SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Automotive Vehicle-to-Everything (V2X) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: March 2022
Executive Engagements: 9196
Companies: 89 - Players covered include Autotalks Ltd.; BMW Group; Cisco Systems, Inc.; Cohda Wireless Pty Ltd.; Continental AG; General Motors Company; Harman International; Infineon Technologies; Kapsch TrafficCom AG; NXP Semiconductors; Qualcomm Technologies, Inc.; Robert Bosch GMBH; Savari Inc.; STMicroelectronics; Toyota Motor Corporation; Volkswagen AG and Others.
Coverage: All major geographies and key segments
Segments: Offering (Software, Hardware); Propulsion Type (Internal Combustion Engine (ICE), Electric); Connectivity (Dedicated Short Range Communication (DSRC), Cellular Connectivity); Vehicle Type (Passenger Cars, Commercial Vehicles)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Automotive Vehicle-to-Everything (V2X) Market to Reach $3.3 Billion by 2026
The idea of V2X communication involves transmission of data from vehicles to specific devices that are capable of influencing the vehicle. The vehicular transportation system covers various communication methods including vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-grid (V2G), vehicle-to-pedestrian (V2P) and vehicle-to-device (V2D). The communication leverages Wi-Fi and directly works among vehicles or communications to outline vehicular ad-hoc network, eliminating the requirement of infrastructure or communication for vehicles. Growth in the global market is set to be fueled by increasing focus on efficient traffic management and automobile safety. The increasing number of cars on road and the resulting congestion has prompted various governments to implement automotive V2X solutions to reduce fuel wastage and reduce carbon emissions. Rising environmental concerns and the need for real-time traffic flow alerts are expected to drive the demand for automotive V2X technology. Other factors spurring growth include macroeconomic scenario, rising incomes, rapid urbanization & industrialization, increasing automation and technological advances.
The market is expected to receive a major stimulus from expansion of the global automotive industry as a result of increasing disposable income in emerging economies such as India and China, boosting automotive sales. The increasing number of cars on road and the resulting congestion has prompted various governments to implement automotive V2X solutions to reduce fuel wastage and reduce carbon emissions. Rising environmental concerns and the need for real-time traffic flow alerts are expected to drive the demand for automotive V2X technology. The market growth is also catalyzed by ongoing advances related to driverless cars. Amid the COVID-19 crisis, the global market for Automotive Vehicle-to-Everything (V2X) estimated at US$730.6 Million in the year 2022, is projected to reach a revised size of US$3.3 Billion by 2026, growing at a CAGR of 38.3% over the analysis period. Software, one of the segments analyzed in the report, is projected to grow at a 42.4% CAGR to reach US$3.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hardware segment is readjusted to a revised 29.2% CAGR for the next 7-year period. This segment currently accounts for a 37.3% share of the global Automotive Vehicle-to-Everything (V2X) market.
The U.S. Market is Estimated at $220.7 Million in 2022, While China is Forecast to Reach $552.9 Million by 2026
The Automotive Vehicle-to-Everything (V2X) market in the U.S. is estimated at US$220.7 Million in the year 2022. The country currently accounts for a 28.9% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$552.9 Million in the year 2026 trailing a CAGR of 48.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 28.2% and 38.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 33.2% CAGR while Rest of European market (as defined in the study) will reach US$353.6 Million by the end of the analysis period. Europe has experienced significant progress in terms of automotive technology and emerged as the leading force in the global automotive vehicle-to-everything (V2X) market. Growth in European market is bound to gain from stringent safety norms encompassing features like blind-spot detection and adaptive cruise control. The heavy reliance of these technologies on V2V communication is expected to facilitate expansion of the market. The regional market is slated to benefits from the collaboration of major companies including Ford, BMW, Groupe PSA and 5GAA with Savari and Qualcomm to demonstrate C-V2X communications in countries like Germany and France. The North American market is buoyed by implementation of sophisticated technologies in countries including the US and Canada. The region is a major automotive market, and accounts for a huge global automobile population playing on roads. More
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SOURCE Global Industry Analysts, Inc.