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V2X Market Size 2020: Global Projection, Solutions, Services Forecast to 2023

Apr 23rd 2020 at 11:35 AM

Market Synopsis:

The V2X Market Size has observed significant growth in recent times primarily due to the initiation of advanced technology in vehicles as innovative driver assistance systems. Rapidly growing safety concerns among individuals and augmented emphasis by the insurance companies, the market for V2X is anticipated to register a high growth rate. Increasing demand for vehicles and the consistently growing production is expected to have a significant contribution in the V2X Market Size. Fast developing infrastructure across the globe to accommodate the changing tide in the automotive industry, will have an encouraging impact on the V2X Market Size. Moreover, increasing demand for real-time traffic data and the expansion of connected vehicles are projected to further enhance the need for V2X in the market. With government authorities framing policies to support major automotive producers to push for technological advancement, the demand for V2X is slated for rapid growth during the assessment period.

On the other hand, The high preliminary cost connected with V2X is likely to act as a major restraining factor in the global V2X Market Size over the foreseeable future.

Segmental Analysis

The global market for V2X has been segmented on the basis of communication type, propulsion and component type. Based on the communication type, the market has been segmented into V2V, V2C, V2G, V2D, V2P, and V2I. Based on the component type, the market has been segmented as Hardware and Software. By propulsion type, the global V2X Market Size has been segmented into ICE and EV.

Regional Analysis

On the basis of region, the global V2X Market Size has been studied in North America, Asia Pacific, Europe, Middle East & Africa, and South America.
The Asia Pacific region is one of the major regional markets across the globe for V2X and is slated to record a substantial market share over the review period. The V2X Market Size is presently booming in the Asia Pacific region. The rising 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 developing living standards, has positively impacted the automotive industry as a whole. Increasing The availabilityincidence of vehicle electrification in the Asia Pacific region is also expected to impact the V2X Market Size positively. The cheap labor in the Asia Pacific has also been a critical factor in the V2X Market Size. Additionally, the rapidly rising automotive infrastructure in this region is projected to lay the foundation for the rapid expansion of the automotive sector.

North America and Europe are the two other significant regions, primarily due to the established automotive industry in these regions. The existence of primary producers in the developed countries of these regions is also a key driver for the V2X industry. Extensive investment in research and development allows manufacturers in this region to create new techniques and products to tap capitalizing on the imminent market trends.

The automotive industry in South America and the Middle East is at a promising stage, which offers favorable conditions for V2X Market Size growth. The market for V2X is anticipated to have steady growth during the forecast period. These regions are likely to be lucrative in the foreseeable future, with several automotive manufacturers increasing investments to capitalize on the adequate demand in these regions.

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Competitive Analysis

The major market players identified by MRFR in the global V2X Market Size are Continental (Germany), NXP Semiconductors (Netherlands), Qualcomm (US), Delphi Automotive (U.K.), and Robert Bosch (Germany).

Industry News

September 2019: Unex, a Taiwanese provider of V2X systems, collaborated with STMicroelectronics, a multinational electronics and semiconductor producer, for the integration of Unex’s SOM-301 V2X System-on-Module on STMicroelectronics’ Telemaco3P Modular Telematics Platform (TC3P-MTP).

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