Press release
Global Cellular Vehicle-To-Everything Market Projected to Surpass $3.42 Billion by 2029 with 28.5% Annual Growth
Cellular Vehicle To Everything Market Size
The global upsurge in road mishaps is anticipated to propel the expansion of the cellular vehicle-to-everything market. A road mishap happens when a vehicle strikes another vehicle, an individual, an animal, or a stationary object on a public or private road accessible to public transportation. The escalating number of these accidents can be attributed to numerous contributors like human error, deficient road conditions, and faulty vehicles. Cellular vehicle-to-everything (C-V2X) technology aims to lessen road mishaps through real-time dialogue between vehicles and infrastructure. It enables quick reactions to potential hazards and promotes better road safety by forecasting and counteracting collision risks while enhancing traffic management. For example, as reported by Brake, a UK-based road safety organization in November 2023, there were 1,766 fatalities on the road in 2022, with 1,711 in Britain and 55 in Northern Ireland - which is up by 10% from the previous year. Consequently, the mounting number of road accidents worldwide is prompting the cellular vehicle-to-everything market's growth.
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What is the future CAGR of the cellular vehicle-to-everything market, and how will it impact industry expansion?
Recent years have witnessed a spectacular increase in the market size of cellular vehicle-to-everything (C-V2X). Projections show that the market will expand from $0.94 billion in 2024 to $1.25 billion in 2025, which represents an impressive compound annual growth rate (CAGR) of 32.7%. Factors contributing to this dramatic growth in the historical period include an escalating demand for C-V2X products and services, legislative support, sustained decrease in production and setup costs, a surge in government initiatives geared towards the creation of smart cities, and the mushrooming penetration of smartphones.
The market size for cellular vehicle-to-everything is predicted to experience a massive surge in the coming years, growing to $3.42 billion by 2029, with a compound annual growth rate (CAGR) of 28.5%. The projected growth during this period can be credited to an increase in road accidents worldwide, increasing adoption of autonomous vehicles, heightened demands for safer roads, growing interest in vehicle telematics, and raised awareness about environmental sustainability. Significant trends during the forecast period encompass technological progress, increasing global smart city initiatives, adoption of the standard for road safety systems, incorporation of C-V2X with advanced driver assistance systems (ADAS), and integration of C-V2X technology in automobiles.
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How are the latest trends influencing the growth of the cellular vehicle-to-everything market?
Key players in the cellular vehicle-to-everything market are collaborating to produce technologically progressive products like the next-gen cellular vehicle-to-everything (C-V2X) module. These devices aim to optimize road safety and alleviate traffic congestion. These next-gen C-V2X modules employ cutting-edge communication technologies designed to foster a safer, more efficient vehicular traffic system. For example, in November 2022, Quectel Wireless Solutions Co. Ltd, a Chinese firm specializing in the design, development, and distribution of cellular communication modules, unveiled the AG18 module. This next-gen C-V2X module uses PC5 direct communications, enabling effective communication between vehicles and their environment, ultimately improving safety and traffic management. The AG18 module supports a myriad of communication types, including vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-pedestrian (V2P), all within the consolidated 5.9GHz intelligent cellular subscription. The module is engineered to function in extreme conditions, delivering excellent ESD (electric discharge) or EMI (electric interference) protection capabilities.
Which key market segments comprise the cellular vehicle-to-everything market and drive its revenue growth?
The cellular vehicle-to-everything market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
3) By Communication Type: Vehicle-To-Person (V2P), Vehicle-To-Infrastructure (V2I), Vehicle-To-Network (V2N), Vehicle-To-Vehicle (V2V)
4) By Application: Fleet Management, Autonomous Driving, Collision Avoidance, Intelligent Traffic Systems, Parking Management Systems
Subsegments:
1) By Hardware: Antennas, Communication Modules, Processors, Sensors, Transceivers, Controllers
2) By Software: V2X Communication Software, Data Management Software, Security Software, Network Management Software
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What regions are at the forefront of cellular vehicle-to-everything market expansion?
North America was the largest region in the cellular vehicle-to-everything market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cellular vehicle-to-everything market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the cellular vehicle-to-everything market?
Major companies operating in the cellular vehicle-to-everything market are AT&T Inc., Robert Bosch GmbH, Huawei Technologies co. Ltd., Audi AG, Intel Corporation, Daimler Truck AG, Qualcomm Technologies Inc., NTT DOCOMO Inc., Continental AG, Nvidia Corporation, Nokia Corporation, ZTE Corporation, Aptiv PLC, Infineon Technologies AG, NXP Semiconductors, Keysight Technologies, Harman International Industries Inc., Rohde & Schwarz GmbH & Co. KG, Quectel Wireless Solutions Co. Ltd., TomTom International BV, Autotalks Ltd., Commsignia Ltd., Savari Inc., Ficosa International SA, Cohda Wireless Pty Ltd., Shenzhen Genvict Technologies Co. Ltd., Quectel wireless co. Ltd., Unex Technology Corp., MediaTek Inc., Reliance Jio Infocomm Ltd.
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What Is Covered In The Cellular Vehicle-To-Everything Global Market Report?
• Market Size Forecast: Examine the cellular vehicle-to-everything market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cellular vehicle-to-everything market for a structured understanding.
• Key Players Overview: Analyze major players in the cellular vehicle-to-everything market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cellular vehicle-to-everything market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cellular vehicle-to-everything market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cellular vehicle-to-everything market.
• Industry Challenges: Identify potential risks and obstacles affecting the cellular vehicle-to-everything market.
• Competitive Landscape: Review strategic developments in the cellular vehicle-to-everything market, including expansions, agreements, and new product launches.
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