According to the new market research the report "Automotive Vehicle-to-Everything (V2X) Market by Offering (Hardware, Software), Type (V2V, V2I, V2P, V2G, V2H, and V2N), Connectivity Type (DSRC and Cellular), Vehicle Type (Passenger and Commercial), Application - Global Forecast to 2022", is expected to be valued at USD 767.5 Million in 2017 and is expected to reach USD 2,815.5 Million by 2022, at a CAGR of 29.69% between 2017 and 2022.
This report segments the automotive V2X market based on offerings, communication type, connectivity type, vehicle type, application, and geography. The market has been segmented on the basis of offering into hardware and software. According to Global Status Report on Road Safety 2015 by World Health Organization, more than 1.2 million people die every year due to road accidents. V2X communication is expected to provide improved active safety, better traffic efficiency and increased situational awareness which are expected to be the major driver for the growth of V2X hardware market.
The vehicle-to-infrastructure system can be used to mitigate vehicle crashes to enable a wide range of other safety, mobility, and environmental benefits. These benefits of V2I communication are the major factors expected to drive the automotive V2I market. In August 2016, Audi announced that it would launch the first V2I technology called Traffic light information on selected models such as Audi Q7, A4 and A4 in the U.S. by early 2017.
The factors driving the automotive V2X market are demand for real-time traffic and incident alerts for increasing public safety, increasing financial aid from various government funds for better traffic management, and increased environmental concerns.
Software segment is expected to grow at the highest rate in the automotive V2X market
The market for software is expected to dominate the automotive V2X in 2017. With growth in V2X system deployment in automobiles there would be a growing requirement for safety, access, and control over the V2X system, which is expected to drive the market for software.
DSRC to grow at the highest rate in the automotive V2X market based on connectivity type
Major V2X system providers such as Delphi Automotive PLC (U.K.) and Denso Corporation (Japan) have been testing V2X systems based on DSRC connectivity and are ready to deploy it in automobiles. The companies backing DSRC connectivity for V2X system is expected to a major driver for automotive V2X market based on DSRC connectivity.
North America to hold the major market share of the automotive V2X market during the forecast period
North America is expected to dominate the automotive V2X market on a global level. The usage of four wheelers and heavy vehicles is very high in North America, which has resulted in a huge requirement for an effective transportation system. Also, the demand for cars has witnessed a boost recently with the convergence of the ICT sector, the automotive sector, and the transportation sector resulting in the emergence of the connected vehicle ecosystem. It is expected that the growth in the region would be the largest with regard to one of the major application areas of vehicle-to-vehicle communication.
The major players in automotive V2X market are Continental AG (Germany), Qualcomm Inc. (U.S.), Daimler AG (Germany), Delphi Automotive PLC (U.K.), Infineon Technologies AG (Germany), Audi AG (Germany), Intel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), TOMTOM N.V. (Netherlands), IBM Corporation (U.S.), Cisco Systems Inc. (U.S.), AT&T Inc. (U.S.), Vodafone Group (U.K.), Robert Bosch GmbH (Germany), NVIDIA Corporation (U.S.), Mobileye N.V. (Israel), Harman International Industries (U.S.), PTC Inc. (U.S.), Autotalks Ltd. (Israel), and Cohada Wireless (Australia).