In a recent report, Markets&Markets projected the automotive V2X market to grow at a CAGR of 17.61% by 2025, with a market size of US$99.55bn by 2025, up from US$27.19bn in 2017.
The report identifies rising demand for real-time traffic and incident alerts, an increase in government funds for better traffic management, and the development of connected vehicles as major factors driving the growth. It also profiles major players and evaluates key vendors in the V2X market.
During the forecast period, the highest growth for the V2X market is expected in the automated driver assistance segment, and with electric vehicles. North America is estimated to be the largest geographical market.
The report’s authors say market growth in the region can be attributed to better infrastructure and high income, favourable policies and regulations by the government, and need for a better and effective transportation system.
The European region is estimated to be the second largest automotive V2X market. Increasing demand for V2X systems with telematics applications is expected to drive the market in this region.
The report is called V2X Market for Automotive by Communication Type (V2C, V2D, V2G, V2P, V2V and V2I), Offering Type (Hardware and Software), Connectivity Type (DSRC and Cellular), Propulsion Type (ICE and EV), Technology Type, and Region – Global Forecast to 2025.