The global Vehicle-to-everything (V2X) market is anticipated to witness a major jump in revenue from US$ 3,283.7 Mn in 2021 to US$ 18,877.1 Mn by 2027. The market is estimated to register a compound annual growth rate of 33.8% during the forecast period 2022-2027. Vehicle-to-everything (V2X) is a communication technology that allows a vehicle to communicate with other vehicles, road users, and infrastructure. This connectivity helps to optimize traffic flows, minimize emissions, reduce traffic congestion, and cut accident numbers.
The growing impetus of the global V2X market is attributed to factors such as the rising adoption of connected cars, favorable government initiatives, and rising technology penetration. Connected vehicles enable cars to communicate via the V2X platform with drivers, other vehicles, road infrastructure, and the cloud. These services allow automotive dealers, fleet operators, and drivers to optimize resource usage, improve safety, and automate certain driver functions, while generating valuable data, including vehicle performance and road conditions. In addition, 5G and AI are better equipped with V2X to carry out critical communications for safer & secure driving. Furthermore, every year, approximately 1.2 million individuals are killed and 20-50 million are injured in motor vehicle accidents. The number of road accidents, resulting in the loss of life and property, is increasing, which is a key growth factor for the V2X market.
However, with the advancement of V2V and V2I communication technology, and self-driven vehicles, the number of vehicles that can communicate with each other is increasing, thereby raising privacy and security concerns related to GPS location, braking patterns and speed, and others.
Report Summary
The study of the Global Vehicle-to-Everything (V2X) Market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the V2X industry during 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the global V2X market across 17 Chapters and 310 pages. The report includes data presentation across 55 tables and 127 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein the intensity of rivalry and bargaining power of buyers is high.
The subsequent section provides details of the market analysis based on different segments such as component, communication, connectivity, application, vehicle type, vehicle application, and region. The report also includes a detailed study of the value chain of the V2X industry. It includes raw material suppliers, automotive manufacturers & suppliers, distributors, and end-users. The report also covers extensively the key competitors in the Global V2X Market.
Key takeaways from the Global V2X Market Report
Competitive Landscape
Segmentation Overview of the Global V2X Market
Following are the different segments of the Global V2X Market:
By Component Segment of the Global V2X Market is further sub-segmented into:
By Communication Segment of the Global V2X Market is further sub-segmented into:
By Connectivity Segment of the Global V2X Market is further sub-segmented into:
By Application Segment of the Global V2X Market is further sub-segmented into:
By Vehicle Type Segment of the Global V2X Market is further sub-segmented into:
By Vehicle Application Segment of the Global V2X Market is further sub-segmented into:
By Region Segment of the Global V2X Market is further sub-segmented into:
Report Attribute | Details |
---|---|
Market Size Value in 2021 | US$ 3,283.7 Mn |
Expected Revenue in 2027 | US$ 18,877.1 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Unit | Value (USD Mn) |
CAGR | 33.8% |
Segments covered | By Component, Communication, Connectivity, Application, Vehicle Type, Vehicle Application, and Region |
Key Companies | Nuvve, Newborn Acquisition Corp., Molex LLC, Tata Elxsi, General Motors, and other prominent players. |
Customization Scope | Get your customized report as per your preference. Ask for customization |
Vehicle-to-everything (V2X) is a communication technology that allows a vehicle to communicate with other vehicles, road users, and infrastructure.
V2X connectivity helps to optimize traffic flows, minimize emissions, reduce traffic congestion, and cut accident numbers.
The Global V2X Market is projected to grow at a CAGR of 33.8% during the forecast period 2022-2027.
Connected vehicles enable cars to communicate via V2X platform with drivers, other vehicles, road infrastructure, and the cloud. The increase in V2X-based services provided in connected cars drives the growth of the automotive V2X market.
Favorable government initiatives and technology penetration are the factors driving the growth of V2X market.
Security and privacy concerns due to increased connectivity is a major challenge in the Global V2X Market.
Artificial intelligence (AI) and 5G have an important role in the future of the automotive industry, as predictive capabilities are becoming more prevalent in cars, personalizing the driving experience. In addition, 5G and AI is better equipped with V2X to carry out critical communications for safer & secure driving.
Hardware component segment has the highest share in the Global V2X Market in 2021.
The automated driver assistance (ADAS) segment is projected to grow at a fastest CAGR during the forecast period.
ICE vehicles hold the highest share in terms of vehicle type in the Global V2X Market in 2021.
Asia Pacific has the fastest CAGR in the Global V2X Market during the forecast period.
The key players in the Global V2X Market are Robert Bosch, Harman, Continental, NXP, Huawei, Altran, STMicroelectronics and Infineon among others.