Automotive V2X Market

Automotive V2X Market generated a revenue of USD 2.4 billion in 2021, and is forecast to reach USD 32.1 billion in 2029, exhibiting a higher CAGR 38.3% over the forecast period (2022-2029), owing to the increasing adoption of automotive V2X to avoid traffic, road accidents, seriousness of injuries, and collision with other vehicles.

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Key Drivers

The automotive V2X market is likely to experience high growth in the upcoming years owing to the increasing concerns among the population related to the safety and security on the road as a result of an increase in the number of accidents and rising government support for the adoption of V2X systems in the vehicles. In addition to this, several technological advancements in autonomous driving and 5G technology, along with the rising demand for safe and autonomous vehicles, are some other key factors that are surging the demand for the V2X in the market during the forecast period. Moreover, an increase in the integration of the V2X technology in the automobiles, majorly luxury brands, and the growing focus of the automobile manufacturers to deploy the V2X systems at a lower-price are certain factors proliferating the growth of the global automotive V2X market worldwide.

Moreover, increasing urban population and rising disposable incomes has augmented the demand for connected vehicles. The integration of V2X systems into vehicles to minimize human intervention, is likely to augment the market growth. Besides this, the leading companies are providing hybrid solutions that involve 4G and 5G network access, designed primarily for short-range communication (DSRC), and cellular V2X communication to increase their existing consumer base and maintain their position in the market. Along with this, the growing adoption of 5G technology and collaborations between cellular and transportation companies to offer effective and advanced transportation solutions are also contributing to the growth of the market.

An increase in the concerns for the environment, rise in the sales of electric vehicles, and several benefits of deploying V2X technology in the vehicles such as enhanced traffic safety, convenience, time & money savings and the ability to reduce the environmental impact as it decreases the fuel consumption and CO2 emissions, which will further drive the growth of the automotive V2X in the market. The factors that are hindering the growth of the global automotive V2X market include the concerns related to the cyberattacks and the challenges related to the reliability of the system.

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Communication Segment Analysis

Based on communication, the Vehicle-To-Vehicle (V2V) segment is expected to increase at a higher CAGR during the forecast period owing to the increasing implementation of this system for the communication due to the several features offered by them such as enhanced road safety, decreased traffic congestions, and enables the streamlining of the flow of vehicles on the road. In addition to this, an increase in the concerns of the government for the safety of the public is another factor driving the growth of the market in this segment.

The V2I segment is anticipated to witness a considerable growth over the forecast period, owing to the ability of V2I to help the driver assistance systems like autonomous driving and intelligent parking to improve the future planning of parking lots, traffic lanes, and more to manage optimal traffic flow.

Connectivity Segment Analysis

Based on the connectivity, the C-V2X (Cellular-V2X) segment is anticipated to grow at a higher compound annual growth rate over the forecast period due to the growth in the number of tests or trials worldwide and the rising integration of cellular connectivity in the vehicles. In addition to this, several advantages of this connectivity such as it permit real-time communication at high speeds, leverages the full coverage of well-established, secures LTE networks and the ability to support both short-range and long-range transmissions among the vehicles & roadside infrastructure are some other factors propelling the growth of the market in this segment.

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Regional Analysis

Based on the region, Europe is expected to grow at a higher compound annual growth rate during the forecast period owing to the rising adoption of V2X solution in the vehicles as a result of the increasing concerns related to the safety in the vehicles and the presence of proper infrastructure facility to easily deploy V2X. Moreover, the presence of various top automotive OEMs and stringent rules & regulations related to the safety & security of the vehicles & people are also fuelling the growth of the automotive V2X market in this region.

North American region is estimated to dominate the overall market owing to the existence of technologically advanced countries which include the U.S. and Canada. As per OICA, the region share’s is nearly 26% of the automobile population of the world running on the roads. Moreover, owing to the increasing traffic congestion and high greenhouse emissions, the implementation of the V2X systems has increased, driving the market growth.

Top Market Players

Various notable players operating in the market include Continental AG, Qualcomm Technologies, Inc., Autotalks Ltd., Robert Bosch GmbH, NXP Semiconductors, Delphi Technologies, Denso Corporation, Infineon Technologies AG, HARMAN International, and STMicroelectronics, among others.

Key Developments:

• • In 2021 – Brandmotion LLC, an automotive safety technology company, entered into a partnership with DENSO Products and Services Americas to provide a one-stop solution service to cities looking to equip their automobiles with advanced V2X technology.
  • In 2021 – Infineon Technologies introduced the launch of the SLS37 V2X hardware security module (HSM) and plug-and-play security solutions for V2X communication. The SLS37 V2X HSM is based on a safe, tamper-resistant microcontroller tailored to the security needs in V2X applications within the telematics control unit.
  • In 2019, Continental AG developed a 5G hybrid platform that integrates V2X technology. This solution permits both network & mobile communication along with the reliable direct exchange of the data and decreases the cost and complexity for a global application of V2X communication.
  • In 2019, Autotalks Ltd. entered into a collaboration with CEVA, Inc. to integrate C-V2X Rel. 14/15 support to the CEVA-XC DSP based chipset of Autotalks and developed the solution which is capable of supporting both C-V2X direct communication and DSRC.

