5 Major Insights Into The Automotive Vehicle To Everything (V2X) Communications Market Report 2024
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The Business Research Company’s Automotive Vehicle To Everything (V2X) Communications Global Market Report 2024 offers crucial insights into the automotive vehicle to everything (V2X) communications market help businesses analyse and build stronger strategies.
The automotive vehicle-to-everything (V2X) communications market is experiencing exponential growth, driven by technological advancements and increasing demand for connected vehicles. Here’s a detailed look at the market dynamics, major trends, and key players shaping the future of V2X communications.
Market Overview and Growth
Current Market Size and Growth Rate
- 2023 Market Size: $2.90 billion
- 2024 Market Size: $3.60 billion
- CAGR (2023-2024): 24.2%
The market’s significant growth is attributed to increased awareness about traffic safety benefits, consumer demand for advanced safety features, heightened concerns about cybersecurity, and the need for enhanced situational awareness and collision avoidance systems. Additionally, robust investments in research and development have fueled innovation and market expansion.
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Future Market Projections
- 2028 Market Size: $8.6 billion
- CAGR (2024-2028): 24.4%
The forecasted growth is driven by the rising demand for connected vehicles, industrialization, urbanization, advanced technology adoption, and the focus on smart cities and smart automobiles. Major trends include technological advancements, the accelerated deployment of 5G networks, integration with connected and autonomous vehicles, and the expansion of cellular V2X (C-V2X) technology.
Impact of Increasing Demand for Connected Vehicles
Drivers of Demand
- Connected Vehicles: Equipped with internet connectivity and onboard sensors.
- Safety and Efficiency: Enhanced connectivity features improve safety and efficiency.
- Consumer Demand: Growing interest in features enabled by 5G and other connectivity advancements.
For instance, the number of connected cars in Australia is projected to rise from one million in 2021 to ten million by 2030. This surge is a testament to the increasing consumer demand driving the V2X communications market forward.
Major Companies in the V2X Communications Market
Key Players
- Automakers: Volkswagen Group, Toyota Motor Corporation, The Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Hyundai Motor Company, Tesla Inc., Nissan Motor Corporation, Volvo Car Corporation.
- Tech Companies: AT&T Inc., Cisco Systems Inc., Qualcomm Technologies Inc., Panasonic Holdings Corporation.
- Suppliers: Robert Bosch GmbH, Denso Corporation, Continental AG, Aptiv PLC, NXP Semiconductors N.V., BorgWarner Inc., Visteon Corporation, Harman International Industries Inc., Mobileye.
These companies are not only advancing V2X technology but also ensuring robust security measures and developing innovative solutions to meet growing market demands.
Innovative Hardware Security Modules (HSMs) for Enhanced Security
Advancements in Security
- Hardware Security Modules (HSMs): External physical units in ECUs protect communications and control systems.
- Example: Infineon Technologies AG’s SLS37 V2X security module enhances the integrity, authenticity, and privacy of V2X communications.
HSMs are crucial in safeguarding the V2X communication networks from cyber threats, ensuring secure and reliable interactions between vehicles and their environment.
Strategic Acquisitions to Enhance V2X Capabilities
Notable Acquisition
- Harman International Industries and Savari Inc.
- Date: February 2021
- Purpose: To enhance V2X sensor systems and edge-based analytics.
- Outcome: Strengthened V2X and 5G Edge platform development with Savari’s MEC technology and expertise.
This acquisition underscores the industry’s trend towards integrating advanced V2X technologies and expanding capabilities through strategic partnerships.
Market Segmentation
By Type
- Vehicle-To-Vehicle (V2V)
- Vehicle-To-Infrastructure (V2I)
- Vehicle-To-Pedestrian (V2P)
By Technology
- Automated Driver Assistance
- Intelligent Traffic Systems
- Emergency Vehicle Notification
- Passenger Information System
- Fleet and Asset Management
- Parking Management System
- Line Of Sight
- Non-line Of Sight
- Other Technologies
By Application
- Road Safety Services
- Automatic Parking Systems
- Emergency Vehicles
- Auto Car Services
Regional Insights
Leading Regions
- Europe: Largest market in 2023.
- North America: Expected to be the fastest-growing region in the forecast period.
In conclusion, the V2X communications market is on a rapid growth trajectory, driven by technological advancements, increased demand for connected vehicles, and strategic industry movements. With ongoing innovation and rising investments, the market is poised for significant expansion in the coming years.
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The Automotive Vehicle To Everything (V2X) Communications Global Market Report 2024 provides a comprehensive outlook of the automotive vehicle to everything (V2X) communications market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automotive vehicle to everything (V2X) communications market forecast offers a thorough analysis on automotive vehicle to everything (V2X) communications market size, automotive vehicle to everything (V2X) communications market share, prominent players and their strategies.
The Table Of Content For The Automotive Vehicle To Everything (V2X) Communications Market Include:
1. Automotive Vehicle To Everything (V2X) Communications Market Executive Summary
2. Automotive Vehicle To Everything (V2X) Communications Market Segments
3. Automotive Vehicle To Everything (V2X) Communications Market Size And Automotive Vehicle To Everything (V2X) Communications Market Growth Rate
4. Key Automotive Vehicle To Everything (V2X) Communications Market Trends
5. Major Automotive Vehicle To Everything (V2X) Communications Market Drivers
……
25. Key Mergers And Acquisitions In The Automotive Vehicle To Everything (V2X) Communications Market
26. Top Automotive Vehicle To Everything (V2X) Communications Companies
27. Automotive Vehicle To Everything (V2X) Communications Market Opportunities And Strategies
28. Automotive Vehicle To Everything (V2X) Communications Market, Conclusions And Recommendations
29. Appendix
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