1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS 15
1.1.1 GLOBAL V2X MARKET, BY COMPONENT 15
1.1.2 GLOBAL V2X MARKET, BY COMMUNICATION TYPE 16
1.1.3 GLOBAL V2X MARKET, BY PROPULSION 17
1.1.4 GLOBAL V2X MARKET, BY REGION 18
2 MARKET INTRODUCTION
2.1 DEFINITION 19
2.2 SCOPE OF THE STUDY 19
2.3 MARKET STRUCTURE 19
2.4 KEY BUYING CRITERIA 20
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 21
3.2 PRIMARY RESEARCH 22
3.3 SECONDARY RESEARCH 23
3.4 MARKET SIZE ESTIMATION 24
3.5 TOP-DOWN AND BOTTOM-UP APPROACH 24
3.6 FORECAST MODEL 25
3.7 LIST OF ASSUMPTIONS 26
4 MARKET DYNAMICS
4.1 INTRODUCTION 27
4.2 DRIVERS 28
4.2.1 INCREASE IN SALE OF EV AND LUXURY VEHICLES 28
4.2.2 INCREASING DEATHS DUE TO ROAD ACCIDENTS 30
4.2.3 DRIVER IMPACT ANALYSIS 31
4.3 RESTRAINT 31
4.3.1 HIGH COST 31
4.3.2 RESTRAINT IMPACT ANALYSIS 32
4.4 OPPORTUNITIES 32
4.4.1 RISING ADOPTION IN DEVELOPED COUNTRIES 32
4.4.2 DEVELOPMENT OF SEMI-AUTONOMOUS AND AUTONOMOUS VEHICLES 33
4.5 COVID-19 IMPACT ANALYSIS 33
4.5.1 ECONOMIC IMPACT ON AUTOMOTIVE INDUSTRY 33
4.5.2 IMPACT ON AUTOMOTIVE PRODUCTION 34
4.5.2.1 FORD 34
4.5.2.2 AMERICAN HONDA 34
4.5.2.3 FCA 35
4.5.2.4 KIA 35
4.5.2.5 VOLKSWAGEN 35
4.5.3 IMPACT ON V2X MARKET 35
4.5.3.1 IMPACT ON SUPPLY CHAIN 35
4.5.3.2 CASH FLOW CONSTRAINTS 36
4.5.4 IMPACT ON WORLD TRADE 36
5 MARKET FACTOR ANALYSIS
5.1 PORTER’S FIVE FORCES MODEL 37
5.1.1 THREAT OF NEW ENTRANTS 38
5.1.2 BARGAINING POWER OF SUPPLIERS 38
5.1.3 THREAT OF SUBSTITUTES 38
5.1.4 BARGAINING POWER OF BUYERS 38
5.1.5 INTENSITY OF RIVALRY 38
5.2 SUPPLY CHAIN ANALYSIS 39
5.2.1 DESIGN & DEVELOPMENT 39
5.2.2 COMPONENT SUPPLY 39
5.2.3 MANUFACTURE/ASSEMBLY 40
5.2.4 END USE 40
6 GLOBAL V2X MARKET, BY COMPONENT
6.1 OVERVIEW 41
6.2 HARDWARE 42
6.3 SOFTWARE 42
7 GLOBAL V2X MARKET, BY PROPULSION
7.1 OVERVIEW 43
7.2 ELECTRIC VEHICLE (EV) 44
7.3 INTERNAL COMBUSTION ENGINE (ICE) VEHICLE 44
8 GLOBAL V2X MARKET, BY COMMUNICATION TYPE
8.1 OVERVIEW 45
8.2 VEHICLE-TO-CLOUD (V2C) 46
8.3 VEHICLE-TO-DEVICE (V2D) 46
8.4 VEHICLE-TO-GRID (V2G) 46
8.5 VEHICLE-TO-PEDESTRIAN (V2P) 46
8.6 VEHICLE-TO-VEHICLE (V2V) 47
8.7 VEHICLE-TO-INFRASTRUCTURE (V2I) 47
9 GLOBAL V2X MARKET, BY REGION
9.1 OVERVIEW 48
9.1.1 GLOBAL V2X MARKET, BY REGION, 2020-2027 48
9.2 NORTH AMERICA 49
9.2.1 US 51
9.2.2 CANADA 52
9.2.3 MEXICO 53
9.3 EUROPE 54
9.3.1 GERMANY 56
9.3.2 UK 57
9.3.3 FRANCE 58
9.3.4 ITALY 59
9.3.5 REST OF EUROPE 60
9.4 ASIA-PACIFIC 61
9.4.1 CHINA 63
9.4.2 JAPAN 64
9.4.3 INDIA 65
9.4.4 REST OF ASIA-PACIFIC 66
9.5 REST OF THE WORLD 67
9.5.1 MIDDLE EAST & AFRICA 69
9.5.2 SOUTH AMERICA 71
10 COMPETITIVE LANDSCAPE
10.1 COMPETITIVE OVERVIEW 73
10.2 MAJOR GROWTH STRATEGY IN THE GLOBAL V2X MARKET 74
10.3 COMPETITIVE BENCHMARKING 75
10.4 MARKET SHARE ANALYSIS 76
10.5 KEY DEVELOPMENTS IN THE GLOBAL V2X MARKET 76
10.5.1 KEY DEVELOPMENTS: MERGERS & ACQUISITIONS 76
10.5.2 KEY DEVELOPMENTS: PARTNERSHIPS/COLLABORATIONS 77
10.5.3 KEY DEVELOPMENTS: EXPANSIONS 77
10.5.4 KEY DEVELOPMENTS: PRODUCT DEVELOPMENTS/LAUNCHES 78
11 COMPANY PROFILES
11.1 CONTINENTAL AG 79
11.1.1 COMPANY OVERVIEW 79
11.1.2 FINANCIAL OVERVIEW 80
11.1.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 80
11.1.4 KEY DEVELOPMENTS 81
11.1.5 SWOT ANALYSIS 81
11.1.6 KEY STRATEGY 82
11.2 INFINEON TECHNOLOGIES AG 83
