Published Date : 14 Jun 2022
As per Precedence Research, the global automotive V2X market size was valued at US$ 2.7 billion in 2020 and it is projected to reach around USD 15.3 billion by 2030 with a CAGR of 45% over the forecast period 2022 to 2030.
Vehicle-to-everything (V2X) is a communication technology which allows a vehicle to interconnect with road users, other vehicles, and infrastructure. In addition, the major aim of this technology is to improvise energy savings, traffic efficiency, and road safety on roads. The key components of the technology comprise of vehicle-to-pedestrian (V2P), vehicle-to-infrastructure (V2I) & V2V, V2G, V2C, and V2D communication systems. The automotive industry is growing in the front of technology, by allowing cars to interact with infrastructure such as pedestrian’s communication devices, traffic signals, other digital devices. These developments in technology have brought challenges in front of automotive manufacturers in order to incorporate automotive V2X solutions which will offer improved utility, safety, and convenience to their customers. In addition, the factors like rise in adoption of connected cars and are likely to propel the market growth. However, rapid surge in urbanization & industrialization and high cost of implementation and security concerns related to data communication hampers the automotive V2X market growth.
Scope of the Report
|Market Size in 2021||USD 3.21 Billion|
|Revenue Forecast by 2030||USD 15.3 Billion|
|CAGR||45% from 2022 to 2030|
|Forecast data||2022 to 2030|
|Key Players||Nolato AB, Freudenberg Medical LLC, Rochling Group, GW Plastics Inc., MedPlast Inc., Phillips Medisisze Corporation, C&J Industries Inc., Tekni-Plex, Inc., Pexco LLC, and Medical Plastic Devices Inc.|
Future of Automotive V2X Market
The rising demand towards fully autonomous vehicles is likely to boost the growth of the market during the forthcoming time period. Autonomous vehicles are further explained as vehicles which are self-driving and work automatically without any intervention of human or require very little human intervention. V2X provides a benefit in automatic vehicles as it delivers data and information regarding objects which other sensors are unable to detect. Also, it can improvise traffic efficiency by giving information about traffic signals.
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