Press release
Emerging Trends to Drive Automotive V2X Market Growth at 47.5% CAGR Through 2029
Automotive V2X Market Size
What Is the Expected CAGR for the Automotive V2X Market Through 2025?
The size of the V2X market in the automotive industry has seen exceptional growth recently. The market which is expected to stand at $1.59 billion in 2024, is projected to expand to $2.28 billion in 2025, marking a 43.3% compound annual growth rate (CAGR). Factors such as robust economic development in growing markets, heightened investments made towards smart city projects, increasing incidents of vehicle theft, and a surge in the demand for autonomous mobility can be cited as the driving forces behind the substantial growth experienced in the past.
What's the Projected Size of the Global Automotive V2X Market by 2029?
The V2X automotive market is anticipated to experience substantial growth in the upcoming years, with a projection to reach $10.76 billion by 2029 and a compound annual growth rate (CAGR) of 47.5%. This projected growth in the future can be credited to factors like swift urbanization, an increase in the safety features integrated into automobiles, expansion in the automotive industry, and a rising demand for electric vehicles (EVs). The forecasted period is expected to see key trends such as focusing on the development of advanced vehicle-to-everything (v2x) connectivity solutions, attention to new c-v2x technology pilot projects, tech advancements, adoption of 5g technology in automotive v2x, emphasis on partnerships and collaborations, a surge in the acceptance of cellular v2x to amplify vehicle safety, and the incorporation of artificial intelligence (AI) technology.
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Top Growth Drivers in the Automotive V2X Industry: What's Accelerating the Market?
The rise in the demand for fully self-operating vehicles is anticipated to spur the expansion of the automotive V2X market in the near future. Self-driving vehicles, which are defined as cars that run with little to no human intervention, could greatly benefit from V2X as it provides data concerning objects that other sensors can't detect. In addition to that, it can enhance traffic efficiency by offering information about traffic lights. For instance, a report issued by the Insurance Institute for Highway Safety, a non-profit organization based in the US, in December 2022 projected that by 2025 there would 3.5 million autonomous or self-driving cars traversing American streets. An additional 4.5 million autonomous vehicles are anticipated to be on the road by 2030. Therefore, the escalating demand for totally autonomous vehicles is fuelling the growth of the automotive V2X market.
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What Trends Will Shape the Automotive V2X Market Through 2029 and Beyond?
Advancements in technology, particularly in LTE-V2X, are shaping trends in the automotive V2X market. This groundbreaking information and communication technology has emerged as a critical component in road transportation systems, facilitating communication between vehicles, humans, networks, and infrastructure. Pioneers in the automotive V2X sector are investing in the development of LTE-V2X technology to maintain a competitive edge. For example, Australia-based Cohda Wireless, known for its safe vehicle and connected vehicle design solutions, introduced the MK6 Road-Side Unit (RSU) in September 2022, taking vehicle communication technology to new heights. The MK6 RSU is an innovative, flexible vehicle-to-everything connectivity solution developed to expedite the introduction of connected vehicles on intelligent roads worldwide. With an array of communication options, including DSRC, C-V2X, LTE/5G, and Wi-Fi/Bluetooth, it guarantees reliability and interoperability, enabling worldwide deployment.
What Are the Main Segments in the Automotive V2X Market?
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)
Subsegments:
1) By Passenger Cars: Sedans, Hatchbacks, SUVs (Sport Utility Vehicles), Coupes, Convertibles
2) By Commercial Vehicles: Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Buses And Coaches, Trucks, Vans
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Which Top Companies are Driving Growth in the Automotive V2X Market?
Major companies operating in the automotive V2X market include 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 Inc.
Which Regions Will Dominate the Automotive V2X Market Through 2029?
North America was the largest region in the automotive V2X market in 2024. 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.
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