11.2.1 COMPANY OVERVIEW 83
11.2.2 FINANCIAL OVERVIEW 84
11.2.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 84
11.2.4 KEY DEVELOPMENTS 85
11.2.5 SWOT ANALYSIS 85
11.2.6 KEY STRATEGIES 85
11.3 ROBERT BOSCH GMBH 86
11.3.1 COMPANY OVERVIEW 86
11.3.2 FINANCIAL OVERVIEW 87
11.3.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 87
11.3.4 KEY DEVELOPMENTS 88
11.3.5 SWOT ANALYSIS 88
11.3.6 KEY STRATEGIES 89
11.4 DELPHI TECHNOLOGIES 90
11.4.1 COMPANY OVERVIEW 90
11.4.2 FINANCIAL OVERVIEW 91
11.4.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 91
11.4.4 KEY DEVELOPMENTS 92
11.4.5 SWOT ANALYSIS 92
11.4.6 KEY STRATEGIES 92
11.5 DENSO CORPORATION 93
11.5.1 COMPANY OVERVIEW 93
11.5.2 FINANCIAL OVERVIEW 94
11.5.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 94
11.5.4 KEY DEVELOPMENTS 95
11.5.5 SWOT ANALYSIS 95
11.5.6 KEY STRATEGIES 95
11.6 STMICROELECTRONICS N.V. 96
11.6.1 COMPANY OVERVIEW 96
11.6.2 FINANCIAL OVERVIEW 97
11.6.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 97
11.6.4 KEY DEVELOPMENTS 98
11.7 NXP SEMICONDUCTORS 99
11.7.1 COMPANY OVERVIEW 99
11.7.2 FINANCIAL OVERVIEW 100
11.7.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 100
11.7.4 KEY DEVELOPMENTS 101
11.8 QUALCOMM TECHNOLOGIES, INC. 102
11.8.1 COMPANY OVERVIEW 102
11.8.2 FINANCIAL OVERVIEW 103
11.8.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 104
11.8.4 KEY DEVELOPMENTS 104
11.9 AUTOTALKS LTD. 105
11.9.1 COMPANY OVERVIEW 105
11.9.2 FINANCIAL OVERVIEW 105
11.9.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 105
11.9.4 KEY DEVELOPMENTS 105
11.10 HARMAN INTERNATIONAL 106
11.10.1 COMPANY OVERVIEW 106
11.10.2 FINANCIAL OVERVIEW 106
11.10.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED 106
11.10.4 KEY DEVELOPMENTS 106
12 APPENDIX
12.1 DATA SOURCES 107
13 LIST OF TABLES
TABLE 1 LIST OF ASSUMPTIONS 26
TABLE 2 GLOBAL V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 42
TABLE 3 GLOBAL V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 44
TABLE 4 GLOBAL V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 47
TABLE 5 GLOBAL V2X MARKET, BY REGION, 2020-2027 (USD MILLION) 48
TABLE 6 NORTH AMERICA: V2X MARKET, BY COUNTRY, 2020-2027 (USD MILLION) 49
TABLE 7 NORTH AMERICA: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 49
TABLE 8 NORTH AMERICA: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 50
TABLE 9 NORTH AMERICA: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 50
TABLE 10 US: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 51
TABLE 11 US: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 51
TABLE 12 US: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 51
TABLE 13 CANADA: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 52
TABLE 14 CANADA: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 52
TABLE 15 CANADA: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 52
TABLE 16 MEXICO: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 53
TABLE 17 MEXICO: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 53
TABLE 18 MEXICO: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 53
TABLE 19 EUROPE: V2X MARKET, BY COUNTRY, 2020-2027 (USD MILLION) 54
TABLE 20 EUROPE: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 55
