Published Date : Aug 21, 2018
Albany, New York, Aug 21, 2018: A recent report, titled, “Automotive V2X Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025,” added by MarketResearchReports.biz to their vast repository, extensively covers this market by outlining key factors in great depth. The report acts as a valuable insight to parties interested in this field, especially owing to a significant boom occurring in the automobile industry.
Widespread advancements occurring in the automotive sector have given rise to a plethora of self-driving car types. Such progress has also brought forth a substantial degree of automation provided with regards to operational mechanisms present in the vehicles. V2X is a technology that helps increase road safety by means of advanced technological improvements in automotive electronics. Now, with a rise in demand for automation, factors such as efficiency and associated benefits of the V2X technology has increased the number of people slowly preferring to purchase such vehicles, consequently driving the global automotive V2X market. Moreover, vehicles operating with V2X technology are less likely to lead to accidents, which also has been responsible for driving the demand of these systems.
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In addition to such factors, increasing number of accidents on roads is causing a surge in the demand for a highly enhanced and streamlined system. This need is fulfilled perfectly with the help of V2X systems, thus proving to be highly beneficial to the associated market’s growth. V2X technology also aids in avoiding traffic congestion and helps reduce excessive fuel consumption and vehicular emissions. Advancements in the field of automotive electronics such as cloud technology are being used for vehicle platooning, and this is surely expected to bolster the automotive V2X market.
However, stringent emission norms imposed by governmental bodies across the globe are expected to restrain the global automotive V2X market during the forthcoming years. As such norms keep getting tougher, new entrants may find it difficult to compete with seasoned players, consequently hindering the market’s growth. High costs of hardware and software services associated with automotive V2X technology are considerably expensive, thereby restraining the global automotive V2X market. Nevertheless, many players are expected to introduce cost-effective V2X technologies in the near future. This is expected to offset most restraints affecting the market.
The global automotive V2X market showcases the presence of a highly consolidated and emerging competitive scenario, owing to the concept of vehicle automation being highly nascent. Most businesses are focusing on expanding their product varieties, coupled with providing technologically advanced offers. Achieving cost regulation, improving geographical reach, and introducing innovative concepts are a few other sectors where companies are attempting to gain a competitive edge over their rivals. Tomtom N.V., Continental AG, NXP Semiconductors N.V., Delphi Automotive PLC, Infineon Technologies AG, Robert Bosch GmbH, and Qualcomm, are key companies operating in the global automotive V2X market.
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