vehicles is expected to propel the growth of the automotive V2X market in the coming years. Autonomous vehicles are defined as self-driving vehicles that move without any human intervention or require very little human intervention. V2X offers an advantage in automatic vehicles since it delivers information about objects that other sensors are unable to detect. Also, it can improve traffic efficiency by giving information about traffic signals. For instance, in July 2021, according to Close Brothers Asset Finance, a UK-based firm providing advice and investment management services, it is expected 73% of all cars will have some level of autonomy (Levels 1-3) by 2025 in the UK and while 40% of people polled would be willing to use fully autonomous or semi-autonomous cars. Thus, the increasing demand for fully autonomous vehicles drives the growth of the automotive V2X market.
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Prominent Trend - Automotive V2X Market Embraces Lte-V2X Technology For Advanced Communication Solutions
The 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 September 2022, Cohda Wireless, an Australia-based developer of safe vehicle and connected vehicle design solutions and services, launched the MK6 Road-Side Unit (RSU) to enhance communication technology in connected vehicles. MK6 Road-Side Unit (RSU) is a sophisticated and adaptable vehicle-to-everything connectivity solution to assist the adoption of connected cars on the world's smartest roads and highways with comprehensive communication capabilities which includes DSRC, C-V2X, LTE/5G, and Wi-Fi/Bluetooth and provides users with the reliability, flexibility, and interoperability they require to embark on deployments anywhere in the world.
Automotive V2X Market Players
Major companies operating in the automotive v2x market report are Robert Bosch GmbH, NXP Semiconductors N.V., Samsung Electronics Co. Ltd., Lear Corporation, Continental AG, Qualcomm Technologies, Inc., LG Electronics, Aptiv PLC, Autotalks Ltd., Infineon Technologies AG, STMicroelectronics, Renesas Electronics, Aisin Automotive, Jost India, Mando Automotive India Pvt. Ltd, Automotive Axles Ltd, Denso India Pvt Ltd, Volvo Cars, Audi AG, Fibocom, Mercedes, Cohda Wireless, BMW Group, Delphi Technologies, Avtovaz, Avtotor, Kamaz, Sreda Ltd., Fort Telecom, Savari Inc., Harman International, Ford Motor Company, Verizon Communications, AT&T, Goodyear Middle East.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the automotive V2X market in 2023. 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, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive V2X Market Report Structure
3. Automotive V2X Market Trends And Strategies
4. Automotive V2X Market - Macro Economic Scenario
5. Automotive V2X Market Size And Growth
…..
27. Automotive V2X Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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