The global V2X market is anticipated to grow at a 40.5% CAGR during 2021-2027 and is expected to reach USD 986 million by 2027. Factors attributing to the growth of the V2X market are the development of 5G technology, increased fuel consumption, and time wastage caused due to traffic congestion will propel the demand for V2X technology. Also, it enhanced road safety, energy saver, and improves traffic efficiency on roads. Furthermore, the rising demand for semi-autonomous cars that are having advanced driver assistance systems, initiatives by the government about traffic management, increased need for real-time traffic will bolster the growth of the automotive V2X market.

Automobile manufacturers and many advanced mobility companies have been among the hardest hurt by COVID-19. This could have a direct long-term influence on the automotive business due to macroeconomic considerations, changing customer behavior, and regulatory developments.The automotive industry is keeping an eye on how changes in customer behavior may affect the adoption of technologies like vehicle-to-everything, despite the COVID-19 epidemic bringing infinite changes into our daily life

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Based on communication, the global automotive V2X market is segmented into Vehicle-To-Infrastructure (V2I), Vehicle-To-Grid (V2G), Vehicle-To-Pedestrian (V2P), Vehicle-To-Vehicle (V2V), Vehicle-To-Network (V2N), Vehicle-To-Home (V2H). The V2V communication category dominates the market as it enhances vehicle safety via features like lane changing warning (LCW) and forward collision warning (FCW). Moreover, the concern regarding safety among the public and government owing to rising traffic accidents will drive the growth of the automotive V2V market further.

Europe is anticipated to have a high ACGR during 2021-2027 owing to an enhanced infrastructural facility in Europe that allows easy deployment of V2X. Moreover, the presence of major players like Robert Bosch GmbH, Continental Ag, etc., and large-scale adoption of V2X equipped vehicles will drive the growth in the European region further.

In February 2022, Veniam, one of the global leaders in intelligent networking for connected vehicles, is partnering with TomTom, a geolocation technology specialist and creator of TomTom IndiGO, to provide a best-in-class connection for onboard apps and car manufacturers all over the world. Veniam's software and cloud services allow connected vehicles to take full advantage of all available networks, including 4G/5G, Wi-Fi, and V2X.

The prominent players in the automotive V2X industry include Qualcomm, Inc., TomTom International B.V., Continental AG, HARMAN International, Infineon Technologies AG, Delphi Automotive LLP, Robert Bosch GmbH, Cisco Systems, Inc., NXP Semiconductors, and Mobileye.

Source: VynZ Research