(MENAFN- GlobeNewsWire - Nasdaq) Pleasanton, CA, Nov. 24, 2021 (GLOBE NEWSWIRE) -- The Global Automotive V2X Communication Market is expected to grow from USD 560 Mn in 2020 to USD 6584 Mn by 2027, at a CAGR of 42.2%.
The increasing incidence of road accidents is one of the important factors that propel the demand for the automotive V2X communication market during the forecast period. This communication technology helps to prevent road accidents by warning the drivers of vehicles that are not in the range of human sights or visible to other sensors. V2X technology reduces the vulnerability of drivers by providing real-time alerts about their locations. For instance, according to the report published by World Health Organization (WHO) in 2021, around 1.3 million people die each year due to road traffic crashes.
The major benefits of V2X communication in reducing the environmental impact of transportation drive the growth of the automotive V2X communication market during the forecast period. Moreover, the emergence of car and truck platooning services penetrate the market demand to a significant level. For instance, platooning enables autonomous vehicles and trucks to travel in a convoy while maintaining the fixed distance between the vehicles. This result in reduction in fuel consumption,carbon dioxide emissions and traffic congestion. Thus, this is major factor proliferating the growth of the automotive V2X communication industry during the forecast period.
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For instances, Autotalks is an Israel based company that was established in 2008. The company is devoted to Vehicle-to-Everything (V2X) for manned and autonomous vehicles. It offers a global V2X solution that supports both C-V2X and DSRC. The chipset offered is known as CRATON2 and has ultra-low latency V2X Hardware Security Module (eHSM). Autotalks is currently the sole semiconductor company in the SECUR project (Safety Enhancement through Connected Users on the Road). The project will lay the next step on how new V2X equipped cars will be tested under the European New Car Assessment Program (EuroNCAP). The project will provide several inputs on testing and assessing the V2X systems for the European New Car Assessment Program (EuroNCAP) in 2025.
The lack of standardization and shortage of IT resources are the major restraining factor that hampers the market growth. Moreover, the requirement for a robust legal framework is emerging as a challenge that limits market growth. However, the rapid deployment of 5G infrastructures provides a lucrative opportunity for the growth of the automotive V2X communication market during the forecast period.
Company Profiles and Competitive Intelligence:
Volkswagen AG, Continental AG, General Motors, TOYOTA MOTOR CORPORATION, Robert Bosch GmbH, NXP Semiconductors, Cisco Systems, Inc., TomTom International BV, HARMAN International, DENSO CORPORATION, Capgemini, Autotalks, Infineon Technologies AG, Qualcomm Technologies, Inc., STMicroelectronics and Among Others
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Global Automotive V2X Communication Market by Region Outlook (Revenue, USD Million, 2021-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growth in the region is attributed to the high growth in the automotive industry. Moreover, the favorable government initiatives for digitalization and increases the safety standards of vehicles in the countries like India, South Korea, and China. For instance, according to the report by DATAREPORTAL published in 2021, in India, the internet users is more than 600 Mn and stood with a penetration rate of 45%. Constantly, the rise in smartphone penetration that is facilitating the increasing awareness regarding modern communication technologies boosts the growth of automotive V2X communication industry in the region.
The Global Automotive V2X Communication Market Segmentation:
Global Automotive V2X Communication Market by Connectivity Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Automotive V2X Communication Market by Communication Type Industry Outlook (Revenue, USD Million, 2021-2027)
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Pedestrian (V2P)
Global Automotive V2X Communication Market by Vehicle Type Industry Outlook (Revenue, USD Million, 2021-2027)
- Passenger Cars
- Commercial Vehicles
Global Automotive V2X Communication Market by Unit Type Industry Outlook (Revenue, USD Million, 2021-2027)
- Onboard Unit
- Roadside Unit
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- Based on the connectivity type, the DSRC segment held the largest market share in 2020
- Based on the vehicle type, passenger cars dominated the market and is expected to show their dominance during the forecast period
- Based on region, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period
- In February 2021, Harman acquired Savari Inc., a silicon valley based automotive technology company, developing Vehicle-to-Everything (V2X) communications technology in 5G edge and automotive devices.
- In October 2021, Infineon launched the SLS37 V2X hardware security module to protect Vehicle-to-Everything (V2X) communications. The SLS37 V2X HSM is based on a highly secured, tamper-resistant microcontroller tailored to the security needs in V2X applications within telematics control units. It is protecting the integrity, authenticity of messages, and the privacy of the sender.
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