Automotive V2X Market will be growing at a CAGR of 49.9% during the forecast 2020 to 2030

According to a new market research report published by sheer analytics and insights, “The Global Automotive V2X Market was $0.8 Bn in 2020, and it is expected to reach $45.6 Bn by 2030. It is eventually growing at a commendable high compound of annual growth rate CAGR of 49.9% between 2020–2030″, as per the latest market research report titled Global Automotive V2X Market(By Communication Type — Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Pedestrian (V2P), Vehicle-To-Home (V2H), Vehicle-To-Grid (V2G), and Vehicle-To-Network (V2N). By Connectivity Type — Cellular Connectivity and Dedicated Short-Range Communication (DSRC). By Vehicle Type — Personal Car, and Commercial Vehicle. By Propulsion — Internal Combustion Engine (ICE), and Electric Vehicles (EV). By Components — Hardware, and Software. By Unit — On-Board Unit (OBU), and Roadside Unit (RSU). By Applications — Predictive Maintenance, Remote Monitoring and Diagnostics, Parking Management System, Fleet and Asset Management, Passenger Information System, Emergency Vehicle Notification, Intelligent Traffic System, and Automated Driver Assistance. By Geography– North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)– Global industry analysis, size, share, growth, trends, and forecast, 2020–2030.

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COVID has impacted the Automotive V2X Market negatively. Companies operating in the Automotive V2X Market are experiencing many challenges due to the shutdown of automotive manufacturing plants along with the decline in customer footsteps at showrooms. The worldwide lockdown has led to a drop in sales of automobiles, which results in comparatively less market growth over the forecast period. However, rapid sales strategies and efforts by leading vendors are expected to overcome the market situation. The Automotive V2X Market is projected to recover from 2021 onwards when industrial activities are back on track and working with its full capability.

Vehicle to Everything (V2X) is a next-generation technology that facilitates enhanced road safety through advanced technological advancements such as the Internet of Things (IoT), Artificial intelligence, and Telecommunications. V2X is a broader concept of an intelligent transport system (ITS) and helps in efficient traffic management with the help of technology. It empowers vehicles in establishing connections with other nearby passing vehicles, infrastructure, obstacles such as pedestrian, and even with an out of sight vehicle in traffic congestion. The Automotive V2X Market is primarily driven by the increasing demand for automotive safety features and better traffic management. Moreover, rising technological advancements and growing trend and demand for connected vehicles are also projected to fuel the Automotive V2X market growth. Further, increasing demand for commercial and passenger vehicles with enhanced features such as blind-spot detection, intelligent parking assistance, emergency Braking, and many more is anticipated to upsurge the market growth over the forecast period. Some other factors, such as growing economy, rising disposable income, and rapid urbanization in many regions, are expected to boost market growth during the forecast period. However, the higher cost associated with hardware and software used in the technology is expected to restrain the market growth to some extent. Apart from this, increasing technological advancements in such as V2I and V2V communication and emergence 5G technology is projected to offer a lucrative opportunity for the growth of Automotive V2X Market over the forecast period from 2020 to 2030. The Big Automotive V2X Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.

The primary key players in the Automotive V2X Market include Continental AG, Delphi Automotive LLP, Qualcomm, Inc., NXP Semiconductors, Robert Bosch GmbH, TomTom International B.V., HARMAN International, Mobileye, Cisco Systems, Inc., Infineon Technologies AG, and Denso Corporation.

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The Global Automotive V2X Market Has Been Segmented into:

By Communication Type

· Vehicle-To-Vehicle (V2V)

· Vehicle-To-Infrastructure (V2I)

· Vehicle-To-Pedestrian (V2P)

· Vehicle-To-Home (V2H)

· Vehicle-To-Grid (V2G)

· Vehicle-To-Network (V2N)

By Connectivity Type

· Cellular Connectivity

· Dedicated Short-Range Communication (DSRC)

By Vehicle Type

· Personal Car

· Commercial Vehicle

By Propulsion Type

· Internal Combustion Engine (ICE)

· Electric Vehicles (EV)

By Components Type

· Hardware

· Software

By Unit Type

· On-Board Unit (OBU)

· Roadside Unit (RSU)

By Applications Type

· Predictive Maintenance

· Remote Monitoring and Diagnostics

· Parking Management System

· Fleet and Asset Management

· Passenger Information System

· Emergency Vehicle Notification

· Intelligent Traffic System

· Automated Driver Assistance

By Geography Type

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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