NEW YORK, March 27, 2017 /PRNewswire/ -- The global automotive vehicle-to-everything (V2X) market is expected to reach USD 26.72 billion by 2025 according to a new report by Grand View Research, Inc. The automotive industry is undergoing a series of transition, the industry moving towards digitalization and connected mobility. There has been a significant rise in the use of electronics in the vehicles. The vehicles today have shifted from being a conventional vehicle to intelligent vehicles and are equipped with communication systems that alert or assist the driver from a potential accident. Moreover, the rising consumer demand for convenience features has enforced various OEMs to incorporate V2X communication systems. The implementation of the of V2X communication will not only increase the safety aspect but will also provide enhanced driving experience.
There are numerous benefits for implementation of V2X communication systems, however they are surrounded by challenges. The main challenge for automotive V2X market to grow is significantly is the need for robust legal framework. Another important challenge is built a secure system which ensures privacy, authenticity and security for all types of V2X communication.
Further key findings from the report suggest:
Increasing concerns towards environment and growing electric vehicles market will provide wide growth opportunities for V2H, V2G and V2I communication type market
With the automotive industry moving towards connected cars and autonomous driving, there will arise concerns about how is data security, anonymity and privacy maintained.
Synchronized real-time data will be a key factor in determining the growth for the automotive V2X market.
The automotive V2X market is anticipated to grow at a CAGR of over 25.4% from 2016 to 2024.
Major players of the automotive V2X market are Continental AG, Qualcomm Inc., Robert Bosch GmbH, NXP Semiconductors N.V., Tomtom N.V., Cisco Systems Inc., and Infineon Technologies AG, among others.
The automotive industry has numerous technology giants who are investing heavily in the automotive V2X market in order to gain the first movers advantage.
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