The Automotive Vehicle to Everything (V2X) market is expected to grow at an exponential CAGR of around 42% during the forecast period. Automotive Vehicle to Everything (V2X) is a technology that allows vehicles to communicate with the surrounding vehicles, pedestrians, and infrastructure. Moreover, the automotive vehicle to everything (V2X) is gaining momentum to increase the safety of road users, traffic efficiency, and energy saving with the help of high-speed connectivity. In addition, the growing demand for the technologies like road assistance, navigation, remote diagnostics, autopilot, SOS assistance, and connected parking is driving the growth of the market. Furthermore, the entry of global players into emerging markets adds to the growth of the market.
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For instance, In January 2020, Qualcomm Technologies Inc. introduced a new Qualcomm C-V2X reference platform for vehicular and roadside units (RSUs). It complements C-V2X communication solutions by offering computational power to deliver a full suite of 4G and 5G wireless and C-V2X solutions, including multi-frequency GNSS location services for precise positioning, V2X message security, signing and verifications, and V2X Intelligent Transport System (ITS) stacks
· Based on Connectivity, the market is segmented into Cellular Connectivity and Dedicated Short Range Communication (DSRC). The Cellular Connectivity category is to witness a higher CAGR during the forecast period owing to superior efficiency and mobility safety. Moreover, it is the advanced wireless that enables the vehicle to communicate virtually with everything around them including other vehicles, pedestrians, networks, roadside infrastructure, etc. In addition, raising concern about the safety of the vehicle and everything around it is helping to gain the lucrative growth of this market.
· Based on the communication, the market is categorized into vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), vehicle-to-pedestrian (V2P), vehicle-to-cloud (V2C), and others. Among all these, vehicle-to-vehicle (V2V) hold a significant share in the market in 2020. The vehicle-to-vehicle can provide the drivers with information on other vehicles including the speed, direction, and location, and alert the driver to be aware of any mishappening. The growing number of accidents by blind spots, heavy traffic, intersections, and other terrain issues is driving the growth of the market. For instance, according to the World Health Organization, approximately 1.3 million people die each year because of road traffic crashes.
· Based on the vehicle type, the market is categorized into commercial vehicles and passenger cars. Among all these, Passenger Cars hold a significant share of the market in 2020. Moreover, factors such as the growing demand for passenger cars among private customers is driving the growth of the market. In addition, the potential to reduce collisions, and increase extra safety for the rider as well as everything around.
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For a better understanding of the market adoption of the Automotive Vehicle to Everything (V2X) market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This region has emerged as a hub for automobile production. The increasing purchasing power of the population and increasing concerns over the environment have triggered the demand for Automotive Vehicle to Everything (V2X) in the Asia Pacific. Since South Korea and Japan are among the leaders in electronics, it would enable them to design V2X solutions with better performance at a lesser price. Moreover, the growing demand in the region has boosted the confidence of the key players to participate in this market, for instance, the Japanese car manufacturer and the Indian institute have teamed up to investigate how futuristic Vehicle-to-Everything – or V2X – communication technology would work in the country. Some of the major players operating in the market include Capgemini Engineering, Autotalks Ltd, Continental AG, Harman International Industries, Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies Inc, Robert Bosch GmbH, Savari Inc, STMicroelectronics.
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