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V2X Market: 2019 Global Forecast To 2023 Research Report
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V2X Market Highlights:
The V2X market has witnessed significant growth in recent times mainly due to the advent of advanced technology in vehicles as advanced driver assistance systems. Rapidly rising safety concerns among individuals and increased emphasis by the insurance companies, the market for V2X is expected to register high growth rate. Increasing demand for vehicles and the corresponding increasing production is expected to have significant contribution in the V2X market. Rapidly developing infrastructure across the globe to accommodate the changing tide in the automotive industry, will have a positive impact on the V2X market. Additionally, increasing demand for real-time traffic data and development of connected vehicles, are expected to raise the demand of the market further. With government authorities formulating policies to encourage major automotive manufacturers to push for technological development, the market for V2X is poised for rapid growth during the forecast period.
The high initial cost associated with V2X may act as a major restraining factor in the V2X market.
The global V2X market has been segmented, by Communication Type as V2C, V2D, V2G, V2P, V2V and V2I. By component type, the market has been segmented as Hardware and Software. By propulsion type, the market has been segmented as ICE and EV. By region, the market for V2X has been segmented as North America, Europe, Asia Pacific, Middle East & Africa and South America.
The V2X market is currently booming in the Asia Pacific region. Rapidly rising vehicle production in this region is one of the primary driving factors. Improving infrastructure in this region combined with improving living standards have positively impacted the automotive industry as a whole. Increasing incidence of vehicle electrification in the Asia Pacific region is also expected to impact the V2X market positively. Availability of cheap labor in Asia Pacific has also been a critical factor in the V2X market. Additionally rapidly growing automotive infrastructure in this region is expected to lay the groundwork for the rapid development of the automotive sector.
North America and Europe are the two other leading regions, mainly, due to the established automotive industry. The existence of major manufacturers in this region, is also a key driver for the V2X industry. Massive investment in research and development enables manufacturers in this region to develop new techniques and products to tap capitalizing on the future market trends.
The automotive industry in the Middle East and South America is at a nascent stage. The market for V2X is expected to have steady growth during the forecast period. These regions are expected to be lucrative in the future with many automotive manufacturers pumping investments to capitalize on the sufficient demand in these regions.
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