Vehicle to everything (V2X) is a technology that helps increase road safety by means of advanced technological improvements in automotive electronics. V2X is based on the concept of intelligent transport system (ITS) and helps in efficient traffic management. V2X technology enables a vehicle to communicate with the neighboring vehicles, any obstacles such as pedestrian, infrastructure, and even with a vehicle out of sight or any other elements in a traffic-congested area.
The rapidly expanding automotive sector across the world is expected to drive the automotive V2X market during the forecast period. Vehicles operating with some degree of automation that are running alongside each other are likely to lead to accidents if the vehicles are not able to detect a human-driven vehicle crossing it. Thus, the rising demand for semi-autonomous vehicles that are equipped with advanced driver assistance systems (ADAS) and the increasing efforts by OEMs (original equipment manufacturers) to develop autonomous vehicles at the earliest is anticipated to further propel the automotive V2X market in the near future.
Increasing number of road accidents is fueling the need for increased public safety and rising government support for improving traffic management is expected to further boost the automotive V2X market in the next few years. V2X technology also aids in avoiding traffic congestion and thus, helps reduce excessive fuel consumption and vehicular emissions. Technological advancements in the field of automotive electronics such as cloud technology are being used for vehicle platooning. This is likely to fuel the automotive V2X market during the forecast period.
The hardware and software services associated with automotive V2X technology are considerably expensive and thus, key manufacturers are facing an issue of cost reduction while implementing vehicle-to-vehicle connectivity. This is anticipated to restrain the automotive V2X market to some extent during the forecast period.
The global Automotive V2X Market can be segmented based on communication type, offering type, vehicle, electric vehicle, sales channel, and region. In terms of communication type, the automotive V2X market can be segmented into V2V (vehicle-to-vehicle), V2I (vehicle-to-infrastructure), V2P (vehicle-to-pedestrian), V2C (vehicle-to-cloud), V2D (vehicle-to-device), V2G (vehicle-to-grid), and V2M (vehicle-to-motorist). V2V, V2I, and V2P segments are anticipated to expand at a rapid pace owing to the increasing awareness about public safety and security among governments of various nations across the world.
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Based on the offering type, the automotive V2X market can be segregated into hardware and software. The software segment is expected to expand at a significant growth rate during the forecast period.
Based on vehicle type, the automotive V2X market can be classified into passenger vehicles and commercial vehicles. The passenger vehicles segment is estimated to expand at a remarkable growth rate during the forecast period owing to the rising public preference for passenger vehicles in recent years.
Based on electric vehicles, the automotive V2X market can be classified into battery electric vehicle (BEV), plug-in electric vehicle (PEV), and hybrid electric vehicle (HEV). The battery electric vehicle segment is anticipated to expand at a rapid pace during the forecast period owing to the comparatively high cost of hybrid electric vehicles and the increasing consumer preference towards the use of BEVs, which are fully electric vehicles over other types of electric vehicles such as PEV and HEV.
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In terms of sales channel, automotive V2X market is categorized as: original equipment manufacturer (OEM) and aftermarket. There are global key players in the production of the V2X system. Most of the consumer prefer local producer in order to replace the V2X system, which reduce replacement cost. The OEM segment is expected to dominate in the forecast period.
Based on geographical region, the automotive V2X market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to lead the global automotive V2X market during the forecast period owing to the rapid technological advancements in the field of vehicle-to-vehicle connectivity in the region, increasing disposable income of people, the rising public preference toward vehicles equipped with high-tech features such as vehicle-to-vehicle connectivity, and the increasing concern about reducing excessive fuel consumption in the region.
North America is expected to be followed by Europe. Expansion of the automotive V2X market in Europe at a high growth rate is ascribed to the increasingly stringent norms and regulations regarding public safety and security and improved fuel-efficiency of vehicles, which are laid down by the European Union.
Key players operating in the global automotive V2X market include Continental AG, Qualcomm, Delphi Automotive PLC, NXP Semiconductors N.V., Robert Bosch GmbH, Infineon Technologies AG, and Tomtom N.V.
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