Automotive V2X Market (By Communication Type: Vehicle-To-Infrastructure (V2I), Vehicle-To-Grid (V2G), Vehicle-To-Vehicle (V2V), Vehicle-To-Home (V2H), Vehicle-To-Pedestrian (V2P), and Vehicle-To-Network (V2N); By Vehicle Type: Commercial Vehicles (CV) and Passenger Cars; By Connectivity Type: Cellular Connectivity and DSRC) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2023 - 2032


The global automotive V2X market size was reached at US$ 2.4 billion in 2022 and it is expected to hit USD 66.26 Billion by 2032, growing at a CAGR of 39.4% during the forecast period from 2023 to 2032. The growth of automotive V2X market is driven by increasing demand for safety features in an automobile along with better traffic management system.

Automotive V2X Market Size 2023 to 2032

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Key Takeaways

  • North America led the global market with the highest market share in 2022.
  • By Communication Type, the Vehicle-To-Vehicle (V2V)segment registered the maximum market share in 2022.
  • By Vehicle Type, the passenger cars segment recorded more than 75% of revenue share in 2022.

Automotive V2X Market in the U.S. 2023 To 2032

The U.S. automotive V2X market size was valued at USD 0.67 billion in 2022 and is expected to reach USD 18.29 billion by 2032, growing at a CAGR of 39.20% from 2023 to 2032.

U.S. Automotive V2X Market Size 2023 To 2032

North America estimated to dominate the global automotive V2X market due to presence of technologically advanced countries that provide ease in technology adoption. In addition, the region is one of the largest markets for automobile. For instance, OICA has stated that the region encountered around 26% of total automobiles population running on road. In addition, greenhouse emission and traffic congestion are some of the crucial problems in North America. Thus, implementation of V2X system would terminate these problems to a greater extent. The aforementioned factors significantly propel the market growth in the region.

Similarly, European countries have also imposed stringent emission as well as safety norms. As per the European Environment Agency, vehicle emission is still responsible to a great extent for the greenhouse gas emission in the region. Thus, the regulatory bodies have mandated the implementation of safety features in a vehicle such as blind-spot detection and adaptive cruise control that uses V2X communication, thereby propels the market growth in the region. In addition, the region registered prominent growth in battery-powered vehicles that again influence the V2X communication market growth positively over the coming years. Battery-powered or electric vehicles empower the automotive manufacturers to implement ACC, smart parking, sensors, and other advanced technologies.

Automotive V2X Market Share, By Region, 2022 (%)

Growth Factors

The automotive industry has witnessed significant momentum and expected to grow substantially over the coming years. Integration of various safety features and communication technologies in an automobile has enhanced the convenience aspect of a vehicle. In addition, prominent demand of consumers for these advanced features act as a catalyst to the market growth.

Driverless cars and autonomous vehicles are a concept and under their research phase, further their commercialization is no sooner. Meanwhile, Vehicle to Everything (V2X) communication technology helps in achieving the driverless mobility. A definite regulation for the implementation of V2X technology expected to further boost the demand for V2X technology in the coming years. However, threat to security of the vehicle such as hacking and manipulation may hamper the market growth. The V2X technology mainly refers to the communication between vehicles and thus security of data communication is a critical aspect.

Automotive V2X Market Scope

Report Highlights Details
Market Size in 2023 USD 2.4 Billion
Market Size by 2032 USD 66.26 Billion
Growth Rate from 2023 to 2032 CAGR of 39.4%
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Communication Type, Vehicle Type, Connectivity Type, Regional Outlook
Companies Mentioned Nolato AB, Freudenberg Medical LLC, Rochling Group, GW Plastics Inc., MedPlast Inc., Phillips Medisisze Corporation, C&J Industries Inc., Tekni-Plex, Inc., Pexco LLC, and Medical Plastic Devices Inc.

 

Communication Type Insights

Vehicle-To-Vehicle (V2V) projected to dominate the global automotive V2X market throughout assessment period. Increasing safety regulations have spur the adoption of various types of communication technologies in a vehicle such as Adaptive Cruise Control (ACC), driver assistance system, lane change assistance, blind spot detection, and many more. This expected to significantly drive the demand for V2V communication.

Besides this, incorporation of Vehicle-To-Network (V2N) and Vehicle-To-Infrastructure (V2I) would facilitate to overcome from traffic congestion, emission, and other types of problems caused due to traffic. This will also promote some convenient facilities such as automated toll payment and e-parking. The aforementioned factors anticipated to boost the market growth of V2N and V2I in the near future.

