This automotive industry review shows that Asia Pacific leads in automotive V2X size, 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. Going 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 the Middle East and Africa, where 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 to $854.99 billion in 2022 at a compound annual growth rate (CAGR) of 38.0%. The change in the automotive V2X market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The global automotive V2X market size is expected to reach $2907.53 billion in 2026 at a CAGR of 35.8%.
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What is the Automotive V2X Market?
Driving in a car over recent years, we see that many new technologies have been implemented, such as touchscreen infotainment systems, airconditioned seats, navigation systems. Beyond this, 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 like road signals and emergency notifications to the prescribed authorities; this is the promise of Vehicle to Everything (V2X) technology.
Security Concerns lead to Automotive V2X Market Trends
The installation of cybersecurity systems is key among market trends for automotive industry. Cyber security systems are designed to combat threats to protect devices, networks, programs, and personal information in networked systems. The network-centric technologies and applications such as cellular, satellite, Wi-Fi, Bluetooth, eSIM-based telematics incorporated in the automotive V2X have created brand new cyberattack shields as the user's personal details, ranging from location to financials, are also synced with the car's system while connecting their smartphones. So, IT cybersecurity systems have the potential to stop cyberattacks in automotive V2X. Modern vehicles are capable of connecting to an external infrastructure and, as Vehicle-to-Everything (V2X) communication technologies mature, the necessity to secure communications has become apparent. There is a risk that today's vehicles are subjected to cyber-attacks that target vehicular communications. The Cybersecurity Challenges in Vehicular Communications paper by Science Direct proposes a three-layer framework (sensing, communication and control) through which automotive security threats can be better understood. The sensing layer is made up of vehicle dynamics and environmental sensors, which are vulnerable to eavesdropping, jamming, and spoofing attacks. The communication layer is comprised of both in-vehicle and V2X communications and is susceptible to eavesdropping, spoofing, man-in-the-middle, and sybil attacks.
What is covered in the Automotive V2X Market?
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 into DSRC and cellular, by communication into vehicle to vehicle (V2V), vehicle to infrastructure (V2I), vehicle to pedestrian (V2P), vehicle to grid (V2G), vehicle to cloud (V2C), and vehicle to device (V2D), and finally by service provider location into Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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