The global automotive V2X market has been segmented on the basis of offering, communication, propulsion, connectivity, technology, vehicle type, unit, and region. Based on the offering, the market is hardware and software. Based on the communication, the market is segmented into vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), vehicle-to-pedestrian (V2P), vehicle-to-grid (V2G), vehicle-to-device (V2D), and vehicle-to-cloud (V2C). Based on the propulsion, the market is segmented into EV and ICE. Based on the connectivity, the market is segmented into C-V2X (cellular-V2X) and DSRC (dedicated short-range communications). Based on technology, the market is segmented into V2I, V2V, and V2P. The V2I segment is further categorized into emergency vehicle notification, intelligent traffic system (ITS), fleet & asset management, passenger information system, and parking management system. The V2V segment is further categorized into automated driver assistance. The V2P segment is further categorized into non-line of sight, line of sight, and backing. Based on the vehicle type, the market is segmented into the commercial vehicle and passenger car. Based on the unit, the market is segmented into the roadside unit (RSU) and on-board unit (OBU).

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Key questions answered in this research report:

• • At what pace is the global automotive V2X market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global automotive V2X market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global automotive V2X market?
  • Which technology generated maximum revenues in 2021 and identify the most promising technology during the forecast period?
  • What are the various vehicle types of automotive V2X, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 2.4 Billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Offering, By Communication, By Propulsion, By Connectivity, By Technology, By Vehicle Type, By Unit, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Continental AG, Qualcomm Technologies, Inc., Autotalks Ltd., Robert Bosch GmbH, NXP Semiconductors, Delphi Technologies, Denso Corporation, Infineon Technologies AG, HARMAN International, and STMicroelectronics, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Automotive V2X Market by Offering

• • Hardware
  • Software

Global Automotive V2X Market by Communication

• • Vehicle-To-Infrastructure (V2I)
  • Vehicle-To-Vehicle (V2V)
  • Vehicle-To-Pedestrian (V2P)
  • Vehicle-To-Grid (V2G)
  • Vehicle-To-Device (V2D)
  • Vehicle-To-Cloud (V2C)

Global Automotive V2X Market by Propulsion

• • EV
  • ICE

Global Automotive V2X Market by Connectivity

• • C-V2X (Cellular-V2X)
  • DSRC (Dedicated Short-Range Communications)

Global Automotive V2X Market by Technology

• • V2I
    • Emergency Vehicle Notification
    • Intelligent Traffic System (ITS)
    • Fleet & Asset Management
    • Passenger Information System
    • Parking Management System
  • V2V
    • Automated Driver Assistance
  • V2P
    • Non-Line of Sight
    • Line of Sight
    • Backing

Global Automotive V2X Market by Vehicle Type

• • Commercial Vehicle
  • Passenger Car

Global Automotive V2X Market by Unit

• • Roadside Unit (RSU)
  • On-Board Unit (OBU)

Global Automotive V2X Market by Region

• • North America Automotive V2X Market (Option 1: As a part of the free 25% customization)
    • North America Automotive V2X Market by Offering
    • North America Automotive V2X Market by Communication
    • North America Automotive V2X Market by Propulsion
    • North America Automotive V2X Market by Connectivity
    • North America Automotive V2X Market by Technology
    • North America Automotive V2X Market by Vehicle Type
    • North America Automotive V2X Market by Unit
    • US Automotive V2X Market All-Up
    • Canada Automotive V2X Market All-Up
  • Europe Automotive V2X Market (Option 2: As a part of the free 25% Customization)
    • Europe Automotive V2X Market by Offering
    • Europe Automotive V2X Market by Communication
    • Europe Automotive V2X Market by Propulsion
    • Europe Automotive V2X Market by Connectivity
    • Europe Automotive V2X Market by Technology
    • Europe Automotive V2X Market by Vehicle Type
    • Europe Automotive V2X Market by Unit
    • UK Automotive V2X Market All-Up
    • Germany Automotive V2X Market All-Up
    • France Automotive V2X Market All-Up
    • Spain Automotive V2X Market All-Up
    • Rest of Europe Automotive V2X Market All-Up
  • Asia-Pacific Automotive V2X Market (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Automotive V2X Market by Offering
    • Asia-Pacific Automotive V2X Market by Communication
    • Asia-Pacific Automotive V2X Market by Propulsion
    • Asia-Pacific Automotive V2X Market by Connectivity
    • Asia-Pacific Automotive V2X Market by Technology
    • Asia-Pacific Automotive V2X Market by Vehicle Type
    • Asia-Pacific Automotive V2X Market by Unit
    • China Automotive V2X Market All-Up
    • India Automotive V2X Market All-Up
    • Japan Automotive V2X Market All-Up
    • Rest of APAC Automotive V2X Market All-Up
  • RoW Automotive V2X Market (Option 4: As a part of the free 25% Customization)
    • RoW Automotive V2X Market by Offering
    • RoW Automotive V2X Market by Communication
    • RoW Automotive V2X Market by Propulsion
    • RoW Automotive V2X Market by Connectivity
    • RoW Automotive V2X Market by Technology
    • RoW Automotive V2X Market by Vehicle Type
    • RoW Automotive V2X Market by Unit
    • Brazil Automotive V2X Market All-Up
    • South Africa Automotive V2X Market All-Up
    • Saudi Arabia Automotive V2X Market All-Up
    • UAE Automotive V2X Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Automotive V2X Market All-Up

Global Automotive V2X Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Continental AG
  • Qualcomm Technologies, Inc.
  • Autotalks Ltd.
  • Robert Bosch GmbH
  • NXP Semiconductors
  • Delphi Technologies
  • Denso Corporation
  • Infineon Technologies AG
  • HARMAN International
  • STMicroelectronics