Automotive V2X Market Size to Cross $19.5 billion by 2028 – Exclusive Report by MarketsandMarkets™

Chicago, Jan. 30, 2023 (GLOBE NEWSWIRE) — Automotive V2X Market is projected to grow from USD 2.6 billion in 2022 to USD 19.5 billion by 2028, at a CAGR of 39.7%, over the forecast period, according to a new report by MarketsandMarkets™. 

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Report Attributes Details
Market size value in 2022: USD 2.6 Billion
Projected to reach 2028: USD 19.5 Billion
CAGR: 39.7%
Base Year Considered: 2021
Forecast Period: 2022-2028
Largest Market: Asia Pacific
Region Covered: Asia Oceania, Europe, North America, and RoW
Segments Covered: Offering, Offering (Aftermarket), Communication, Propulsion, Connectivity, Technology, Vehicle Type, Unit, and Region
Companies Covered: Qualcomm Incorporated (US), Autotalks (Israel), Continental AG (Germany), Cohda Wireless (Australia), and Robert Bosch GmbH (Germany)

Parameters such as developments in connected car technology, in conjunction with the rise in demand for autonomous driving will upsurge the demand for the automotive V2Xs. Further, strong government support for V2X technology, coupled with advancements in 5G technology will create lucrative opportunities for the Automotive V2X Market.

The Asia Pacific region is expected to be the largest market during the forecast period.

Asia Pacific is estimated to account for the largest market share by 2028 in terms of volume and value, followed by Europe and North America. Asia Pacific is home to countries such as China, Japan, and South Korea, which are expected to take the lead in 5G adoption. The advancements in 5G technology would enable the adoption of cellular connectivity, which is expected to drive the Asia Pacific market during the forecast period.

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Europe region will hold the second largest market size in the Automotive V2X Market during the forecast period.

Europe is home to some of the top players in the Automotive V2X Market, such as Continental AG, Robert Bosch GmbH, and Altran. The presence of these companies would also contribute to the growth of the European Automotive V2X Market during the forecast period. Many of the top vehicle manufacturers from the region, such as Daimler AG and Volkswagen AG, have incorporated V2X technology into their vehicles.

The passenger car segment is estimated to account for the largest share in terms of value as well as volume.

The passenger car segment is the largest vehicle segment in the global automotive industry and is the most promising market for automotive V2Xs. The key factors driving the passenger car segment are the growing concerns over traffic safety and pollution levels. As per the US EPA, a typical passenger car emits 4.6 metric tons of CO2 per year. This value could be higher when considering the miles driven per year, fuel economy of the vehicle, etc. The application of V2X technology would help reduce traffic congestion through efficient driving, which helps reduce fuel consumption as well. In addition, the fatalities caused by passenger car accidents have been a concern among the public and governments, which could fuel the growth of this segment in the Automotive V2X Market.

Key Market Players:

The Automotive V2X Market is dominated by major players including Qualcomm Incorporated (US), Autotalks (Israel), Continental AG (Germany), Cohda Wireless (Australia), and Robert Bosch GmbH (Germany). These companies offer automotive V2Xs technology and have strong distribution networks at the global level. These companies have adopted extensive expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the market.

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