Portland, OR, Feb. 17, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive V2X market was pegged at $2.56 billion in 2019, and is estimated to reach $11.71 billion by 2027, growing at a CAGR of 28.4% from 2020 to 2027.
Increase in adoption of connected cars and surge in urbanization and industrialization have boosted the growth of the global automotive V2X market. However, high cost of implementation and security concerns regarding data communications hinder the market growth. On the contrary, potential of artificial intelligence and 5G along with advancements in cellular-V2X technology and autonomous vehicles would open lucrative opportunities for the market players in the future.
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Covid-19 Scenario
- During the initial phase of the lockdown, the manufacturing units across the globe temporarily suspended their production activities, which hampered the sales of automobiles with V2X features.
- The Covid-19 outbreak resulted in uncertainty in the market, disruption of the supply chain, and reduction in businesses. This negatively affected the demand for the V2X feature.
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The global automotive V2X market is segmented on the basis of communication, connectivity, vehicle type, and region. Based on communication, the vehicle-to-infrastructure (V2I) segment is projected to manifest the highest CAGR of 32.8% during the forecast period. Moreover, the vehicle to vehicle segment held the largest share in 2019, accounting for nearly two-fifths of the market
By vehicle type, the passenger type segment dominated the market in 2019 in terms of revenue, contributing to around 90% of the market. Furthermore, the segment is projected to register the fastest CAGR of 28.9% from 2020 to 2027.
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The global automotive V2X market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to portray the highest CAGR of 32.4% during the forecast period. However, the market across Europe held the largest share in 2019, contributing to around one-third of the market.
The global automotive V2X market report includes an in-depth analysis of the major market players such as Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies, Inc., Robert Bosch GmbH, Savari, Inc., STMicroelectronics, Altran, Autotalks Ltd., Continental AG, and HARMAN International.
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