TABLE 21 EUROPE: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 55
TABLE 22 EUROPE: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 55
TABLE 23 GERMANY: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 56
TABLE 24 GERMANY: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 56
TABLE 25 GERMANY: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 56
TABLE 26 UK: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 57
TABLE 27 UK: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 57
TABLE 28 UK: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 57
TABLE 29 FRANCE: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 58
TABLE 30 FRANCE: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 58
TABLE 31 FRANCE: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 58
TABLE 32 ITALY: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 59
TABLE 33 ITALY: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 59
TABLE 34 ITALY: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 59
TABLE 35 REST OF EUROPE: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 60
TABLE 36 REST OF EUROPE: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 60
TABLE 37 REST OF EUROPE: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 60
TABLE 38 ASIA-PACIFIC: V2X MARKET, BY COUNTRY, 2020-2027 (USD MILLION) 61
TABLE 39 ASIA-PACIFIC: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 62
TABLE 40 ASIA-PACIFIC: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 62
TABLE 41 ASIA-PACIFIC: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 62
TABLE 42 CHINA: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 63
TABLE 43 CHINA: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 63
TABLE 44 CHINA: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 63
TABLE 45 JAPAN: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 64
TABLE 46 JAPAN: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 64
TABLE 47 JAPAN: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 64
TABLE 48 INDIA: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 65
TABLE 49 INDIA: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 65
TABLE 50 INDIA: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 65
TABLE 51 REST OF ASIA-PACIFIC: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 66
TABLE 52 REST OF ASIA-PACIFIC: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 66
TABLE 53 REST OF ASIA-PACIFIC: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 66
TABLE 54 REST OF THE WORLD: V2X MARKET, BY COUNTRY, 2020-2027 (USD MILLION) 67
TABLE 55 REST OF THE WORLD: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 67
TABLE 56 REST OF THE WORLD: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 67
TABLE 57 REST OF THE WORLD: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 68
TABLE 58 MIDDLE EAST & AFRICA: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 69
TABLE 59 MIDDLE EAST & AFRICA: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 69
TABLE 60 MIDDLE EAST & AFRICA: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 70
TABLE 61 SOUTH AMERICA: V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 71
TABLE 62 SOUTH AMERICA: V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 71
