V2X Automotive Market: New cars could be required to ‘talk’ by 2020. V2X (Vehicle to Everything) technology which is based on the principle of the passing of information from a vehicle to any other entity that may affect the vehicle is going to be the stellar backbone of this ‘Talking car’ extravaganza. This Communication is based on WLAN technology subsequently forming a Vehicular-ad-hoc zone as two V2X senders come within each other’s range.
With the increasing road safety awareness, demands for real-time traffic reporting and incident reporting are on the rise globally. This scenario has been instrumental in the insurgence of V2X technology on the automotive landscape. The satisfactory increase in government funds for better traffic management, safety assurance, energy savings and the development of connected vehicles are some of the major driving forces behind the universal acceptance of this technology. On the other hand, lack of infrastructure, Government regulations and additional cost burden on consumers may hinder the growth of the V2X market to some extent.
Maximize Market Research has carried out extensive research about the current Global V2X Automotive Market outlook as well as the assuring future of the technology in the sector. Research report comprehensively analyses the automobile industry since its beginning and pinpoints the changing trends in manufacturing sector throughout the course of time. It evaluates all the major global regions based on their economic standings and position in the Global Automotive arena. Further, it gives a studied commentary over technological transformations in the industry over the period of the time and industries attitude towards this change and its history of adaptability.
Importantly, the report delivers forecasts of the market, giving an insight into the future opportunities that exist in the Global V2X Automotive Market. The global V2X market is projected to grow at a CAGR of 17.61% from 2017 to 2024, to reach USD 84.62 billion by 2024 from USD 27.19 billion in 2017.
The driving forces, as well as considerable restraints, have been explained in depth. Further report segments the market by Communication Type, Connectivity type, Propulsion, Offering type, Technology, and Regions, Providing the comprehensive analysis of ecosystem of industry, which will be useful to make the informed strategic decision to the stakeholders in the industry.
Amongst all, Vehicle-to-Vehicle (V2V) communication is estimated to grow at the highest CAGR during the forecast period. In 2017, North America has been estimated to account for the largest share, by value and volume, of the V2X market. However, the Asia Pacific market is projected to grow at the highest CAGR during the same period. The largest share of North America can be credited to factors such as a huge demand for automobiles because of better infrastructure and high income, favorable policies and regulations by the government, and the need for a better and effective transportation system.
This study also acknowledges major game changers in Global V2X Automotive Market and analyses the future prospects in great detail. Many industry big names like Qualcomm, Toyota, and Volkswagen are adopting and exploring V2X technology so as to take a meaningful step towards the development of next-generation vehicles.
Research Analysts: Pravin Akkanawru, B tech, Mechanical, College of Engineering Pune
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