V2X Industry Growth Outlook:
V2X Market is predicted to touch USD 15, 050.0 Million at a stellar 58.84% CAGR between 2020- 2027, reveals the current Market Research Future (MRFR) report.
Demand for semi-autonomous cars is expected to support the market growth along with the rise in fuel consumption. As predicted by analysts, dip in car sales will negatively affect the market’s performance from 2020 to 2027. During the forecast period, the market will be supported by wastage of time due to traffic congestion and growing technological advances. The dip in the sales of cars on the other hand will challenge vehicle-to-everything sector based organizations functioning in the global V2X market.
Drivers and Restraints
The V2X market has observed remarkable growth in recent times, primarily due to the start of advanced technology in automobiles as innovative driver assistance methods. Rapidly growing safety concerns among consumers, and increased emphasis by the insurance corporations, the market for V2X is predicted to register a high growth rate. Increasing demand for vehicles and the continually growing production is expected to have a significant contribution in the V2X market.
Rapid developing infrastructure across the globe to accommodate the altering tide in the automotive industry will have a promising impact on the V2X market. Furthermore, growing demand for real-time traffic data and the expansion of connected vehicles are projected furtherto enhance the need for V2X in the market. With government authorities framing policies to backing major automotive producers to push for technological improvement, the demand for V2X is slated for notable growth over the review period.
On the other hand, the high primary cost connected with V2X is likely to act as a significant limiting factor in the global V2X market over the foreseeable future.
The key market players identified by MRFR in the global V2X market are NXP Semiconductors (Netherlands), Continental (Germany), Delphi Automotive (U.K.), Qualcomm (U.S.), and Robert Bosch (Germany).
The global market forV2X has been analysed on the basis of propulsion, communication type, and component type. Based on the communication type, the v2x market has been segmented intoV2C, V2V,V2G, V2P, V2D, and V2I. Based on the component type, the V2X market has been segmented as Hardware and Software. Based on the propulsion type, the global V2X market has been bifurcatedintoE.V.andICE.
On the basis of region, the global V2X market has been analysed in North America, Middle East &Africa,Asia Pacific, Europe, and Latin America.
Additionally, the Asia Pacific region is one of the key regional markets across the world for V2X and is slated to record a considerable market share through the review period. The V2X market is presently thriving in the Asia Pacific region. The increasing vehicle manufacture in this region is one of the major driving factors for the growth of the market. Improving infrastructure in this region, along with emerging living standards, has positively impacted the automotive industry as a whole. Increasing The availability of vehicle electrification in the Asia Pacific region is also anticipated to impact the V2X market positively. The low-cost labour in the Asia Pacific has also been a critical factor in the V2X market. Furthermore, the rapidly growing automotive infrastructure in this region is anticipated to lay the foundation for the swift expansion of the automotive industry.
North America and Europe are the two other substantial regions, primarily due to the established automotive industry in these regions. The presence of primary producers in the developed economies of these regions is also a key driver for the V2X industry. Growing investment in research and development allows producers in this region to create new methods and products to tap capitalizing on the impending market trends.
The automotive industry in Latin America and the Middle East is at a promising stage, which offers favourableconditions for V2X market growth. The market for V2X is predicted to have steady growth over the review period. These regions are likely to be profitable in the foreseeable future, with numerous automotive manufacturers growing investments to capitalize on the ample demand in these regions.
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Table of Content:
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
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