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V2X Communications Market to Drive Connected Automotive Innovation - Global Insights 2024
V2X Communications Market Driver
According to The Business Research Company's, The automotive vehicle to everything (V2X) communications market size has grown exponentially in recent years. It will grow from $2.90 billion in 2023 to $3.60 billion in 2024 at a compound annual growth rate (CAGR) of 24.2%. The growth in the historic period can be attributed to increased awareness about traffic safety benefits, increased consumer demand for advanced safety features, growth in the concern about cybersecurity threats, growth in the need for enhanced situational awareness and collision avoidance systems, growth in investments in research and development.
The automotive vehicle to everything (V2X) communications market size is expected to see exponential growth in the next few years. It will grow to $8.6 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. The growth in the forecast period can be attributed to increasing demand for connected vehicles, rising industrialization and urbanization, increasing demand for advanced technology, increasing focus on smart cities, rising adoption of smart automobiles. Major trends in the forecast period include technological advancements, accelerated deployment of 5G networks, integration with connected and autonomous vehicles, expansion of cellular V2X (C-V2X) technology, smart city infrastructure.
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Market Drivers and Trends:
The increasing demand for connected vehicles will propel the growth of the automotive vehicle to everything (V2X) communications market going forward. Connected vehicles refer to automobiles equipped with internet connectivity and onboard sensors or gadgets that allow them to communicate with other vehicles, infrastructure, and external systems. The demand for connected vehicles is rising due to several factors, such as 5G connectivity, an increasing focus on safety, and consumer demand for enhanced connectivity features. Automotive vehicle-to-everything (V2X) communications allow connected vehicles to communicate and work with one another and with their surroundings, resulting in safer, more efficient, and environmentally friendly transportation systems. For instance, in August 2021, according to the Australian Computer Society, an Australia-based professional association, there were around a million connected cars in Australia, which is projected to rise to 10 million by 2030. Therefore, the increasing demand for connected vehicles is driving the growth of the automotive vehicle to everything (V2X) communications market.
The major companies operating in the automotive vehicle to everything (V2X) communications market are focused on developing innovative products and tools, such as hardware security modules, to safeguard V2X communication and drive their revenues in the market. A hardware security module (HSM) is an external physical security unit put in electronic control units (ECUs) within cars to protect communications and functional control systems using message cryptography. For instance, in October 2021, Infineon Technologies AG, a Germany-based technology company, launched the SLS37 V2X, an advanced security module designed to enhance the security and efficiency of V2X communication in connected vehicles. This solution was specifically developed to secure V2X communication in automobiles by protecting the integrity, authenticity, and privacy of messages sent between V2X applications and telematics control units. The module serves automotive OEMs (original equipment manufacturers), Tier-1 suppliers, and software providers involved in the development of connected vehicles by offering a plug-and-play security solution that meets the security requirements of V2X applications.
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Major Key Players of the Market:
Volkswagen Group, Toyota Motor Corporation, The Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, AT&T Inc, Honda Motor Co. Ltd, Hyundai Motor Company, Robert Bosch GmbH, Tesla Inc, Nissan Motor Corporation, Panasonic Holdings Corporation, Cisco Systems Inc, Denso Corporation, Qualcomm Technologies Inc, Continental AG, Volvo Car Corporation, Aptiv PLC, NXP Semiconductors N.V, BorgWarner Inc, Visteon Corporation, Harman International Industries Inc, Mobileye
Automotive Vehicle To Everything (V2X) Communications Market 2024 Key Insights:
• The automotive vehicle to everything (V2X) communications market size is expected to see exponential growth in the next few years. It will grow to $8.6 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%.
• Impact Of Increasing Demand For Connected Vehicles On The Automotive Vehicle To Everything (V2X) Communications
• Innovative Hardware Security Modules (HSMs) For Enhanced Automotive V2X Communications Security
• Europe was the largest region in the automotive vehicle to everything (V2X) communications market in 2023
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