Automotive V2X Market size to surpass a $33,246 Mn valuation by 2026

July 09, 2019

Global automotive V2X market would surpass a market valuation of $33,246 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.

Automotive V2X systems have been witnessing increased adoption over the past few years, owing to the rise in road traffic, amplification in occurrence of road accidents, and surging demand for improved road safety.

Moreover, the rapidly escalating issue of traffic congestion when coupled with rising environmental concerns and growing demands for advanced automobiles is expected to further expedite the growth of automotive V2X industry in the coming years.

Other factors driving industry expansion include changing lifestyles, rising disposable income levels, and technological advancements in the automotive sector. The emergence of new markets, evolving consumer demographics, and introduction of strict government regulations would offer new growth opportunities to the market in forthcoming years.

From a regional perspective, the Asia Pacific amassed the largest share of the global automotive V2X market. The regional growth can be attributed to an established automotive sector, high investments in research and development, and technological advancements. These factors are also expected to further fuel the industry’s revenue growth during the forecast timeframe.       

The region is also going through a period of change where government bodies are introducing stricter regulations for road and vehicle safety, which is further fostering automotive V2X market expansion across the region. The growing need for efficient traffic flow management and improvements in road safety is expected to further boost V2X technology adoption across APAC countries, cites the report.

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Additionally, the ongoing economic growth of countries such as India and China, which is improving living standards across the region and elevating disposable income levels, along with the expansion of top global players in these nations to leverage the market potential, will provide a sizable boost to industry revenue.

Prominent companies currently partaking in automotive V2X market share include Robert Bosch GmbH, Delphi Automotive PLC, NXP Semiconductors, Cisco Systems, Inc., TomTom International B.V., Infineon Technologies, Continental AG, Cohda Wireless, Qualcomm, and Harman International among others. These companies are known for launching new products and collaborating with other industry leaders to innovate and introduce novel products to address evolving customer needs and requirements.