Growth in adoption of connected cars and surge in urbanization and industrialization fuel the global automotive V2X market.
PORTLAND, Ore., May 17, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive V2X Market by 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)), Connectivity (Dedicated Short-range Communication (DSRC), and Cellular-V2X (C-V2X) Communication) and Vehicle Type (Passenger Cars and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automotive V2X industry garnered $2.56 billion in 2019, and is projected to generate $11.71 billion by 2027, manifesting a CAGR of 28.4% from 2020 to 2027.
Surge in adoption of connected cars and rapid increase in urbanization and industrialization drive the growth of the global automotive V2X market. However, high cost of implementation and security concerns related to data communication restrain the market growth. On the contrary, future potential of 5G & AI technology coupled with the advancement in cellular-V2X (C-V2X) technology and growth in developments in semi-autonomous and autonomous vehicles expected to provide new opportunities in the coming years.
The lockdown imposed by the government during the initial phase of Covid-19 affected the manufacturing units across the globe.
The COVID-19 crisis have, furthermore, created uncertainty in the market, disruptions in the supply chain, decline in businesses, and increase in panic among customer segments. All these aspects impacted the market negatively, thereby affecting the sales.
Nevertheless, the industries are now continuing with their manufacturing processes, as the restrictions have been eased off. This is expected to support the market to recoup soon.
The vehicle to vehicle segment to continue its lead position during the forecast period
By communication, the vehicle to vehicle segment accounted for the largest market share, contributing to nearly two-fifths of the global automotive V2X market in 2019, and will continue its lead position during the forecast period. This is due to changing infrastructural requirement for the connected cars. On the other hand, the Vehicle-to-Infrastructure (V2I) segment is expected to register the largest CAGR of 32.8% from 2020 to 2027. This is due to its ability to access the advisories from the infrastructure to the automotive which transfer the information regarding the mobility management, driver safety, and environmental conditions.
The passenger type segment to maintain its dominance in terms of revenue by 2027
By vehicle type, the passenger type segment contributed to the largest share in 2019, holding around 90% of the global automotive V2X market, and is projected to maintain its dominance in terms of revenue by 2027. In addition, this segment is expected to manifest at the fastest CAGR of 28.9% from 2020 to 2027, owing to high penetration of advanced technology in the passenger cars across the globe.
Europe, followed by North America, to maintain its leadership status by 2027
By region, Europe, followed by North America, contributed to the highest market share in 2019, accounting for around one- third of the global automotive V2X market, and will maintain its leadership status by 2027. This is attributed to increasing penetration in digital technologies in this province.
However, Asia-Pacific is expected to witness the highest CAGR of 32.4% during the forecast period, owing to increasing number of connected cars in the region.
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