Automotive V2X Market To Reach USD 41.3 Billion By 2032. Report By DataHorizzon Research
The automotive V2X market is growing due to the amalgamation of new-wave automation.
Fort Collins, Colorado, Oct. 13, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the automotive V2X market size was valued at USD 2.3 Billion in 2022 and is expected to reach USD 41.3 Billion by 2032 with a CAGR of 33.3%.
Self-driving cars are becoming more popular due to connected vehicles. The Internet helps improve driver and passenger experience and drives growth in the automotive V2X market. V2X enables seamless communication between the vehicle and traffic elements, exchanging real-time traffic updates and other safety information to enhance safety and improve traffic flow.
The automotive V2X market is growing due to government initiatives such as the USD 4 billion investment by the US Secretary of Transportation in an autonomous vehicle pilot project. Personal and commercial vehicles have reached safer automation levels, with Level 1 automation featuring driver assistance like steering and cruise control. USDoT and NHTSA have updated their policy to allow Level 4 vehicles capable of high automation.
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Automotive brands are improving passenger driving and seating experiences with features like ADAS and EBD that enhance safety on rough and slippery terrains. Ventilated seats provide greater comfort for longer trips, while the V2X system, consisting of Onboard and Roadside Units, allows for wireless communication between devices to maintain safe traffic flow. Roadside Units are in construction sight zones and attached to street signs, traffic signals, and road lights.
The global automotive V2X market has been segmented into connectivity, communication, vehicle type, unit type, and region. The global automotive V2X market is dominated by V2V communication, which employs various technologies like ACC, blind spot detection, and many others to enhance vehicle safety. Passenger cars hold the largest market share and are expected to continue dominating.
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Automotive V2X Market Report Highlights:
- The global automotive V2X market growth is anticipated at a CAGR of 33.3% by 2032.
- These technological advancements have urged automotive makers to incorporate V2X solutions to offer their customers improved safety, utility, and assistance.
- North America leads the market share due to its technological advancements and high automobile demand. V2X systems can help address challenges like traffic congestion and regional greenhouse gas emissions.
- Some prominent players in the automotive V2X market report include Qualcomm, Bosch, LG, Lear, Continental AG, Harman, Ford, NXP Semiconductors, Aptiv, Denso, Infineon AG, Savari Inc.
Industry Trends and Insights:
- LG Electronics has launched LG MyCar Alarm Service, a connected vehicle alarm system that integrates with Infoconn, a connected car service for KG Mobility’s mobile application.
- Lear has partnered with Klöckner & Co. and its subsidiary, Becker Stahl-Service GmbH, to offer CO2-reduced steel, a sustainable alternative with an 80% potential carbon footprint reduction.
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Automotive V2X Market Segmentation:
- By Connectivity: DSRC, cellular
- By Communication: V2V (Vehicle to Vehicle), V2I (Vehicle to Infrastructure), V2P (Vehicle to Pedestrian), V2N (Vehicle to Network) V2H (Vehicle to Home)
- By Vehicle Type: Passenger, commercial, banking, finance, IT, telecom
- By Unit Type: OBU (On Board Unit), RSU (Road Side Unit)
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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