The Automotive V2X Market Size Is Expected To Reach $4.7 Billion By 2027 At A CAGR Of 44% As Per The Business Research Company's Automotive V2X Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 02, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Automotive V2X Global Market Report 2023, the global automotive Vehicle-to-Everything (V2X) market is poised for a remarkable transformation, reflecting exceptional growth prospects. It is anticipated that the automotive V2X market size will surge from $0.77 billion in 2022 to $1.1 billion in 2023, showcasing an astounding compound annual growth rate (CAGR) of 43.5%. This dynamic ascent is set to continue, driving the market to an estimated $4.77 billion by 2027, fueled by an impressive CAGR of 44.1%. The automotive V2X market's promising trajectory is influenced by various factors, including the burgeoning demand for electric vehicles (EVs), which is expected to revolutionize the automotive landscape.
The Electrifying Drive Towards the Future
The growing demand for electric vehicles (EVs) emerges as a pivotal driver of the automotive V2X market. The shift towards electric and autonomous vehicles has created an environment where V2X technology plays a crucial role in enhancing safety, user experience, and environmental sustainability. The synergies between V2X and EVs position this technology as a vital component in the future of transportation, further accelerating its market growth.
For instance, in Australia, the electric vehicle share of new car sales is forecasted to rise from 0.34% in 2019 to 8% in 2025, with projections reaching 27% of new car sales in 2030 and 50% in 2035 as electric car technology becomes more affordable.
Learn More In-Depth On The Automotive V2X Market
https://www.thebusinessresearchcompany.com/report/automotive-v2x-global-market-report
Leading Players
The global automotive V2X market is characterized by its high concentration of industry leaders. The top ten competitors held a significant share of 71.08% of the total automotive V2X market t in 2022. This concentration can be attributed to the formidable barriers to entry, including substantial research and development costs and rigorous regulatory requirements set by authorities.
- Robert Bosch GmbH claimed the top spot with a 16.3% automotive V2X market share.
- NXP Semiconductors N.V. followed closely with a 13.6% automotive V2X market share.
Transforming the V2X Landscape with 5G
One prominent trend reshaping the automotive V2X market is the integration of 5G technology. 5G, the fifth-generation wireless mobile network technology, is designed to connect virtually everything, including objects, machines, and devices. In the automotive context, 5G V2X is driving transformative experiences by enabling cars to communicate with each other for data sharing, locate access services, and find available parking through city smart networks.
For example, Avanci, an independent US-based provider of patent licensing solutions, launched its 5G Connected Vehicle program in August 2023. This program simplifies the licensing of cellular technologies used in next-generation connected vehicles, encompassing critical patented technologies for connectivity in 5G, 4G, 3G, and 2G networks.
A Multifaceted Market Landscape
The global automotive V2X market boasts diverse segments:
- Technology: Emergency Vehicle Notification, Automated Driver Assistance, Passenger Information System, Line of Sight, and Other Technologies.
- Vehicle Type: Passenger Cars and Commercial Vehicles.
- Connectivity: Dedicated Short Range Communication (DSRC) and Cellular.
- Communication: Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Pedestrian (V2P), Vehicle-To-Grid (V2G), Vehicle-To-Cloud (V2C), and Vehicle-To-Device (V2D).
Get A Free Sample Of The Global Automotive V2X Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=5429&type=smp
In conclusion, the automotive V2X market is on a transformative journey, driven by the electrifying shift towards EVs, the integration of 5G technology, and the remarkable potential of V2X in reshaping transportation. Stakeholders who understand these driving forces and leverage the market's dynamism are well-poised to capitalize on the opportunities presented by this evolving industry.
Automotive V2X Global Market Report 2023 by The Business Research Company provides insights on the automotive V2X market size, automotive V2X market segments, automotive V2X market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Automotive Variable Valve Timing (VVT) And Start-Stop System Global Market Report 2023
Automotive Voice Recognition System Global Market Report 2023
Automotive Suspension Systems Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/automotive-suspension-systems-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
The Business Research Company Europe: +44 207 1930 708 Asia: +91 8897263534 Americas: +1 315 623 0293 Email: info@tbrc.info Follow us on: LinkedIn: https://in.linkedin.com/company/the-business-research-company Twitter: https://twitter.com/tbrc_info Facebook: https://www.facebook.com/TheBusinessResearchCompany YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ Blog: https://blog.tbrc.info/ Healthcare Blog: https://healthcareresearchreports.com/ Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
