According to TechSci Research report, the global V2X in automotive market is estimated to reach around a total market value of USD1.98 billion by 2026. V2X stands for Vehicle-to-Everything (V2X) technology which enables the automotive vehicles 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 moving parts of the traffic system that can affect the movement of the vehicle. The aim 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. By coupling a vehicle to its surroundings, Vehicle-to-Everything
(V2X) technology can transform mobility. With increased awareness of every nearby vehicle,
including those that lie out of sight, the V2X enabled vehicles can actively reduce the
chances of accidents and enhance traffic flow. According to an article published by the US
Department of Transportation in October 2019, a total of 36,560 lives were lost on U.S.
roads in 2018. ITS America in an article claims that Vehicle-to-vehicle (V2V), vehicle-to-
infrastructure (V2I) and vehicle-to-pedestrian (V2P) communications can reduce 80% road
crashes, can increase road capacity by 40% and can reduce fuel emissions by 10%. Due to the above-mentioned factors, growing number of automakers are increasingly adopting the
Vehicle-to-Everything (V2X) technology in their manufactured vehicle, growing the demand
for connected car services. Moreover, outpouring in demand for connectivity solutions, rise
in demand for an enhanced driving experience, and introduction of Internet of Things (IoT) in
the automotive industry are the key factors that contribute towards the adoption of the
connected cars. Due to the growing demand for Vehicle-to-Everything (V2X) technology,
companies operating in connected car technologies are increasingly growing their product
portfolio. For instance, in January 2017, Altran, a global design and engineering company,
unveiled Strata V2X connectivity framework at the International Consumer Electronics Show
(CES) in Las Vegas.
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Global V2X in automotive market is segmented based on communication type, connectivity
type, offering type, technology type, propulsion type, company and region. V2C stands for
Vehicle-to-Cloud, V2G for Vehicle-to-Grid, V2P for Vehicle-to-Pedestrian, V2I for Vehicle-to-
Infrastructure, V2V for Vehicle-to-Vehicle, V2D for Vehicle-to-Device. Based on communication type, the global V2X in automotive market is dominated by Vehicle-to-
Vehicle (V2V) technology. The high market share of V2V technology can be attributed to the
reason that V2V technology majorly decides the road safety.
Based on connectivity type, the global V2X in automotive market is segmented into DSRC
Connectivity and Cellular Connectivity. Traditional Dedicated Short-Range Communication
(DSRC) based V2X technology was used in majority of vehicles, but after cooperation of 5G
cellular connectivity, cellular vehicle-to-everything (C-V2X) technologies are being increasingly adopted for connected car mobility. As a result, cellular vehicle-to-everything (C-V2X) is leading the global V2X in automotive market in the year 2020. Due to the growing acceptance of 5G cellular connectivity, cellular vehicle-to-everything (C-V2X) is anticipated
to maintain their dominance over the next five years as well.
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. China is the largest producer of automobiles among all other countries 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 three
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 (Samsung Electronics Co. Ltd.), etc. are also increasing their marketing activities and enriching their product portfolios to increase their customer outreach.
