V2X market for automotive worth $99.55 billion by 2025
The V2X market is projected to grow at a CAGR of 17.61% from 2017 to 2025, to reach a market size of $99.55 billion by 2025 from $27.19 billion in 2017. The projection was made in the report, "V2X Market for Automotive by Communication Type (V2C, V2D, V2G, V2P, V2V and V2I), Offering Type (Hardware and Software), Connectivity Type (DSRC and Cellular), Propulsion Type (ICE and EV), Technology Type, and Region - Global Forecast to 2025," published by MarketsandMarkets. The major factors driving the growth of the V2X Market are the rising demand for real-time traffic and incident alerts for increasing public safety, increase in government funds for better traffic management, and development of connected vehicles.
Software is estimated to be the leading segment of the V2X market, by offering type. Software helps to manage the content and configuration of the device as well as assists in policy and compliance management. The growing demand for access and control over the V2X system is expected to drive the software market.
The V2C communication is estimated to hold the largest share, by value, of the V2X market. V2C communication is expected to play a pivotal role in connected and autonomous vehicle applications. Various systems and applications of such vehicles will be offered in the cloud from where they will control the entire operations of a vehicle. This widens the scope for the growth of the V2C segment.
The automated driver assistance segment of the V2X Market is expected to witness the highest growth during the forecast period. V2X communication offers features such as intersection collision warning, obstacle detection, lane change assistance, lane departure warning, rollover warning, road departure warning, forward collision warning, rear impact warning, and safety margin for assistance vehicles. The increasing demand for these features is expected to drive the growth of the automotive V2X Market in automated driver assistance.
The electric vehicle segment is expected to see the highest growth in the V2X Market during the forecast period. In 2017, Toyota Prius is the only EV model that has vehicle-to-vehicle communication technology. The cars can communicate up to 300 m (nearly 1000 ft) in a 360-degree radius.
North America is estimated to be the largest V2X Market during the forecast period. The market growth in the region can be attributed to better infrastructure and high income, favorable policies and regulations by the government, and need for a better and effective transportation system. The European region is estimated to be the second largest V2X Market for automotive during the forecast period. The increasing concerns about the safety of travelers and vehicles on the road have led to the adoption of V2X technology by the European Transport Safety Council (ETSC). The increasing demand for V2X systems with telematics applications is expected to drive the market in this region.
However, lack of infrastructure and additional cost burden on consumers can hinder the growth of the V2X market.
The report profiles major players in the V2X Market, including Continental (Germany), Qualcomm (US), Delphi Automotive (UK), NXP Semiconductors (Netherlands), and Robert Bosch (Germany). The report also covers a comprehensive study of the key vendors operating in the V2X Market. The evaluation of these vendors was done by considering various factors such as product development, R&D expenditure, business strategies, and product revenue.