Automotive V2X Market size will see noticeable growth through 2027 primarily driven by the increase in the adoption of connected cars. Developments in V2X technology are gaining momentum due to the need for improved road and pedestrian safety, traffic efficiency, and energy savings. The integration of 5G and AI along with the growing popularity of autonomous and semi-autonomous vehicles will give provide considerable boost to the adoption of V2X technology.
The automotive V2X industry is also driven by the integration high-end technologies in vehicles such as on-road assistance, navigation, remote diagnostics, autopilot, SOS assistance, connected parking, and others. V2X is a communication technology that enables vehicles to communicate with other vehicles, traffic infrastructure, and road users. Supportive initiatives by regulatory bodies to enhance safety for passengers and pedestrians and to improve efficiency will lead to a surge in V2X adoption.
Considering the communication type, the vehicle-to-vehicle (V2V) market is expected to gain traction between 2021 and 2027. The technology adoption is mainly influenced by the increasing popularity of autonomous and semi-autonomous vehicles across the world. V2V technology enables two or more vehicles to exchange information about location and speed wireless, helping to prevent crashes and alleviate congestion. According to the U.S. National Highway Traffic Safety Administration (NHTSA), nearly 615,000 vehicle crashes could be prevented with the help of vehicle-to-vehicle technology. Favorable government and regulatory policies to improve road safety will propel V2V adoption in the future.
Europe automotive V2X market is anticipated to grow at a commendable CAGR through 2027. Leading automakers in the region are acknowledging the benefits of V2X technology. Significant progress has been made towards the widespread commercialization of connected vehicle technologies in Europe, providing V2X developers with promising opportunities. In March 2020, Qualcomm announced that multiple products featuring its 9150 C-V2X chipset received the European Radio Equipment Directive (RED) certification in Europe.
The addition of V2X to the 2025 EuroNCAP roadmap will propel the Europe V2X market forward over the forecast period 2021-2027. Over 97% of all the new vehicles sold in the region are EuroNCAP rated. Automotive OEMs are likely to implement V2X in their vehicles to increase their EuroNCAP rating.
Some of the major players in the automotive V2X market are Qualcomm, Intel, NXP Semiconductors, Infineon Technology, Harman International, TomTom, Daimler, Delphi Automotive, Robert Bosch, Audi, and Autotalks, among others. In May 2021, Audi America had partnered with Qualcomm, Temple Inc., Commsignia, Inc., Applied Information, bus maker Blue Bird, the City of Alpharetta, Georgia, and the Fulton Co. School System for the deployment of a cellular vehicle-to-everything (C-V2X) system. The technology is designed to alert school bus drivers and ensure the safety of commuters. Audi also plans to use the technology into its upcoming vehicles.
The global automotive sector has suffered significant impact during the coronavirus pandemic, directly affecting developments across the automotive V2X market. Automakers worldwide have been forced to cut down production or operate at a reduced capacity due to strict containment measures. Government-enforced lockdown measures and movement restrictions had created numerous challenges for the automotive sector including supply chain concerns and the shortage of workforce. With a decline in automotive production, a decline in the development, testing, and deployment of V2X technology was observed.
Market, By Communication Type
Market, By Component
Market, By Connectivity Type
Market, By Propulsion Type
Market, By Technology Type
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