Automotive V2X market to be worth $26.72 Billion by 2025
The global automotive vehicle-to-everything (V2X) market is expected to grow at a CAGR of over 25.4% from 2016 to 2024, reaching $26.72 billion by 2025, according to a new report by Grand View Research, Inc. As the automotive industry has moved towards digitalization and connected mobility, there has been a significant rise in the use of electronics in vehicles. Trends have forced OEMs to incorporate V2X communication systems as more intelligent vehicles have been equipped with communication systems that alert or assist the driver to avoid a potential crash, and as consumers demand more electronic convenience features.
While there are numerous benefits for V2X communication systems, the main challenges for growth are the need for a robust legal framework and to build a secure system that ensures privacy, authenticity, and security. Other report findings show that increasing environmental concerns and the expanding electric vehicles market will provide growth opportunities for V2H, V2G, and V2I communications. With the move towards connected cars and autonomous driving, concerns will heighten on data security, anonymity, and privacy. Synchronized real-time data will be a key factor in accelerating the growth for the automotive V2X market.
Major players in the automotive V2X market are Continental AG, Qualcomm Inc., Robert Bosch GmbH, NXP Semiconductors N.V., TomTom N.V., Cisco Systems Inc., and Infineon Technologies AG.