Vehicle Type Insights

Based on vehicle type, passenger cars accounted for the largest market value share of nearly 75% in the year 2022 and analyzed to continue its dominance throughout assessment period. High demand of passenger cars for convenient mode of transportation has significantly driven the growth of the segment.

Automotive V2X Market Share, By Vehicle, 2022 (%)

However, increasing demand for commercial vehicles due to boom in the commercial sector flourishes the growth of commercial vehicles in the near future. Subsequently, the commercial vehicle segment expected to register a rapid growth throughout assessment period. OICA has also stated that the percent increase in the sale of commercial vehicles was nearly 6% between 2015 and 2016. Furthermore, drastic changes in the infrastructure would propel the growth of construction sector, thereby fuel the demand for commercial vehicles in the coming years with a rate of nearly 30%.

Key Companies & Market Share Insights

The global automotive V2X market is dominated by the presence of major electronic component manufacturers. These players have strong global presence, diversified product portfolio, and are significantly involved in various strategic initiatives to retain their market position. In addition, the market experience high competition due to rapid change in the consumer preference and significant investment in research & development by market players. The market players are also involved in partnership, collaboration, and merger & acquisition strategies to grab maximum market share in the coming years. For example, in October 2016, a subsidiary company of SAIC Motors, SAIC USA, has signed an agreement with Savari Inc. Under this agreement, the SAIC USA has agreed to manufacture and distribute the V2X solutions of Savari Inc. in China and other Asian countries.

Automotive V2X Market Companies

  • Continental AG
  • Delphi Automotive LLP
  • NXP Semiconductors
  • TomTom International B.V.
  • Qualcomm, Inc.
  • Robert Bosch GmbH
  • HARMAN International
  • Cisco Systems, Inc.
  • Mobileye
  • Infineon Technologies AG

Segments Covered in the Report

This research study comprises comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative acumens, and forecasts of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2020 to 2032. This report includes market division and its revenue assessment by categorizing it depending on communication type, vehicle type, connectivity type, and region:

By Communication Type

  • Vehicle-To-Infrastructure (V2I)
  • Vehicle-To-Grid (V2G)
  • Vehicle-To-Vehicle (V2V)
  • Vehicle-To-Home (V2H)
  • Vehicle-To-Pedestrian (V2P)
  • Vehicle-To-Network (V2N)

By Vehicle Type

  • Commercial Vehicles (CV)
  • Passenger Cars

By Connectivity Type

  • Cellular Connectivity
  • DSRC

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

What is the current size of the global automotive V2X market?
According to Precedence Research, the global automotive V2X market value is expected to surpass US$ 66.26 billion by 2032.
What is the growth rate automotive V2X market?
The global automotive V2X market is expected to grow at a CAGR of 39.4% over forecast period 2023 to 2032.
Which major factors driving the growth of automotive V2X market?
Increasing sales of passenger as well as commercial vehicles across the globe contribute significantly to drive the market. Increasing traffic congestion, greenhouse gas emission rising number of accidents have forced governments of various regions to impose stringent safety and emission norms. V2X technology helps driver to improve safety of the vehicle as well as it reduces the greenhouse gas emission from the vehicle, thereby accelerating the demand of the technology in the coming years. Furthermore, the concept of driverless cars and autonomous vehicles are still under their research phase and expected to take years to be commercialized.
Who are the key players in automotive V2X market?
Some of the key players operating in the market are Continental AG, Qualcomm, Inc., Delphi Automotive LLP, NXP Semiconductors, TomTom International B.V., Robert Bosch GmbH, HARMAN International, Cisco Systems, Inc., Mobileye, and Infineon Technologies AG among others.
Which region led the global automotive V2X market with significant revenue share in the year 2022?
In 2022, North America led the global automotive V2X market with significant revenue share in the year 2022. Ease of technology adoption along with the region being one of the largest markets for automobile are some of the prime factors that drives the growth of the region.
Which segment accounted for the largest automotive V2X market share?
Based on vehicle type, passenger vehicles accounted for the largest market value share of nearly 75% in the year 2022 and analyzed to continue its dominance during the forecast period.
Which communication type segment dominate the global automotive V2X market?
By communication type, Vehicle-To-Vehicle (V2V) projected to dominate the global automotive V2X market during the forecast period.
Which connectivity type segment capture maximum revenue share in automotive V2X market?
Based on connectivity type, Dedicated Short Range Connectivity (DSRC) seeks to capture maximum revenue share in the present as well as during the forecast period. Ease of implementation along with cost benefits of DSRC over the cellular connectivity expected to drive the growth of the segment.

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