Asia-Pacific accounts for nearly half of the global automotive V2X market share
This automotive industry review shows that Asia Pacific driven in automotive size V2X, with North America in second place.
LONDON, April 14, 2022 /PRNewswire/ — Asia Pacific is the largest region in the global automotive V2X market, accounting for 48.2% of the market in 2021. North America is the second largest region accounting for 32.1% of the global automotive V2X market. Africa was the smallest region in the global automotive V2X market. Go forward, South America and Eastern Europe will be the fastest growing regions in this market, where growth will be at CAGRs of 62.08% and 62.06% respectively. These will be followed by Middle East and Africawhere the markets will grow at CAGRs of 62.06% and 62.06% respectively.
The global automotive V2X market size is expected to grow from $619.42 billion in 2021 for $854.99 billion in 2022 at a compound annual growth rate (CAGR) of 38.0%. The change in the growth trend of the Automotive V2X market is mainly due to the companies stabilizing their production after meeting the demand which increased exponentially during the COVID-19 pandemic in 2021. The market size global automotive V2X market is expected to reach $2907.53 billion in 2026 at a CAGR of 35.8%.
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What is the V2X automotive market?
Driving in a car in recent years, we find that many new technologies have been implemented, such as touchscreen infotainment systems, air-conditioned seats, navigation systems. Beyond that, we can also connect our mobiles wirelessly to the infotainment system. In the coming years we will see that more and more cars are able to communicate with other cars and then can also communicate with infrastructure such as road signs and emergency notifications to prescribed authorities; that’s the promise of Vehicle to Everything (V2X) technology.
Security Issues Drive Automotive V2X Market Trends
The installation of cyber security systems is the key market trends for the automotive industry. Cybersecurity systems are designed to fight threats to protect devices, networks, programs, and personal information in networked systems. Network-centric technologies and applications such as cellular, satellite, Wi-Fi, Bluetooth, eSIM telematics embedded in automotive V2X have created whole new shields against cyber-attacks as user’s personal details ranging from location to finance, are also synchronized with the car’s system while connecting their smartphones. Thus, IT cybersecurity systems have the potential to stop cyberattacks in automotive V2X. Modern vehicles are capable of connecting to external infrastructure, and as Vehicle-to-Everything (V2X) communication technologies mature, the need for secure communications has become apparent. There is a risk that today’s vehicles are subject to cyberattacks that target vehicular communications. Science Direct’s Cybersecurity Challenges in Vehicular Communications article offers a three-tier framework (detection, communication, and control) through which automotive security threats can be better understood. The detection layer consists of dynamic and environmental vehicle sensors, which are vulnerable to eavesdropping, jamming, and spoofing attacks. The communications layer includes both in-vehicle and V2X communications and is susceptible to eavesdropping, spoofing, man-in-the-middle, and sybil attacks.
What does the automotive V2X market cover?
The Automotive V2X market report is segmented by technology into Emergency Vehicle Notification, Automated Driver Assistance, Passenger Information System, Line of Sight and Others. The automotive V2X market is also segmented by vehicle type into passenger cars and commercial vehicles, by connectivity to DSRC and cellular, by communication between vehicle to vehicle (V2V), vehicle to infrastructure (V2I), vehicle to pedestrian (V2P ), vehicle-to-network (V2G), vehicle-to-cloud (V2C) and vehicle-to-device (V2D), and finally by service provider location in Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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