The Automotive Vehicle-to-Everything (V2X) Market is set to experience remarkable growth over the coming years, with its size projected to grow from USD 0.5 billion in 2023 to USD 9.5 billion by 2030, at a CAGR of 51.9%. This substantial expansion reflects a compound annual growth rate (CAGR) driven by the increasing adoption of V2X technology in connected and autonomous vehicles.
V2X technology, which facilitates communication between vehicles (V2V), infrastructure (V2I), pedestrians (V2P), and networks (V2N), is crucial for enhancing traffic safety, reducing congestion, and enabling the next generation of smart mobility solutions. The rising demand for improved road safety and traffic management solutions is a major factor contributing to the growing market size. Governments worldwide are implementing regulations and investing in smart infrastructure that supports V2X technology, further boosting market expansion.
The introduction of 5G technology has provided a significant push to the V2X market, as it offers the low latency and high-speed communication required for real-time data exchange. This advancement is key to the development of semi-autonomous and autonomous vehicles, making V2X a foundational technology for the future of transportation.
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With a forecasted market size of $9.5 billion by 2030, the Automotive V2X market presents lucrative opportunities for automotive manufacturers, technology providers, and infrastructure developers. As the industry evolves, companies that leverage V2X technology will be well-positioned to capitalize on this growing market, transforming how vehicles interact with their environment and paving the way for a safer, smarter, and more connected driving experience.
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. While driver assistance systems can only react to situations, radio-based V2X systems provide predictive support. They empower assistance systems to anticipate events around corners and through obstructions. Both the On-Board Unit (OBU) and Roadside Unit (RSU), the hardware components of V2X, offer diverse functionalities conducive to automated driving. RSU features encompass emergency electronic brake lights, wrong-way driving warnings, stationary vehicle warnings, traffic condition warnings, collision risk warnings, and roadwork warnings. OBU functionalities include emergency vehicle warnings, slow vehicle indications, and intersection collision warnings. The automated driver assistance segment is anticipated to dominate the automotive Vehicle-to-Vehicle (V2V) market, driven by the increasing trend toward autonomous driving and the imperative for enhanced safety. Prominent Original Equipment Manufacturers (OEMs) such as BMW (BMW IX), Ford (models like the Ford F-150 and Mustang Mach E), Honda (Honda Civic Tourer), and Mercedes-Benz (including the E-Class and S-Class) have integrated V2V communication technology into their respective vehicle offerings.
“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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