Press release
Strong Growth Ahead: Automotive Vehicle To Everything (V2X) Communications Market Size To Grow At Arecord 24.2% Cagr By 2029
Automotive Vehicle To Everything (V2X) Communications
How Big Is the Automotive Vehicle To Everything (V2X) Communications Market Size Expected to Be by 2034?
The market size of the automotive vehicle to everything (V2X) communications industry has seen a significant surge in recent times. The market is projected to expand from $3.6 billion in 2024, escalating to $4.48 billion in 2025, illustrating a compound annual growth rate (CAGR) of 24.6%. This impressive growth in the past years can be linked to various factors such as rising consciousness about the advantages of traffic safety, increased customer demand for progressive safety characteristics, rising concerns around cybersecurity threats, an amplified need for improved situational awareness and collision evasion systems, and increased investment in research and development.
Anticipated to witness a significant surge in the coming years, the automotive vehicle to everything (V2X) communications market is predicted to expand to a valuation of $10.68 billion by 2029, presenting a compound annual growth rate (CAGR) of 24.2%. A multitude of factors such as the escalating demand for interconnected vehicles, industrial and urban growth, the rising inclination towards advanced technology, an increased emphasis on smart cities, and a higher acceptance of intelligent automobiles contribute to the prospective growth within this period. Key trends expected during this forecast period include technology progression, speedy deployment of 5G networks, merger with connected and autonomous vehicles, proliferation of cellular V2X (C-V2X) technology, and the growth of smart city infrastructure.
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What Are the Emerging Segments Within the Automotive Vehicle To Everything (V2X) Communications Market?
The automotive vehicle to everything (V2X) communications market covered in this report is segmented -
1) By Type: Vehicle-To-Vehicle, Vehicle-To-Infrastructure, Vehicle-To-Pedestrian
2) By Technology: Automated Driver Assistance, Intelligent Traffic Systems, Emergency Vehicle Notification, Passenger Information System, Fleet And Asset Management, Parking Management System, Line Of Sight, Non-line Of Sight, Backing, Other Technologies
3) By Application: Road Safety Services, Automatic Parking Systems, Emergency Vehicles, Auto Car Services
Subsegments:
1) By Vehicle-To-Vehicle: Collision Avoidance, Cooperative Driving, Traffic Flow Optimization
2) By Vehicle-To-Infrastructure: Traffic Signal Control, Smart Parking Solutions, Roadside Unit (RSU) Communication, Tolling And Payment Systems
3) By Vehicle-To-Pedestrian: Pedestrian Safety Alerts, Smart Crosswalks, Pedestrian Detection And Communication
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What Long-Term Drivers Are Shaping Automotive Vehicle To Everything (V2X) Communications Market Trends?
The growth of the automotive vehicle to everything (V2X) communications market is being fueled by the rising demand for connected vehicles. Vehicles of this nature are automobiles that have internet connectivity and built-in sensors or devices enabling them to interact with other vehicles, infrastructure and external systems. The expanding demand for such vehicles can be attributed to various influences, such as the implementation of 5G connectivity, an intensified focus on safety, and the consumers' growing appetite for advanced connectivity features. Automotive V2X communications provide the platform for these connected vehicles to interact and cooperate with each other and their surroundings. This leads to safer, more optimized, and more ecologically sound transportation systems. For instance, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, reported in April 2024 that approximately 14 million new electric cars were globally registered in 2023. This represented a year-on-year growth of 35%, with electric car sales in 2023 increasing by 3.5 million units from the previous year. Hence, the surging demand for connected vehicles is the driving force behind the expansion of the automotive vehicle to everything (V2X) communications market.
Who Are the Top Competitors in Key Automotive Vehicle To Everything (V2X) Communications Market Segments?
Major companies operating in the automotive vehicle to everything (V2X) communications market are Volkswagen Group, Toyota Motor Corporation, The Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, AT&T Inc., Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Tesla Inc., Nissan Motor Corporation, Panasonic Holdings Corporation, Cisco Systems Inc., Denso Corporation, Qualcomm Technologies Inc., Continental AG, Volvo Car Corporation, Aptiv PLC, NXP Semiconductors N.V., BorgWarner Inc., Visteon Corporation, Harman International Industries Inc., Mobileye
What Are the Major Trends Shaping the Automotive Vehicle To Everything (V2X) Communications Market?
Top businesses in the auto vehicle-to-everything (V2X) communications sector are concentrating their efforts on creating new technology, including advanced chipsets that enhance the interaction capabilities among vehicles. These superior chipsets in V2X communications amp up connectivity, enabling data exchange in real-time between cars, infrastructure, and people on the road, thereby enhancing traffic management and safety. Autotalks Ltd., a semiconductor corporation from Israel, launched the TEKTON3 and SECTON3 chipsets in September 2022. These chipsets are specialized in advanced V2X communications, significantly boosting road safety and facilitating the integration of autonomous driving capabilities. The chipsets, which are of the third generation, are designed to support both 5G Cellular V2X (C-V2X) and Dedicated Short-Range Communications (DSRC) technologies. They are compatible with existing and upcoming V2X requirements. Being the first-ever chipsets to receive the Functional Safety certification under ISO 26262 ASIL B, they are well suited for critical automotive functions such as automatic braking.
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Which Regions Are Becoming Hubs for Automotive Vehicle To Everything (V2X) Communications Market Innovation?
Europe was the largest region in the automotive vehicle to everything (V2X) communications market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive vehicle to everything (V2X) communications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Vehicle To Everything (V2X) Communications Market?
2. What is the CAGR expected in the Automotive Vehicle To Everything (V2X) Communications Market?
3. What Are the Key Innovations Transforming the Automotive Vehicle To Everything (V2X) Communications Industry?
4. Which Region Is Leading the Automotive Vehicle To Everything (V2X) Communications Market?
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