The worldwide automotive V2X market is anticipated to reach around USD 33,246 million by 2026 according to a new research published by Polaris Market Research. In 2017, the passenger vehicles segment dominated the global market, in terms of revenue. In 2017, Asia-Pacific accounted for the majority share in the global automotive V2X market.
The expanding global automotive industry, along with increasing popularity of autonomous vehicles majorly drives the automotive V2X market growth. The adoption of automotive V2X systems has increased significantly owing to increasing road traffic, growing incidences of road accidents, and growing need to improve road safety. The increasing traffic congestion across the globe, growing environmental concerns, and rising demand for advanced vehicles further accelerate the adoption of automotive V2X systems in the coming years. Other factors driving the market growth include growing disposable income, technological advancements, and changing lifestyles. New emerging markets, emerging consumer demographics, and stringent government regulations would provide growth opportunities for Automotive V2X market in the coming years.
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In 2017, Asia-Pacific accounted for the highest share in the global automotive V2X market. Established automotive industry, technological advancements, and high investment in R&D are factors expected to drive the market growth in the region. The introduction of stringent government regulations for vehicular and road safety accelerates the adoption of automotive V2X systems in the region. The rising need to efficiently manage traffic flow, and improve road safety has boosted the adoption of V2X technology. The economic growth in countries such as China and India, leading to rising living standards and high disposable income coupled with expansion of global players into these countries to tap market potential boosts the market growth.
The companies operating in this market include Delphi Automotive PLC, Robert Bosch GmbH, NXP Semiconductors, TomTom International B.V., Cisco Systems, Inc., Continental AG, Infineon Technologies, Harman International, Qualcomm, and Cohda Wireless. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.