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Automotive V2X Market Size, Share, Industry Analysis by 2030

Automotive V2X Market - Global Forecast to 2030

Automotive V2X Market - Global Forecast to 2030

The global automotive V2X market is expected to grow from USD 0.5 billion in 2023 to USD 9.5 billion by 2030 at a CAGR of 51.9%. Government support toward C-V2X technology and improving road infrastructure is expected to support the automotive V2X market. Furthermore, the increasing adoption of V2X-equipped models such as Volkswagen ID 4, Volkswagen Golf, and Mercedes-Benz E-Class significantly impact the growth of the market. Moreover, Government regulations mandating the integration of safety features in vehicles serve as a potent growth driver for the market, compelling manufacturers to adopt these advanced communication systems to enhance road safety and facilitate intelligent transportation networks. Companies operating in the market are focusing on new product development. For instance, in February 2023, Qualcomm Technologies Inc. introduced a new Snapdragon Auto 5G Modem-RF Gen 2 for connected cars.

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Software segment is estimated to be the fastest-growing market during the forecast period.

Automotive Vehicle-to-Everything (V2X) software comprises a set of instructions that command various hardware components to execute specific tasks within the V2X technology framework. The performance of this software plays a pivotal role in determining the overall efficacy of V2X technology, particularly in high-traffic environments where substantial data processing is required. Compliance with fundamental standards, including SAE JS2735, IEEE 802.11p, IEEE 1609.3, and IEEE 1609.4, is essential for V2X software. Compatibility with diverse operating systems, such as Linux, PikeOS, ONX, Android, and ThreadX, enhances the versatility of V2X software.

Automated Driver Assistance segment is expected to hold the largest share in the automotive V2X market during the forecast period

The escalating demand for assisted driving technology and connected cars has propelled substantial growth in Vehicle-to-Everything (V2X) communication technology within vehicles. Assisted driving technology is integral to enhancing driving safety, and V2X facilitates real-time communication, primarily among vehicles and their immediate surroundings. Vision-based systems, such as Lane Departure Warning (LDW), Forward Collision Warning (FCW), and Blind Spot Detection (BSD), form the cornerstone of automated driver assistance. However, the efficacy of vision-based systems diminishes under adverse conditions like fog or low-light scenarios. In such contexts, V2X communication, relying on Wi-Fi and cellular technology, emerges as an optimal solution, eliminating dependency on external lighting conditions.

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"Europe is expected to have significant share in the automotive V2X market during forecast period"

Europe is widely recognized as a prime testing ground for Vehicle-to-Everything (V2X) technology and Cooperative Intelligent Transport Systems (C-ITS). This reputation is attributed to the region's possession of some of the world's most developed and well-maintained road networks, its hosting of numerous road transport operators, and the highest concentration of global automotive Original Equipment Manufacturers (OEMs). Aligned with the Vision Zero initiative, the deployment of V2X has been a focal point in Europe since the early 2010s. To facilitate the implementation of C-ITS, European Member States and road infrastructure operators collaboratively established the C-Road Platform, an initiative aiming to create an integrated and interoperable C-ITS network spanning European borders.

Key Players

The major players in Automotive V2X market include Qualcomm Incorporated (US), Autotalks (Israel), Harman International (US), Huawei Technologies Co., LTD. (China), NXP Semiconductors (Netherlands), among others. These companies have strong product portfolio as well as strong distribution networks at the global level.

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Mr. Aashish Mehra
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