Global V2X (Vehicle-to-Everything) Markets to 2027: 5g Enabled Cars are Currently in their Testing Phase
DUBLIN, Sept. 8, 2021 /PRNewswire/ -- The "Global V2X (Vehicle-to-Everything) Market, By Component (Hardware, Others), By Communication (V2V, Others), By Connectivity (DSRC, Others), By Application (ADAS, Others), By Vehicle Type, By Vehicle Application, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global V2X (Vehicle-to-Everything) market held a market value of USD 2,917.1 Million in 2020 and is forecasted to reach USD 18,877.1 Million by the year 2027. The market is expected to register a CAGR of 33.8% during the forecast period.
Moreover, favorable government initiatives, as well as rising technology penetration, are also estimated to fuel the market growth. Also, wildly increasing traffic congestion and environmental concerns are expected to boost market growth.
A rise in the adoption of connected cars
C-V2X or cellular vehicle-to-X technology encompasses the connecting of vehicle sensors to driving data such as traffic, location, speed, other cars, and anything else which can be conceived in this driving ecosystem. Ford Motor's CES show conducted in January 2019, stated that the company aims to equip the entire portfolio of Ford carswith 5G modems. These are expected to roll out in 2022. Such developments are anticipated to boost market growth.
Favorable government initiatives and rising technology penetration
Various government initiatives coupled with technological advancements by companies are boosting market growth. For instance, China Unicom, China Telecom, and China Mobile are expected to invest near about USD 184 billion in 5G network technology by 2025.
In addition to this, in 2020, China Unicom and Volvo collaborated to explore the V2X technology and other use cases requiring a 5G network. Such developments by market players and initiatives by the government are anticipated to fuel the market growth during the forecast period.
The cumulative market share of the eight major players is near about 63.3%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence.
For instance, in May 2021, Autotalks collaborated with Sreda to deliver Autotalks' V2X solutions for Russian and global markets.
Key Topics Covered:
Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
For more information about this report visit https://www.researchandmarkets.com/r/h5ohp3
Research and Markets
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SOURCE Research and Markets