Automotive V2X market size reached USD 6.75 Bn in 2023 and it is expected to hit USD 277.32 Bn by 2033, growing at a CAGR of 45% during the forecast 2023-2033.

NEW YORK CITY, NEW YORK, UNITED STATES, January 16, 2023 /EINPresswire.com/ -- The global automotive V2X market size reached USD 6.75 billion in 2023 and it is expected to hit USD 277.32 Billion by 2033, growing at a CAGR of 45% during the forecast period 2023 to 2033.

The Automotive V2X market has been witnessing significant growth owing to the increasing demand for vehicular safety and the increasing adoption of V2X technology in commercial vehicles.

There are several benefits of using Automotive V2X technology in commercial vehicles, such as improved traffic management, reduced fuel consumption, reduced emissions, and improved overall safety. However, there are also some challenges that need to be addressed, such as the lack of standardization among different types of commercial vehicles, and the challenge of integrating Automotive V2X functionality into existing hardware and software architecture.

Key Segmentation :

type

DSRC
Cellular

Application:

Passenger
Commercial

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Key Market Players included in the report:

Continental AG
Qualcomm Inc.
Daimler AG
Delphi Automotive PLC
Infineon Technologies AG
Audi AG
Intel Corporation
NXP Semiconductors NV
Tomtom NV
International Business Machines Corporation
Cisco Systems#Inc
AT&T Inc.
Vodafone Group PLC.
Robert Bosch GmbH
Harman International Industries#Inc.
Nvidia Corporation
Mobileye NV
PTC Inc.
Autotalks Limited
Cohda Wireless PTY Ltd

The automotive industry is ripe for innovation thanks to the coming of digital technologies and their potential benefits. One such technology that has the potential to revolutionize the automotive industry is V2X.

What is Automotive V2X?
Simply put, it is a term used to describe the communication of data between vehicles and infrastructure. The potential benefits of this communication include improved safety, reduced congestion, and optimized vehicle operations. Furthermore, Automotive V2X can even help reduce emissions from automobiles. Already, several automakers are exploring how they can apply Automotive V2X in their products. For example, Nissan has developed a system that allows cars to respond to traffic lights and other roadside signals. Toyota also plans to use V2X technology in its upcoming Entune infotainment system.

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This growth can be attributed to several factors such as increasing demand for enhanced safety, cost-effective implementation of Automotive V2X features, and adoption of Automotive V2X technology in commercial vehicles.

Among different types of automotive v2x systems, communication-based systems are expected to account for the largest share of the market during the forecast period. This is due to their ability to bridge gaps between vehicle components and networks, which enhances overall vehicle performance. In addition, vehicles equipped with communication-based systems are increasingly being used for autonomous driving applications.

Based on type, Gray literature research indicates that sensor-based systems are expected to dominate the market over the next four years.

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