What Is The Scope Of The Global Automotive Vehicle To Everything (V2X) Communications Market?
Automotive vehicle to everything (V2X) communications refer to the technologies that allow vehicles to communicate real-time data with numerous elements in their surroundings. This technology allows cars to transmit information like speed, location, and direction electronically and in real-time to improve safety, traffic efficiency, and enable advanced driver assistance systems (ADAS) and autonomous driving.
Automotive Vehicle To Everything (V2X) Communications Global Market Report 2024 provides data on the global automotive vehicle to everything (v2x) communications market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive vehicle to everything (v2x) communications market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Automotive Vehicle To Everything (V2X) CommunicationsMarket Expected To Grow In Size And Annual Rates?
The automotive V2X communications market has expanded rapidly, growing from $2.90 billion in 2023 to $3.60 billion in 2024 at a CAGR of 24.2%. This growth has been driven by heightened awareness of traffic safety benefits, increased consumer demand for advanced safety features, concerns over cybersecurity threats, the need for enhanced situational awareness, and rising investments in research and development. Forecasts predict the market will surge to $8.6 billion in 2028 at a CAGR of 24.4%, driven by the rising adoption of connected vehicles, rapid urbanization, a growing focus on smart cities, and the increasing integration of smart automotive technologies. Notable trends include the deployment of 5G networks, integration with autonomous vehicles, expansion of cellular V2X technology, and advancements in smart city infrastructure.
What Main Forces Are Fueling Expansion In The Automotive Vehicle To Everything (V2X) Communications Market?
The demand for connected vehicles will further contribute to the expansion of the automotive vehicle-to-everything (V2X) communications market. These vehicles, equipped with internet connectivity and onboard sensors, are designed to communicate with one another, as well as with surrounding infrastructure and external systems. The growing need for connected vehicles is driven by factors such as 5G connectivity, a heightened focus on safety, and consumer demand for enhanced connectivity. V2X communication enables connected vehicles to interact and cooperate with other vehicles and their environment, enhancing safety, efficiency, and sustainability. A report by the Australian Computer Society in August 2021 projected that the number of connected cars in Australia would grow from 1 million to 10 million by 2030. Consequently, the increasing demand for connected vehicles is fueling the growth of the V2X communications market.
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What Are The Primary Segments In The Global Automotive Vehicle To Everything (V2X) Communications Market?
The automotive vehicle to everything (V2X) communications market covered in this report is segmented –
1) By Type: Vehicle-To-Vehicle, Vehicle-To-Infrastructure, Vehicle-To-Pedestrian
2) By Technology: Automated Driver Assistance, Intelligent Traffic Systems, Emergency Vehicle Notification, Passenger Information System, Fleet And Asset Management, Parking Management System, Line Of Sight, Non-line Of Sight, Backing, Other Technologies
3) By Application: Road Safety Services, Automatic Parking Systems, Emergency Vehicles, Auto Car Services
Which Key Trends Are Driving Changes In The Automotive Vehicle To Everything (V2X) Communications Market?
In the automotive vehicle-to-everything (V2X) communications market, companies are focusing on advanced security solutions, such as hardware security modules (HSM), to protect V2X communications and enhance revenue generation. HSMs safeguard communications and control systems through message cryptography. For example, in October 2021, Infineon Technologies AG, a German technology company, launched the SLS37 V2X security module. This module was specifically developed to secure V2X communication in automobiles, ensuring the integrity, authenticity, and privacy of messages exchanged between V2X applications and telematics control units.
What Is The Leading Region In The Automotive Vehicle To Everything (V2X) Communications Market?
Europe was the largest region in the automotive vehicle to everything (V2X) communications market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive vehicle to everything (V2X) communications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
