Automotive V2X Market Size to Reach Around USD 15.3 Billion by 2030

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12 Sep 2024

Table of Content

As per Precedence Research, the global automotive V2X market size was valued at US$ 2.7 billion in 2020 and it is projected to reach around USD 15.3 billion by 2030 with a CAGR of 45% over the forecast period 2022 to 2030.

Growth Factors

Vehicle-to-everything (V2X) is a communication technology which allows a vehicle to interconnect with road users, other vehicles, and infrastructure. In addition, the major aim of this technology is to improvise energy savings, traffic efficiency, and road safety on roads. The key components of the technology comprise of vehicle-to-pedestrian (V2P), vehicle-to-infrastructure (V2I) & V2V, V2G, V2C, and V2D communication systems. The automotive industry is growing in the front of technology, by allowing cars to interact with infrastructure such as pedestrian’s communication devices, traffic signals, other digital devices. These developments in technology have brought challenges in front of automotive manufacturers in order to incorporate automotive V2X solutions which will offer improved utility, safety, and convenience to their customers.   In addition, the factors like rise in adoption of connected cars and are likely to propel the market growth. However, rapid surge in urbanization & industrialization and high cost of implementation and security concerns related to data communication hampers the automotive V2X market growth.

Report Highlights:

• The 5G technology advancements would enable the applications of 5G-V2X which is likely to offer better performance in terms of handling and cybersecurity numerous messages in jammed traffic environments. Other factor which is likely to fuel the cellular segment is the hardware components cost association.
• The V2V communication segment is likely to have the dominating market share of the automotive V2X market. V2V improvises vehicle safety via features such as lane changing warning (LCW) and forward collision warning (FCW). The rising safety concerns among the government and public owing to increasing road and traffic accidents is an essential driving factor for the growth of the automotive V2V market. 
• On the basis of region, Europe is likely to have the dominating market share in automotive V2X market during the forecast period. The improvised infrastructure facility in Europe allows easy growth of V2X. Moreover, in European countries such as Germany and France, the likes of BMW Group, 5GAA, Ford, and Group PSA have grouped with Savari and Qualcomm to in order to showcase C-V2X communications.

Scope of the Report

 

Future of Automotive V2X Market

The rising demand towards fully autonomous vehicles is likely to boost the growth of the market during the forthcoming time period. Autonomous vehicles are further explained as vehicles which are self-driving and work automatically without any intervention of human or require very little human intervention. V2X provides a benefit in automatic vehicles as it delivers data and information regarding objects which other sensors are unable to detect. Also, it can improvise traffic efficiency by giving information about traffic signals.

COVID-19 Impact Analysis:

• The global impacts of the COVID-19 are had an adverse effect over the market in the initial quarter of the lockdown phase.
• Extension of the lockdown period further restricted the production activity across all sectors, which included the automotive industry.  
• In addition, due to the pandemic restrictions and lockdown policies, various manufacturing units around the world paused their production, that has affected the purchase of vehicles equipped with vehicle-to-everything) features. 

Key Developments in the Marketplace:

• In February 2021. The key player named Harman International, which is a USA-based company is stretching their focus towards connected devices for automotive in enterprise and customer markets has acquired the resources of the company named Savari, Inc. for an unnamed amount. Furthermore, with this acquisition of Savari, Harman International the main aim is to improve the Advanced Driving Assistance Systems and car telematics related to the market, and outspread the company’s5G Edge qualities, Multi-Access Edge Computing (MEC). In addition, a USA-based automotive innovation company Savari is inventing new technologies in 5G Edge and V2X technology markets.
• In January 2019, the market player named Ducati, Audi, and Ford established C-V2X technologies. Furthermore, certain developments are likely to accelerate the C-V2X technology commercial deployment.

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