V2X Market Highlights:
V2X Market growing at Phenomenal Compound Annual Growth rate of by forecast period of 2018 to 2023. Vehicle-to-everything (V2X) Market is majorly driven by factors such as Steadily rising safety concerns among individuals and increased emphasis by the insurance companies fuel the market growth. Government stringent rules for better traffic management and growing trend for connected vehicles as well as growing number of road accidents also fuel the need for increased public safety. Also, with government authorities formulating policies to encourage major automotive manufacturers to push for technological development, the market for V2X is poised for rapid growth during the forecast period.
V2X Key Companies Market Analyzed For This Research Report Are:
Robert Bosch (Germany), Continental (Germany), Qualcomm (US), NXP Semiconductors (Netherlands), and Delphi Automotive (U.K.).
The report provides insights on the leading market players and evaluates their current market share. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives is also available in the report.
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The global V2X Market has witnessed significant growth in recent past. The use of V2X technology is rapidly increasing in the automotive industry. V2X offers automobile manufacturers with a cost-effective and versatile form of wireless connectivity. Automotive V2X enables features such as enhanced safety features, in-car real-time data and is now included as standard equipment on millions of new cars and commercial vehicles. The high initial cost associated with V2X may act as a major restraining factor in the V2X market.
This MRFR V2X market perspective delivers a complete analysis of the opportunities of V2X system and its prospects over the next five years, until 2023. All the key parameters that are currently governing the course of the market were gauged thoroughly. The research objective also includes identification of primary growth enablers and threats for the market that are likely to emerge during the assessment period. It also includes risk assessment and evaluation of untapped growth pockets.
V2X is completely dependent on the automotive industry. Thus, the increase or decrease in demand for the automobiles directly has an impact on the market for V2X and other automotive driver assistance systems. The total four-wheeler production for the year 2015 was approximately 90 million units, and it is expected to witness further growth and reach more than 100 million units by the year 2020.
The growth of the Asia Pacific region can be attributed to the adoption of passenger cars and therefore, the increase in adoption of V2X in the passenger cars. The recent shift in the preference for mileage to vehicle looks and features is also expected to result in the high demand for V2X. The global V2X market is also expected to grow during the forecast period owing to increasing population, rapid industrialization and aggressive expansion of manufacturing sector.
By region, the market for V2X has been segmented as North America, Europe, Asia Pacific, Middle East & Africa and South America.
The V2X market is currently flourishing in the Asia Pacific region. Increasing vehicle production in this region is one of the primary driving factors. Improving infrastructure in this region coupled with improving living standards and also increasing incidence of vehicle electrification in the Asia Pacific region is also expected to impact the V2X market emphatically. Availability of cheap labor in Asia Pacific has been a crucial factor in the V2X market. Also, rapidly growing automotive infrastructure in this region is expected to lay the groundwork for the rapid development of the automotive sector.
North America and Europe are other two leading regions, mainly, due to the established automotive industry. The existence of major manufacturers in North America is also a key driver for the V2X industry. Massive investment in research and development enables manufacturers in this region to develop new techniques and products to tap capitalizing on the future market trends. Moreover, high demand for fuel-efficient vehicles across the region is also driving the V2X market to higher dimensions.
In Europe, factors such as a huge demand for automobiles because of better infrastructure and high income, conducive policies and regulations by the government, and the need for a better and effective transportation system give an impetus to the V2X market in this region. This region is expected to be lucrative in the future with many automotive manufacturers making investments to capitalize on the demand in these regions.
The automotive industry in the Middle East and South America is at an evolving phase. The market is expected to have steady growth during the forecast period 2017-2023. Middle East Africa is anticipated to have relatively high opportunity for automotive vehicle-to-everything (V2X) market players, owing to growing economy and industrialization. Overall, the outlook for the global automotive V2X market will have growth in the coming years.
V2X Market Segmentation:
The global V2X market has been segmented based on communication, component, and propulsion.
By communication, the market is segmented into V2C, V2D, V2G, V2P, V2V, and V2I. V2V (vehicle-to-vehicle), V2I (vehicle-to-infrastructure), V2P (vehicle-to-pedestrian), V2C (vehicle-to-cloud), V2D (vehicle-to-device), V2G (vehicle-to-grid), and V2M (vehicle-to-motorist) segments are expected to witness immense growth due to the increasing awareness about public safety and security among governments of various nations across the world.
The market is segmented based on component type, which is hardware and software. By propulsion type, the market is segmented into ICE (Internal combustion engine), and EV (Electric vehicle). Electrical vehicles are environment-friendly, reduce harmful exhaust emissions, and requires very less servicing. The popularity of electric vehicles has been augmenting steadily due to government subsidies, their increased range, and lower battery costs.
The V2X market is witnessing intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations, as key factors that confront market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket service. It is crucial for the vendors to provide cost-efficient and high-quality driver state monitoring systems, to survive and succeed in an intensely competitive market environment.
Major Table of Content:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
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