Global Automotive V2X Market
Dublin, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The "Global Automotive V2X Marke Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive V2X market is projected to grow from USD 2.6 billion in 2022 to USD 19.5 billion by 2028, at a CAGR of 39.7%
Parameters such as increase in demand for connected vehicles, along with increase in demand for autonomous mobility. In addition, the advancements in 5G technology, paired with government support for V2X technology will create new opportunities for this market.
DSRC segment is expected to be the largest market during the forecast period, by connectivity
Dedicated Short-Range Communications (DSRC) of the automotive V2X market is projected to be the largest segment during the forecast period. DSRC is based on IEEE 802.11p connectivity, which is a Wi-Fi offshoot. It runs in the unlicensed 5.9 GHz frequency band.
This connectivity is called Wireless Access for Vehicular Environments (WAVE) and ITS-G5 in the European Cooperative Intelligent Transport Systems (C-ITS). The V2X communication through DSRC goes outside line-of-sight, unlike sensors that include radar, cameras, and LiDAR. This connectivity mainly covers V2I and V2V cases, offering speed limit alerts, electronic parking, toll payments, and collision warnings.
The functional aspects of DSRC include low latency (~2 ms), short range (under 1 km), and high reliability. The primary aspect driving the DSRC V2X market is the ability to effectively communicate among fast-moving vehicles at a data rate ranging from 3-27 Mbps over a distance of at least 300 m.
DSRC connectivity has matured over the years since its introduction more than 10 years back. It has already been tested and deployed. These factors would also drive the growth of this segment.
North America is expected to have significant growth during the forecast period
The North American region is estimated to demonstrate significant growth during the forecast period. The North American automotive industry is one of the fastest-growing industries at a global level.
Home to the big three - Ford Motors, General Motors, and Fiat Chrysler Automobiles, the automotive market in the US has favored passenger cars with advanced comfort and safety technologies.
The US is the largest market in the region and accounts for more than two-thirds of the overall market, followed by Mexico and Canada. The market is dominated by American OEMs such as Ford Motors, General Motors, and Fiat- Chrysler Automotive, along with established European and Asian OEMs such as Toyota (Japan), Nissan (Japan), Honda (Japan), Hyundai/Kia (South Korea), BMW Group (Germany), and Volkswagen Group (Germany).
The continuous progression of safety regulations in North American countries, such as the possibility of mandatory installation of rear-view cameras in the US, and discussion on mandates regarding V2V communication, would drive the North American connected car market in the coming years.
The presence of key automotive players such as Qualcomm Incorporated and HARMAN International would help drive the North American V2X market.
Electric vehicles segment is estimated to be the promising segment in the automotive V2X market during the forecast period
Electric vehicles is expected to be the promising segment by propulsion during the forecast period. Electric vehicles represent a significant step forward in curbing pollution-related environmental concerns.
However, the growing energy demands for electric vehicles also pose major challenges to the stability of the power grid. This is expected to increase the demand for Vehicle-to-Grid (V2G) technology. V2G enables EVs to export their unused battery capacity back to the grid to fill gaps in renewable energy generation. Electric vehicles equipped with V2X enable an additional V2G (vehicle-to-grid) function compared to ICE vehicles.
The V2G function enables the regulation of EV charging rates or returning the electricity to the grid if not required by the EV. This communication helps improve the economic, environmental, and operational aspects of EVs. The V2V and V2I communications offer high safety and fuel economy, and this, along with V2G, offers improved performance when compared to V2X-equipped ICE vehicles.
This primary factor would drive the EV V2X market during the forecast period. Many top vehicle manufacturers, such as Nissan, offer V2X-equipped EVs. In addition, companies such as Virta Global (Finland), Nuvve Holding Corp. (US), and AC Propulsion, Inc. (US), among others offer V2X technology for end-users.
The automotive V2X market is dominated by major players including Qualcomm Incorporated (US), Autotalks (Israel), Continental AG (Germany), Cohda Wireless (Australia), and Robert Bosch GmbH (Germany). These companies have strong product portfolio as well as strong distribution networks at the global level.
Increasing Focus Toward Autonomous Mobility and Connected Car Technology to Boost Growth of Automotive V2X Market
V2V to be Dominant Segment of Automotive V2X Market (USD Million)
Dsrc to be Larger Segment of Automotive V2X Market (Thousand Units)
Internal Combustion Engines to Remain Larger Market Segment (Thousand Units)
Software to be Larger Segment of Automotive V2X Market in 2022 (USD Million)
Passenger Cars to Have Larger Share of Automotive V2X Market, 2022 Vs. 2028 (Thousand Units)
On-Board Units to Have Larger Share of Automotive V2X Market, 2022 Vs. 2028 (Thousand Units)
Automated Driver Assistance to be Largest Market Segment, 2022 Vs. 2028 (USD Million)
Asia-Pacific Projected to be Largest Market for Automotive V2X
Increasing Demand for Fully Autonomous Driving and Safe Vehicles
Concerns Over Environmental Pollution
Environmental Pollution Facts
Developments in Connected Car Technology and Growing Collaborations
Impact of Connected Vehicles
Lack of Infrastructure for Proper Functioning
Government Support for V2X Technology
Advancements in 5G Technology
High-Speed Data and Performance Level
Speed Comparison of Various Network Types
5G-V2X Use Case Performances
Development in Autonomous Vehicles
US L3 and L4 Autonomous Car Market, 2018 Vs. 2022 Vs. 2025 (Thousand Units)
Vulnerability to Cyberattacks
Base Standards for Security and Privacy Developed by European Telecommunications Standards Institute (Etsi)
Europe to be Significant Market for Automotive V2X
Cellular Connectivity to be Key for V2X Communication
V2G Communication to Emerge as Promising Segment
Cellular V2X (C-V2X)
Cumulative Gain while Using 5G Nr (New Radio) C-V2X
6.7.1 Pilot Project on Virginia Smart Road
6.7.2 Vehicle Positioning Accuracy in New York
6.7.3 Towards Zero Road Safety Strategy
6.7.4 Preparing Roads for Autonomous Vehicles
6.7.5 Pilot Project on San Diego Roadways
Porter's Five Forces Analysis
Automotive V2X Market Ecosystem
Value Chain Analysis
Robert Bosch GmbH
Infineon Technologies Ag
Other Key Players
Ficosa Internacional Sa
Vector Informatik GmbH
Mercedes-Benz Group Ag
Unex Technology Corp.
Huawei Technologies Co., Ltd.
Hitachi Solutions, Ltd.
Hyundai Motor Company
Nissan Motor Co., Ltd.
Ford Motor Company
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