The meteoric rise in the demand for connected vehicles is one of the primary factors fuelling the growth of vehicle-to-x products market. Also, the government’s moves towards the public safety is creating potential growth opportunities for vehicle-to-x products market. Growing expansion of automotive industry has been a key factor and have offered lucrative opportunities for the Vehicle-to-X Products Market.
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The automotive industry is undergoing a series of technological transitions, with the industry moving towards digitization and connected mobility. The technological advancement in automotive industry is one the factors which is playing an important role in growth of vehicle-to-X products market. Technology plays an important role in the development of vehicle-to-X products and especially with the innovation of Internet of Things, Vehicle-to-X products market is witnessing the rapid growth. Furthermore, the rising consumer demand for convenience features has enforced various OEMs to incorporate vehicle-to-X products. The implementation of the vehicle-to-X products is not only increasing the safety aspect but also provides an enhanced driving experience. In addition, the features such as V2V communication, real time voice control, and other advanced driving to provide enhanced connected user experience, are supporting the adoption of vehicle-to-X products. In parallel, rising security concern among the vehicle owners is impelling the growth of vehicle-to-X products.
Apart from this, vehicle-to-X products are used to provide safe and reliable communication between vehicles, infrastructure and the cloud. Vehicle-to-X products provide high level of connectivity to and from the vehicle. Factors such as: growing demand for real-time traffic and incident alerts for increasing public safety are expected to boost the growth of vehicle-to-X products market. In addition, the development of connected vehicles is fueling the growth of the vehicle-to-X products market. In parallel, it has been observed that the governments in various countries are increasing funds for the better traffic management, which is projected to support the growth of the vehicle-to-X products market.
Apart from this, increasing demand for the real time traffic management, coupled with incident alerts is towering the growth of the vehicle-to-x products market. Furthermore, the rising trend of vehicle-to-vehicle connectivity systems for is the major factors driving the growth of vehicle-to-x products market. However, issues such as lack of digital development in developing countries acts as a restraining factor for the vehicle-to-x products market. Moreover, the high integration cost of a vehicle-to-x products is one challenge for the growth of vehicle-to-x products market.
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Some of the major players in the global Vehicle-to-X Products market are Arada Systems, Autotalks Ltd., Cohda Wireless, Delphi Automotive PLC, Denso Corporation, eTrans Systems, Kapsch TrafficCom, Qualcomm Incorporated, Savari Inc., and other Vehicle-to-X Products manufacturers.
On the basis of geography, Europe is expected to dominate the vehicle-to-x products market due to the presence of various vehicle-to-x products providers and automotive OEMs. In Europe, the growth of automotive sector is supporting the vehicle-to-x products market. Â North America and Asia Pacific are also expected to create potential growth opportunities for the vehicle-to-x products market, owing to the increasing adoption of security technologies in the vehicles. Moreover, the demand for vehicle-to-x products has risen dramatically in the past few years in the Middle East & Africa and Latin American regions, due to rise in digital technologies and growth in the connected technologies.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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