Vehicle-to-Everything (V2X) Market Set to Hit $9.5 Billion by 2030

Automotive V2X Market by Connectivity (DSRC, and C-V2X), Communication (V2V, V2I, V2P, V2G, V2C), Vehicle Type (Passenger Cars & Commercial Vehicles), Propulsion, Offering (Hardware and Software), Unit, Technology and Region - Global Forecast to 2030
The global automotive V2X market [https://www.marketsandmarkets.com/Market-Reports/automotive-vehicle-to-everything-v2x-market-90013236.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=automotive-vehicle-to-everything-v2x-market] is projected to grow from USD 0.5 billion in 2023 to USD 9.5 billion by 2030, at a CAGR of 51.9%.

Factors such as advancements in connected car technology, coupled with a heightened emphasis on traffic safety, supportive government initiatives, and regulatory frameworks, are anticipated to contribute significantly to the revenue growth of the automotive Vehicle-to-Everything (V2X) market. C-V2X (Cellular Vehicle-to-Everything) leverages 5G technology to enable advanced connected mobility capabilities through V2X communication. The high data transfer speeds and low latency of 5G networks facilitate real-time communication between vehicles, infrastructure, and pedestrians, enhancing safety features, enabling efficient traffic management, and paving the way for autonomous driving in the rapidly evolving landscape of connected transportation. The evolution of 5G technology, combined with progress in autonomous vehicles, is poised to create favorable opportunities within this market.

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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Commercial vehicles is estimated to be the fastest growing segment during the forecast period

Commercial vehicles encompass both light commercial vehicles and heavy commercial vehicles, which include heavy trucks, buses, and vans, among other categories. These vehicles are utilized for transporting goods or fare-paying passengers, and due to their higher capacity compared to passenger cars, ensuring safety is paramount. A critical driving force for the commercial vehicle segment, particularly trucks, is the platooning feature facilitated by V2X technology. In platooning, vehicles travel in a tightly coordinated convoy with minimal spacing between each vehicle. This feature, notably advantageous for trucks, reduces fuel consumption and operating costs.

"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. European authorities have designated the 5.9 GHz band specifically for the use of Intelligent Transport Systems (ITS) on roadways, with the spectrum being technology-neutral, providing Cellular Vehicle-to-Everything (C-V2X) an open pathway to the market. European mobile network operators and automobile manufacturers also leverage the Vehicle-to-Network (V2N) mode within C-V2X technology for services such as traffic information systems, in-vehicle entertainment, and data transmission back to automotive OEMs.

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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