Automotive V2X Market to Surge from $2.57B to $11.72B by 2027, Europe Leading the Charge

Europe dominates the market in terms of revenue, followed by North America, Asia-Pacific, and LAMEA. U.S. led the global automotive V2X market share in 2019, and is expected to grow at a significant rate during the forecast period, due to increase in penetration connected vehicles and technological shifts in the automotive industry across the country.

The global automotive V2X market was valued at $2,565.6 million in 2019, and is projected to reach $11,718.7 million by 2027, registering a CAGR of 28.4%.

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Prime determinants of growth

Surge in adoption of connected cars and rapid increase in urbanization and industrialization drive the growth of the global automotive V2X market. However, high cost of implementation and security concerns related to data communication restrain the market growth. On the contrary, future potential of 5G & AI technology coupled with the advancement in cellular-V2X (C-V2X) technology and growth in developments in semi-autonomous and autonomous vehicles expected to provide new opportunities in the coming years.

Vehicle-to-everything (V2X) is a communication technology that allows a vehicle to communicate with other vehicles, road users, and infrastructure. The major purpose of V2X technology is to improve road safety, energy savings, and traffic efficiency on roads. Integration of high-end technologies in vehicles such as navigation, on-road assistance, remote diagnostics, eCall & SOS assistance, autopilot, and connected parking, and surge in usage of connecting technology are anticipated to create a requirement for automotive V2X market in the upcoming years.

Leading market players

Infineon Technologies AG
NXP Semiconductors
Qualcomm Technologies, Inc.
Robert Bosch GmbH
Savari, Inc.
STMicroelectronics
Altran
Autotalks Ltd.
Continental AG
HARMAN International

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The vehicle to vehicle segment to continue its lead position during the forecast period

By communication, the vehicle to vehicle segment accounted for the largest market share, contributing to nearly two-fifths of the global automotive V2X market in 2019, and will continue its lead position during the forecast period. This is due to changing infrastructural requirement for the connected cars. On the other hand, the Vehicle-to-Infrastructure (V2I) segment is expected to register the largest CAGR of 32.8% from 2020 to 2027. This is due to its ability to access the advisories from the infrastructure to the automotive which transfer the information regarding the mobility management, driver safety, and environmental conditions.

The passenger type segment to maintain its dominance in terms of revenue by 2027

By vehicle type, the passenger type segment contributed to the largest share in 2019, holding around 90% of the global automotive V2X market, and is projected to maintain its dominance in terms of revenue by 2027. In addition, this segment is expected to manifest at the fastest CAGR of 28.9% from 2020 to 2027, owing to high penetration of advanced technology in the passenger cars across the globe.

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Europe, followed by North America, to maintain its leadership status by 2027

By region, Europe, followed by North America, contributed to the highest market share in 2019, accounting for around one- third of the global automotive V2X market, and will maintain its leadership status by 2027. This is attributed to increasing penetration in digital technologies in this province.

However, Asia-Pacific is expected to witness the highest CAGR of 32.4% during the forecast period, owing to increasing number of connected cars in the region.

Key Findings Of The Study

By communication, the vehicle-to-infrastructure (V2I) segment is expected to register significant growth during the forecast period.
On the basis of connectivity, the cellular-V2X (C-V2X) communication segment is projected to lead the global market in terms of market share by the end of forecast period.
Depending on vehicle type, the passenger cars segment is expected to register significant CAGR during the forecast period.
Europe dominated the market in 2019, however, Asia-Pacific is expected to acquire the leading market position in the near future.

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