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Automotive V2X Market worth $9.5 billion by 2030 - Exclusive Report by MarketsandMarkets™CHICAGO, Jan. 25, 2024 /PRNewswire/ -- Automotive V2X Market is projected to grow from USD 0.5 billion in 2023 to USD 9.5 billion by 2030, at a CAGR of 51.9%, according to a new report by MarketsandMarkets™. Factors such as advancements in connected car technology, coupled with a heightened emphasis on traffic safety, supportive government initiatives, and regulatory frameworks, are anticipated to contribute significantly to the revenue growth of the automotive Vehicle-to-Everything (V2X) market. C-V2X (Cellular Vehicle-to-Everything) leverages 5G technology to enable advanced connected mobility capabilities through V2X communication. The high data transfer speeds and low latency of 5G networks facilitate real-time communication between vehicles, infrastructure, and pedestrians, enhancing safety features, enabling efficient traffic management, and paving the way for autonomous driving in the rapidly evolving landscape of connected transportation. The evolution of 5G technology, combined with progress in autonomous vehicles, is poised to create favorable opportunities within this market.  Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=90013236 Browse in-depth TOC on "Automotive V2X Market". 309 - Tables Automotive V2X Market Scope:
Software segment is estimated to be the fastest-growing market during the forecast period. Automotive Vehicle-to-Everything (V2X) software comprises a set of instructions that command various hardware components to execute specific tasks within the V2X technology framework. The performance of this software plays a pivotal role in determining the overall efficacy of V2X technology, particularly in high-traffic environments where substantial data processing is required. Compliance with fundamental standards, including SAE JS2735, IEEE 802.11p, IEEE 1609.3, and IEEE 1609.4, is essential for V2X software. Compatibility with diverse operating systems, such as Linux, PikeOS, ONX, Android, and ThreadX, enhances the versatility of V2X software. Prominent entities in the automotive V2X market provide software solutions that align with both Dedicated Short-Range Communication (DSRC) and Cellular Vehicle-to-Everything (C-V2X). Notably, Commsignia offers hardware and software components capable of supporting both DSRC and C-V2X, with the flexibility for performance and functionality enhancements through software updates. Altran (part of Capgemini Engineering) provides a V2X solution facilitating safety and non-safety applications for various scenarios, including Vehicle-to-Infrastructure (V2I), Vehicle-to-Vehicle (V2V), Vehicle-to-Pedestrian (V2P), and Vehicle-to-Network (V2N). Qualcomm, offering both hardware and software solutions, presents C-V2X systems through products like Snapdragon Auto 5G Modem, Snapdragon 4G Modem, and C-V2X 9150, providing comprehensive V2X solutions to automakers. Other companies, such as Visteon, Autotalks, Derg, and Commsignia, also contribute software solutions for automotive V2X. All these factors are expected to augment revenues for the software segment of the automotive V2X industry during the forecast period. Automated Driver Assistance segment is expected to hold the largest share in the automotive V2X market during the forecast period The escalating demand for assisted driving technology and connected cars has propelled substantial growth in Vehicle-to-Everything (V2X) communication technology within vehicles. Assisted driving technology is integral to enhancing driving safety, and V2X facilitates real-time communication, primarily among vehicles and their immediate surroundings. Vision-based systems, such as Lane Departure Warning (LDW), Forward Collision Warning (FCW), and Blind Spot Detection (BSD), form the cornerstone of automated driver assistance. However, the efficacy of vision-based systems diminishes under adverse conditions like fog or low-light scenarios. In such contexts, V2X communication, relying on Wi-Fi and cellular technology, emerges as an optimal solution, eliminating dependency on external lighting conditions. While driver assistance systems can only react to situations, radio-based V2X systems provide predictive support. They empower assistance systems to anticipate events around corners and through obstructions. Both the On-Board Unit (OBU) and Roadside Unit (RSU), the hardware components of V2X, offer diverse functionalities conducive to automated driving. RSU features encompass emergency electronic brake lights, wrong-way driving warnings, stationary vehicle warnings, traffic condition warnings, collision risk warnings, and roadwork warnings. OBU functionalities include emergency vehicle warnings, slow vehicle indications, and intersection collision warnings. The automated driver assistance segment is anticipated to dominate the automotive Vehicle-to-Vehicle (V2V) market, driven by the increasing trend toward autonomous driving and the imperative for enhanced safety. Prominent Original Equipment Manufacturers (OEMs) such as BMW (BMW IX), Ford (models like the Ford F-150 and Mustang Mach E), Honda (Honda Civic Tourer), and Mercedes-Benz (including the E-Class and S-Class) have integrated V2V communication technology into their respective vehicle offerings. "Europe is expected to have significant share in the automotive V2X market during forecast period" Europe is widely recognized as a prime testing ground for Vehicle-to-Everything (V2X) technology and Cooperative Intelligent Transport Systems (C-ITS). This reputation is attributed to the region's possession of some of the world's most developed and well-maintained road networks, its hosting of numerous road transport operators, and the highest concentration of global automotive Original Equipment Manufacturers (OEMs). Aligned with the Vision Zero initiative, the deployment of V2X has been a focal point in Europe since the early 2010s. To facilitate the implementation of C-ITS, European Member States and road infrastructure operators collaboratively established the C-Road Platform, an initiative aiming to create an integrated and interoperable C-ITS network spanning European borders. European authorities have designated the 5.9 GHz band specifically for the use of Intelligent Transport Systems (ITS) on roadways, with the spectrum being technology-neutral, providing Cellular Vehicle-to-Everything (C-V2X) an open pathway to the market. European mobile network operators and automobile manufacturers also leverage the Vehicle-to-Network (V2N) mode within C-V2X technology for services such as traffic information systems, in-vehicle entertainment, and data transmission back to automotive OEMs. The 5G-PPP program, combining public and private funding for 5G research projects, includes various trials and pilots for connected vehicles, such as 5G Mobix, 5G MED, 5GCroCo, and 5G-ROUTES, contributing to the advancement of connected vehicle technologies. In the private sector, several automotive OEMs have integrated V2X On-Board Units (OBUs) into their new vehicle models. Early adopters like Volkswagen have equipped V2X OBUs in their entire ID. electric vehicle lineup. BMW has announced plans to incorporate V2X technology in its vehicles for bidirectional charging. Similarly, Mercedes-Benz has started V2X deployment, emphasizing its cloud service for real-time V2V and plans for V2I warnings. In Germany, the Hamburg Port Authority has collaborated with NXP Semiconductors (Netherlands), Siemens Mobility (Germany), and Technolution (Netherlands) to enhance traffic flow in the busy harbor area using NXP V2X technology. V2X roadside units (RSUs) have been deployed on traffic light controllers, and since early 2021, approximately 150 trucks have been equipped with OBUs featuring V2X technology. Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=90013236 Key Market Players: The major players in Automotive V2X Companies include Qualcomm Incorporated (US), Autotalks (Israel), Harman International (US), Huawei Technologies Co., LTD. (China), NXP Semiconductors (Netherlands), among others. Recent Developments
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=90013236 Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting Related Reports: Connected Car Market - Global Forecast to 2026 V2X Cybersecurity Market - Global Forecast to 2028 Advanced Driver Assistance Systems (ADAS) Market - Global Forecast to 2030 Automotive LiDAR Market - Global Forecast to 2030 About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
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