TABLE 63 SOUTH AMERICA: V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 72
TABLE 64 KEY DEVELOPMENTS: MERGERS & ACQUISITIONS 76
TABLE 65 KEY DEVELOPMENTS: PARTNERSHIPS/COLLABORATIONS 77
TABLE 66 KEY DEVELOPMENTS: EXPANSIONS 77
TABLE 67 KEY DEVELOPMENTS: PRODUCT DEVELOPMENTS/LAUNCHES 78
TABLE 68 CONTINENTAL AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED 80
TABLE 69 CONTINENTAL AG: KEY DEVELOPMENTS 81
TABLE 70 INFINEON TECHNOLOGIES AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED 84
TABLE 71 INFINEON TECHNOLOGIES AG: KEY DEVELOPMENTS 85
TABLE 72 ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 87
TABLE 73 ROBERT BOSCH GMBH: KEY DEVELOPMENTS 88
TABLE 74 DELPHI TECHNOLOGIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED 91
TABLE 75 DELPHI TECHNOLOGIES: KEY DEVELOPMENTS 92
TABLE 76 DENSO CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 94
TABLE 77 DENSO CORPORATION: KEY DEVELOPMENTS 95
TABLE 78 STMICROELECTRONICS NV: PRODUCTS/SOLUTIONS/SERVICES OFFERED 97
TABLE 79 STMICROELECTRONICS NV: KEY DEVELOPMENTS 98
TABLE 80 NXP SEMICONDUCTORS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 100
TABLE 81 NXP SEMICONDUCTORS: KEY DEVELOPMENTS 101
TABLE 82 QUALCOMM TECHNOLOGIES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 104
TABLE 83 QUALCOMM TECHNOLOGIES, INC.: KEY DEVELOPMENTS 104
TABLE 84 AUTOTALKS LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 105
TABLE 85 AUTOTALKS LTD.: KEY DEVELOPMENTS 105
TABLE 86 HARMAN INTERNATIONAL: PRODUCTS/SOLUTIONS/SERVICES OFFERED 106
TABLE 87 HARMAN INTERNATIONAL: KEY DEVELOPMENTS 106
14 LIST OF FIGURES
FIGURE 1 MARKET SYNOPSIS 14
FIGURE 2 GLOBAL V2X MARKET ANALYSIS, BY COMPONENT 15
FIGURE 3 GLOBAL V2X MARKET ANALYSIS, BY COMMUNICATION TYPE 16
FIGURE 4 GLOBAL V2X MARKET ANALYSIS, BY PROPULSION 17
FIGURE 5 GLOBAL V2X MARKET ANALYSIS, BY REGION 18
FIGURE 6 GLOBAL V2X MARKET: MARKET STRUCTURE 19
FIGURE 7 KEY BUYING CRITERIA OF GLOBAL V2X MARKET 20
FIGURE 8 RESEARCH PROCESS OF MRFR 21
FIGURE 9 MARKET DYNAMICS: GLOBAL V2X MARKET 27
FIGURE 10 TOTAL NUMBER OF ELECTRIC VEHICLES ON ROAD, 2020–2027 (MILLIONS) 28
FIGURE 11 EUROPE LUXURY VEHICLES REGISTRATIONS, 2020–2027 (MILLION) 29
FIGURE 12 ROAD ACCIDENT DEATHS PER LAKH POPULATION (2018) 30
FIGURE 13 DRIVER IMPACT ANALYSIS: GLOBAL V2X MARKET 31
FIGURE 14 RESTRAINT IMPACT ANALYSIS: GLOBAL V2X MARKET 32
FIGURE 15 PORTER’S FIVE FORCES ANALYSIS: GLOBAL V2X MARKET 37
FIGURE 16 SUPPLY CHAIN ANALYSIS: GLOBAL V2X MARKET 39
FIGURE 17 GLOBAL V2X MARKET, BY COMPONENT, 2020 (% SHARE) 41
FIGURE 18 GLOBAL V2X MARKET, BY COMPONENT, 2020-2027 (USD MILLION) 41
FIGURE 19 GLOBAL V2X MARKET, BY PROPULSION, 2020 (% SHARE) 43
FIGURE 20 GLOBAL V2X MARKET, BY PROPULSION, 2020-2027 (USD MILLION) 43
FIGURE 21 GLOBAL V2X MARKET, BY COMMUNICATION TYPE, 2020 (% SHARE) 45
FIGURE 22 GLOBAL V2X MARKET, BY COMMUNICATION TYPE, 2020-2027 (USD MILLION) 46
FIGURE 23 GLOBAL V2X MARKET, BY REGION, 2020 (% SHARE) 48
FIGURE 24 PRODUCT DEVELOPMENTS/LAUNCHES: THE MAJOR STRATEGY ADOPTED BY KEY PLAYERS IN GLOBAL V2X MARKET 74
FIGURE 25 BENCHMARKING OF MAJOR COMPETITORS 75
FIGURE 26 GLOBAL V2X MARKET SHARE ANALYSIS, 2020 76
FIGURE 27 CONTINENTAL AG: FINANCIAL OVERVIEW SNAPSHOT 80
FIGURE 28 CONTINENTAL AG: SWOT ANALYSIS 81
