Automotive V2X Market worth $19.5 billion by 2028

The global 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%. Factors such as developments in connected car technology, paired with increasing focus towards traffic safety are expected to augment revenues for the automotive V2X market. Advancements in 5G technology, in conjunction with development in autonomous vehicles will create favorable opportunities for this market.

Cellular segment is estimated to account for the fastest-growing market during the forecast period

Cellular is expected to be the fastest-growing segment by connectivity during the forecast period. Cellular vehicle-to-everything (C-V2X) is one of the advanced technologies that has recently gained global attention owing to superior efficiency and mobility safety. It is an advanced wireless technology that enables vehicles to stay connected on the go and communicate with virtually everything around them, including other vehicles (V2V), pedestrians (V2P), roadside infrastructure (V2I), network (V2N), and cloud (V2C). The key advantages of C-V2X include better security and real-time & low latency communications. The advancements in the 5G technology would improve the speed and quality of transmission. Another key feature of C-V2X is that it supports both short-range and long-range transmission among vehicles and other connected devices. China is constantly focusing on the emerging C-V2X technology. The country expects approximately 50% of new cars to have pre-installed C-V2X by 2025.

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On-board Units estimated to be largest market during the forecast period

On-board Units (OBUs is expected to be the largest segment by unit during the forecast period. OBU is a transceiver mounted on the vehicle and capable of functioning as a portable unit. The portable unit is a transmitter in which the radiating structures are present within 20 cm of the user. An OBU is operational Even while the vehicle is mobile or stationary. An OBU is capable of communicating with the RSUs and other OBUs. The OBU receives and contends time to transmit one or more radio frequency channels. OBU offers safety features for V2X, which is the driving factor for the OBU segment in the automotive V2X market during the forecast period.

“Asia Pacific is expected to be the largest market in the forecast period.”

Asia Pacific comprises emerging countries such as China and India and developed countries such as Japan and South Korea. China, India, Japan, and South Korea have been considered under this study, while Taiwan and Australia have been covered qualitatively. In recent years, this region has emerged as a hub for automobile production. The increasing purchasing power of the population and increasing concerns over the environment have triggered the demand for V2X in Asia Pacific. Since South Korea and Japan are among the leaders in electronics, it would enable them to design V2X solutions with better performance at a lesser price. Asia Pacific has a presence of prominent players in the automotive V2X market, such as Denso Corporation (Japan), Mitsubishi Corporation (Japan), Hitachi Solutions, Ltd. (Japan), Huawei Technologies Co., Ltd. (China), and Hyundai Motor Company (South Koreay). The presence of these companies is also expected to fuel the Asia Pacific market in the coming years.

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.

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