Press release
Cellular Vehicle-To-Everything Market Poised to Hit $3.38 Billion by 2029 with Accelerating Growth Trends
Cellular Vehicle-To-Everything
How Large Will the Cellular Vehicle-To-Everything Market Size By 2025?
The market size of cellular vehicle-to-everything has seen significant expansion recently. The market value is expected to increase from $0.94 billion in 2024 to $1.25 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 32.0%. This growth observed in the historical period is largely due to a surge in demand for cellular vehicle-to-everything (C-V2X) products and services, backing from regulatory bodies, continuous decline in production and installation costs, initiatives taken by governments towards building smart cities, and a rise in the usage of smartphones.
How Big Is the Cellular Vehicle-To-Everything Market Size Expected to Grow by 2029?
The market for cellular vehicle-to-everything is anticipated to witness substantial expansion in the coming years, growing to $3.38 billion by 2029, at a cumulative annual growth rate of 28.3%. Several factors contribute to this predicted surge during the forecast period, such as an increase in global road accidents, wider adoption of self-driving vehicles, higher demand for safer road journeys, evolving vehicle telematics, and heightened awareness regarding environmental preservation. Technological developments, proliferating smart city campaigns around the globe, adoption of road safety system standards, intertwining of C-V2X with advanced driver assistance systems (ADAS), and incorporation of C-V2X technology in automobiles will form the key trends in the forecast period.
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Which Key Market Drivers Powering Cellular Vehicle-To-Everything Market Expansion and Growth?
The global surge in road accidents is anticipated to catalyze the expansion of the cellular vehicle-to-everything market. Road accidents transpire whenever a collision between vehicles, pedestrians, animals, or stationary objects occurs on public or privately owned roads with public access. A multitude of factors contribute to the escalating number of accidents, such as human mistakes, subpar road conditions, and issues with vehicle functionality. The technology of cellular vehicle-to-everything (C-V2X) lessens the likelihood of road mishaps by enabling swift interactions between vehicles and infrastructure, thereby facilitating quick responses to potential threats. With its constant connectivity, C-V2X is engineered to dramatically improve road safety, thwarting possible collision dangers and optimizing overall traffic management. To illustrate, the UK-based road safety charity, Brake, reported in November 2023 that there were 1,766 road deaths in the UK in 2022, with 1,711 in Britain and 55 in Northern Ireland-an increase of 10% from the previous year. Hence, the global upsurge in road accidents dictates the growth trajectory of the cellular vehicle-to-everything market.
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Which Fast-Growing Trends Are Poised to Disrupt the Cellular Vehicle-To-Everything Market?
Key players in the cellular vehicle-to-everything market are focusing on the creation of technologically superior products like the next-gen cellular vehicle-to-everything (C-V2X) module, aimed at enhancing road safety and traffic flow. These next-gen C-V2X modules serve as sophisticated communication technologies creating a safer, more streamlined traffic system. For instance, in November 2022, Quectel Wireless Solutions Co. Ltd., a company based in China specializing in the design, development, and sale of cellular communication modules, launched the AG18 module. This next-gen C-V2X module employs PC5 direct communications, enabling effective communication between vehicles and their surroundings, thereby improving safety and traffic efficiency. The AG18 module accommodates various communication types, including vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-pedestrian (V2P) using the consolidated 5.9GHz intelligent cellular subscription. The module is engineered to function in extreme conditions, offering superior ESD (electric discharge) or EMI (electric interference) protection capabilities.
What Are the Emerging Segments in the Cellular Vehicle-To-Everything Market?
The cellular vehicle-to-everythingmarket 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Cellular Vehicle-To-Everything Industry?
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.
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