FIGURE 29 INFINEON TECHNOLOGIES AG: FINANCIAL OVERVIEW SNAPSHOT 84
FIGURE 30 INFINEON TECHNOLOGIES AG: SWOT ANALYSIS 85
FIGURE 31 ROBERT BOSCH GMBH: FINANCIAL OVERVIEW SNAPSHOT 87
FIGURE 32 ROBERT BOSCH GMBH: SWOT ANALYSIS 88
FIGURE 33 DELPHI TECHNOLOGIES: FINANCIAL OVERVIEW SNAPSHOT 91
FIGURE 34 DELPHI TECHNOLOGIES: SWOT ANALYSIS 92
FIGURE 35 DENSO CORPORATION: FINANCIAL OVERVIEW SNAPSHOT 94
FIGURE 36 DENSO CORPORATION: SWOT ANALYSIS 95
FIGURE 37 STMICROELECTRONICS NV: FINANCIAL OVERVIEW SNAPSHOT 97
FIGURE 38 NXP SEMICONDUCTORS: FINANCIAL OVERVIEW SNAPSHOT 100
FIGURE 39 QUALCOMM TECHNOLOGIES, INC.: FINANCIAL OVERVIEW SNAPSHOT 103
$15 billion
2021 - 2027%
Europe
35
Automotive V2X Market is projected to be worth USD 15 billion by 2028, registering a CAGR of 35% during the forecast period (2021 - 2027), The market was valued at USD 767 million in 2020., reveals the current Market Research Future (MRFR) report. The strong growth is due to the advances in 5G technology.
The ongoing COVID-19 pandemic had a negative impact on the V2X market. Fall in customer footfalls at showrooms and shutdown of manufacturing plants has hindered the market growth. The lockdown and physical distancing trends has led to a fall in the sales of vehicles that in turn will impact the V2X market growth. The efforts and fast track strategies made by key manufacturers to overcome the huge loss can help in recovering the damage resulting from the pandemic that in turn will reinforce the supply chain as well as accelerate the global V2X market size. Besides most companies have offered the option of work from home, thus the increase in remote working options has declined the need for passenger cars as well as the market demand for modern connected vehicle technologies. Again the semiconductor industry is experiencing shortage in finished goods, components, and materials that is successively affecting the suppliers. Further, the auto industry is experiencing reduced vehicle sales worldwide and shutting down of production facilities that are seriously impacting the availability chains. However, with an aim to fight the deadly virus, suppliers and OEMs are reconfiguring the plant capabilities to supply PPE and medical equipment. Mahindra, for instance, aims in building personal ventilators while Ford in association with General Motors is manufacturing PPE surgical gear and ventilators.
The global V2X market is highly fragmented and competitive in nature with the presence of several key players. These industry players have encompassed several strategies to widen their portfolios and also strengthen their position in the market such as acquisitions and mergers, partnerships and collaborations, extensive R&D, new product launches, and more.
Prominent players profiled in the global V2X market report include STMicroelectronics NV, Denso Corporation, Delphi Technologies, Robert Bosch GmbH, Infineon Technologies AG, and Continental AG.
Demand for Semi-Autonomous Cars to Bolster Market Growth
The growing demand for semi-autonomous cars that are equipped with advanced driver assistance systems is likely to bolster V2X market value over the forecast period. OEMs are putting in a lot of efforts to expand their autonomous vehicles.
