The global automotive V2X market is projected to grow from USD 2.6 billion in 2022 to USD 19.5 billion by 2028, at a CAGR of 39.7%. Factors such as developments in connected car technology, paired with increasing focus towards traffic safety are expected to augment revenues for the automotive V2X market. Advancements in 5G technology, in conjunction with development in autonomous vehicles will create favorable opportunities for this market.
Software segment is estimated to be fastest-growing market during the forecast period.
The software segment is expected to register the fastest growth during the forecast period. The software segment is also expected to be the largest market due to the advent of 5G technology and growing features in automotive V2X. With the rising V2X adoption, the demand for V2X software is expected to increase exponentially over the forecast period. The upcoming technologies in V2X software should be compatible with DSRC and C-V2X. Some of the main players in the automotive V2X market offer software solutions compatible with DSRC and C-V2X. For instance, Commsignia offers hardware and software components capable of supporting both DSRC and C-V2X.
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V2G segment is expected to account for significant share in the automotive V2X market during the forecast period
V2G is a technology where electric vehicles communicate with the power grid to regulate the charging rate or return the electricity to the grid. The three key components of V2G are the location at which the vehicle connects to the electrical grid, EVSE, and the electric vehicle that manages SOC. V2G enables consumers to charge their electric vehicles and monitor costs through mobile phones. Governments in the Asia Pacific region are also focusing on the introduction of electric commercial vehicles. In September 2020, the Indian government announced plans to offer incentives worth USD 4.6 billion to companies establishing advanced battery manufacturing facilities to reduce oil imports while switching to EVs. Similarly, China is focusing on increasing electric vehicles to combat the rising emissions in the country. The Chinese government is providing significant subsidies for the electrification of vehicles, which, in turn, has increased the sales of electric vehicle charging stations in China. Owing to these parameters, V2G is likely to emerge as a promising segment during the forecast period.
“Europe is expected to have significant share in the automotive V2X market by 2028.”
Europe is expected to have significant growth in the automotive V2X market during the forecast period. The high sales of V2X-equipped vehicles would pave the way for other automotive OEMs to equip their vehicles with V2X. The improved infrastructural facilities compared to other regions would enable the easy incorporation of V2X in Europe. Europe is home to some of the top players in the automotive V2X market, such as Continental AG (Germany) and Robert Bosch GmbH (Germany). A number of tests/trials are taking place in this region, among which many are conducted by the 5GAA for C-V2X. All these factors are expected to drive the European automotive V2X market during the forecast period.
Key Market Players:
The major players in Automotive V2X market are Qualcomm Incorporated (US), Autotalks (Israel), Continental AG (Germany), Cohda Wireless (Australia), and Robert Bosch GmbH (Germany). These companies have strong product portfolio as well as strong distribution networks at the global level.
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