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Automotive Vehicle to Everything (V2X) Market Analysis by Connectivity (Dedicated Short-Range Communications (DSRC), and Cellular); by Components {Vehicle to Infrastructure(V2I), Vehicle to Vehicle (V2V), and others}; by Propulsion Type {Internal Combustion Engines (ICEs), and Electric Vehicles}; and by Unit (On-Board, and Roadside) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Mercedes-Benz Group AG – collaborated with Qualcomm to power the next Mercedes vehicles with snapdragon digital chassis solutions.
  • Honda Motor Co., Ltd. – associated with V2X Suisse to advance vehicle-to-grid charging technology in Switzerland.

Global Automotive V2X Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~39%

Base Year Market Size (2022)

 ~ USD 3 Billion

Forecast Year Market Size (2033)

~ USD 20 Billion

The global automotive V2X market is estimated to garner a revenue of ~USD 20 billion by the end of 2033 by growing at a CAGR of ~39% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 3 billion in the year 2022. The growth of the market can primarily be attributed to the growing awareness of automotive V2X along with rising concern for the increasing incidence of road traffic injuries and crashes worldwide. For instance, according to the Global Status Report on Road Safety 2018, published by World Health Organization (WHO), more than 1 million deaths occur each year because of road traffic crashes worldwide.

Automotive-Vehicle-to-Everything-Market-Size

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V2X communication system shares the information, such as speed, with other entities around the vehicle. This information travels from the vehicle sensors and other sources through high-bandwidth, high-reliability links, allowing it to communicate with other vehicles, infrastructure such as traffic lights, parking spaces and smartphone-tossing pedestrians. The technology enhances the driver’s awareness of potential dangers and aid in reducing the road accident fatalities, severity of injuries, and collision with other vehicles. With the recent advancements in V2X technology as well as increasing penetration of vehicles, the demand for automotive V2X is on the rise amongst the vehicle users, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive V2Xmarket during the forecast period. According to the data released by Federation of Automobile Dealers Associations (FADA) in May 2022, there was a surge in the total vehicle retail in India by 207%.

Global Automotive V2X Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Connectivity in Vehicles V2X being a vehicular communication system supports the transfer of information from a connected vehicle to moving parts of the traffic system that can affect the vehicle. With surge in vehicle connectivity the automotive V2X market is also expected to escalate in the forecasted period. It is projected that there will be around 80 million new connected cars in United States with more than 25% of new vehicles having 5G by 2025.
  • Rising Pedestrian Fatality Risk – According to World Health Organization, the death risk grew for pedestrians hit by car fronts nearly 4.5 times, in the year 2018.
  • Upsurge in the Number of Autonomous Vehiclesit is estimated that there will be more than 30 million autonomous vehicles on the road by 2040.
  • Increasing Installation Advanced Driver Assistance System (ADAS) - it was observed that ADAS features were installed in about 10% of the more than 1 billion cars worldwide in 2020.
  • Rising Penetration of Global Positioning Systems (GPS)- more than 74 million cars have a GPS system, and in the next few years over 97% of cars will have them.

Challenges

  • Lack of Infrastructure
  • Vulnerability to Cyberattacks
  • Challenges in Replicating Test Scenarios in the Real World

The global automotive V2X market is segmented and analyzed for demand and supply by propulsion type internal combustion engines (ICEs), and electric vehicles. Amongst these segments, the electric vehicles segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing demand of electric vehicles along with the surge in the sale of electric vehicles worldwide. For instance, it was estimated that the global sales of electric cars were around 2 million in the first quarter of 2022.

Global Automotive V2X Market Regional Synopsis

Regionally, the global automotive V2X market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the presence of a strong manufacturing network in the region, growing sale of vehicles, as well as the rising awareness amongst the populace about the benefits of V2X. It was found that, China sold over 25 million vehicles in 2020, which included nearly 19,994,000 cars.

Automotive-Vehicle-to-Everything-Market-Scope

The global automotive V2X market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive V2X market includes the following segments:

By Connectivity

  • Dedicated Short-Range Communications (DSRC)
  • Cellular

By Component

  • Vehicle to Infrastructure(V2I)
  • Vehicle to Vehicle (V2V)
  • Vehicle to Cloud (V2C)
  • Vehicle to Pedestrian (V2P)
  • Vehicle to Device (V2D)
  • Vehicle to Network (V2N)
  • Vehicle to Grid (V2G)

By Propulsion Type

  • Internal Combustion Engines (ICEs)
  • Electric Vehicles

By Unit

  • On-Board
  • Roadside

Top Featured Companies Dominating the Global Automotive V2X Market

  • Honda Motor Co., Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Mercedes-Benz Group AG
  • Ford Motor Company
  • Hyundai Motor Company
  • Honda Motor Co., Ltd.
  • General Motors
  • Volkswagen AG
  • Bayerische Motoren Werke Aktiengesellschaft
  • FCA US LLC
  • Nissan Motor Co., Ltd.

 

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