The Global V2X in Automotive Market was valued USD 881.62 Million in 2020 and is predicted to grow at CAGR of around 15.82%, in value terms, over the next five years, on the back of rapid increase in urbanization and industrialization across the globe.
V2X stands for Vehicle-to-Everything (V2X) technology which enables the automotive vehicle to interact virtually with everything moving in surrounding environment. It is a vehicular communication approach that supports the transmission of information from a vehicle to its surrounding traffic that can affect the movement of the vehicle.
The goal behind installing a Vehicle-to-Everything technology in a vehicle is to improve road safety, energy reduction, and to increase traffic efficiency on the roads. The V2X-based Intelligent Transport System (ITS) has been developed, which is considered as the key enabling technology to improve road safety, traffic competence and driving experience.
The growth of the Global V2X in Automotive Market is propelled by the ongoing development and commercialization of cellular technologies and related infrastructure. These include systems such as 5G, LTE, and radio access technology (RAT), which reinforce smart transportation applications such as collision warning & avoidance, lane keeping assistance, and obstacle detection.
The lockdown imposed to contain the spread of virus has disrupted the supply chain for the automotive industry, negatively influencing the V2X market. As different vehicle parts are manufactured and assembled in different regions, the lockdown and international trade restrictions due to closed borders, increased the shortage of required vehicle parts and limited the supply.
Moreover, companies adopted just-in-time production strategy due to tight budget which further makes the supply chain vulnerable to disruptions. Global auto production is strongly dependent on China and therefore lockdown in China has resulted in supply shortages for assembly of all OEMs in North America, Europe, and Asia.
Nevertheless, the market is showing positive signs of recovery, because of which the Global V2X in Automotive Market is expected to recover from the Covid-19 impact in around 3 years.
Some of the major players operating in the Global V2X in Automotive Market are Robert Bosch GmbH, Continental AG, NXP Semiconductors N.V., Infineon Technologies AG, DENSO Corporation.
Apart from these companies, other companies like Qualcomm Technologies, Inc., HARMAN International, etc. are also increasing their marketing activities and enriching their product portfolios to increase their customer outreach.