Additional factors adding to the global automotive vehicle-to-everything market growth include the rise in fuel consumption, wastage of time due to traffic congestion, growing need for better traffic management and automobile safety features, growing technological advances, growing trend for connected cars, favorable government initiatives regarding traffic management, participation of different automotive manufacturers, rising pollution and vehicular congestion, and growing need for real-time traffic. Besides, incident alerts for public safety, increasing environmental concerns, high competition in the car manufacturing market, the need for lower fuel wastage, and rise in the use of electronics in cars due to digitalization are also adding market growth.
Technological Advances in Automotive Electronics to Offer Robust Opportunities
Advancements in technology in automotive electronics like cloud technology that is used for vehicle platooning is likely to offer robust opportunities to market players in the future.
Dip in Car Sales to Act as a Market Restraint
The dip in the sales of cars during the COVID-19 pandemic may act as a market restraint in the forecast period.
Security Issues to Act as a Market Challenge
Security of data communication coupled with the need for robust legal framework may act as major market challenges for market players in the future.
V2X Industry has been bifurcated based on Propulsion, Communication Type, and Component.
Hardware Segment to Lead V2X Market
By component, the global V2X market is segmented into software and hardware. Of these, the hardware segment will lead the market over the forecast period. It is likely to develop at a stellar 60.49% CAGR by 2026.
V2V Segment to Dominate V2X Market
By communication type, the global V2X market is segmented into V2I, V2V, V2P, V2G, V2D, and V2C. Of these, the V2V segment will dominate the market over the forecast period. It is likely to develop at a healthy 44.27% CAGR by 2026.
ICE Segment to Spearhead V2X Market
By propulsion, the global V2X market is segmented into ICE and EV. Of these, the ICE segment will spearhead the market over the forecast period. It is likely to develop at a whopping 56.48% CAGR by 2026.
Europe to Dominate V2X Market
The automotive V2X market geographically has been bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, Europe will dominate the market over the forecast period. Improved infrastructure facility that allows easy use of V2X, the presence of several top players, the automotive industry being governed by stringent safety and strict emission norms, blind-spot detection and adaptive cruise control that uses V2V communication to become absolute features, and growing adoption of semi-autonomous and autonomous cars are adding to the global V2X market share in the region. Besides, the growing adoption in England, France, and Germany, and the presence of several V2X communication manufacturers and automotive OEMs, are also adding market growth.
North America to Have Healthy Growth in V2X Market
In North America, the global V2X market is predicted to have healthy growth over the forecast period. The presence of several technologically advanced countries like Canada and the US, ease of technological adoption, the presence of one of the largest automotive markets, lower gas emissions and better traffic control, and increasing production of luxury cars in the US are adding to the global V2X market growth in the region.
APAC to Have Notable Growth in V2X Market
In the Asia Pacific region, the V2X market is predicted to have notable growth over the forecast period. Several favorable government initiatives for large-scale digitalization of urban infrastructure in India, South Korea, and China, constantly increasing smartphone penetration that is facilitating the increasing awareness associated to modern communication technologies, and rapid adoption and production of cars are adding to the global V2X market growth in the region. It is predicted to grow at a high CAGR by 2026.
Recent Developments
Report Scope
The V2X market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader.
By Component
By Communication Type
By Propulsion
By Region
Report Attribute/Metric | Details |
---|---|
Market Size |
|
CAGR | 35% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022Â to 2030 |
Historical Data | 2018 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Communication Type, Propulsion |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | STMicroelectronics NV, Denso Corporation, Delphi Technologies, Robert Bosch GmbH, Infineon Technologies AG, and Continental A |
Key Market Opportunities | Advancements in technology in automotive electronics like cloud technology that is used for vehicle platooning |
Key Market Drivers |
|
Frequently Asked Questions (FAQ) :
The global V2X is expected to record a substantial market valuation due to the increasing expansion of the automotive industry over the world
The global V2X is projected to register a CAGR of 35% in the forecast period.
The hardware segment is slated to expand as the fastest-growing segment.
The ICE segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global V2X are Continental (Germany), NXP Semiconductors (Netherlands), Robert Bosch (Germany), Qualcomm (US), among others.