Global Vehicle-to-Everything Market, By Component; By Communication; By Connectivity; By Application; By Vehicle Type; By Vehicle Application-Estimation & Forecast, 2017-2030

The following report provides a comprehensive evaluation of the global Vehicle-to-Everything (V2X) market, which held a market value of US$ 4.18 Billion in 2022 and is projected to grow to US$ 49.14 Billion by 2030. This signifies a CAGR of 36.36% during the forecast period.

The following report provides a comprehensive evaluation of the global Vehicle-to-Everything (V2X) market, which held a market value of US$ 4.18 Billion in 2022 and is projected to grow to US$ 49.14 Billion by 2030. This signifies a CAGR of 36.36% during the forecast period.

Market Introduction:

V2X technology enables communication among vehicles (V2V), vehicles and infrastructure (V2I), vehicles and pedestrians (V2P), and vehicles and networks (V2N). This technology is a crucial element in improving traffic efficiency, enhancing road safety, and facilitating the introduction of new services and applications in the transport sector.

Influencing Factors for Growth:

Increased Utilization of Connected Vehicles:

The surge in the uptake of connected cars presents a significant growth stimulus for the V2X technology market. These vehicles, linked through V2X technology, offer improved road safety by exchanging critical details, such as speed, location, and upcoming maneuvers, with other vehicles. This exchange helps alert drivers to potential dangers and prevent mishaps. For instance, it can provide instantaneous alerts to nearby cars about sudden braking incidents, thereby minimizing the chances of rear-end collisions. Major industry players are joining forces to bring the best of V2X technology to the global market. A notable example is the strategic collaboration in May 2023 between Commsignia Ltd. and Mitsubishi Electric Corporation. The partners aim to integrate Mitsubishi Electric's High-Definition Locator (HDL) technology with Commsignia's V2X solution, creating a comprehensive V2X platform that bolsters the safety of autonomous driving and advanced driver assistance systems (ADAS).

Government Support and Accelerating Technological Adoption:

Government agencies play a vital role in the widespread implementation of V2X technology by assigning specific radio frequency spectrums for V2X communication. These allocations allow for dependable, interference-free exchanges between vehicles and infrastructure, promoting a standardized implementation of V2X. Governments often engage with key industry stakeholders, such as car manufacturers, technology firms, and research organizations, fostering V2X technology adoption. These public-private alliances foster knowledge exchange, collective R&D efforts, and the establishment of industry norms. They expedite the assimilation of new technologies and help address any regulatory obstacles. For example, under the V2X Innovation Programme, the Department for Energy Security and Net Zero (DESNZ) will allocate up to £9.4 million for novel, small-scale V2X energy demonstration projects. This funding forms part of the £1 billion Flexibility Innovation Programme under the Net Zero Innovation Portfolio. These government-backed initiatives are crucial drivers for the V2X market.

Segments Overview:

The V2X market is categorized into segments such as components, communication, connectivity, application, vehicle type, and vehicle application.

By Component

• Hardware
• On-board Unit (Connectivity control unit)
• Road-side Unit
• Software Platform
• Services

By Communication

• Vehicle-to-Vehicle (V2V)
• Vehicle-to-Infrastructure (V2I)
• Traffic Lights
• Lane Markers
• Streetlights
• Signage
• Parking Meters
• Toll Gates
• Vehicle-to-Pedestrian (V2P)
• Vehicle-to-Grid (V2G)
• Vehicle-to-Cloud (V2C)
• Vehicle-to-Device (V2D)

By Connectivity

• Dedicated Short-Range Communications (DSRC)
• Cellular
• Hybrid

By Application

• Autonomous Driving (includes Platooning)
• Automated Driver Assistance (ADAS)
• Intelligent Traffic Systems
• Emergency Vehicle Notification
• Passenger Information System
• Fleet and Asset Management
• Parking Management System
• Line and Non-Line of Sight
• Backing
• Others

By Vehicle Type

• ICE Vehicle
• Electric Vehicles

By Vehicle Application

• Commercial
• Passenger
• Off-highway

The Hardware component is expected to generate revenue of more than US$ 20,568 million by 2030. The Vehicle-to-Vehicle (V2V) communication segment held over 35% of the market share as of 2022, while the Cellular connectivity segment is projected to surpass US$ 28,500 million by 2030.

Regional Overview:

From a geographical standpoint, the market spans regions like North America, Europe, Asia Pacific, Middle East and Africa, and South America.

North America

• US
• Canada
• Mexico

Europe

• Germany
• France
• Italy
• UK
• Spain
• Poland
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific

Middle East & Africa (MEA)

• Saudi Arabia
• South Africa
• UAE
• Rest of Middle East & Africa

South America

• Brazil
• Argentina
• Rest of South America

The Asia Pacific region holds the largest market share of over 30% and registered revenue of US$ 1424.92 million in 2022.

Competitive Environment:

The market is occupied by a host of key players such as Google, IBM, Oracle, Microsoft, Robert Bosch, Denso Corporation, Delphi Technologies, TE Connectivity, Nokia, AT&T, Ericsson, Comcast, Volkswagen, Toyota Motor, Daimler, Ford Motor, Cisco, Hyundai Motor, Qualcomm Technologies, Inc., General Motors, Honda Motor, and the BMW Group, among others. The collective market share of these major competitors is nearly 40%. One notable player is the Ford Motor Company, a globally recognized American automobile manufacturer founded by Henry Ford on June 16, 1903, and headquartered in Dearborn, Michigan. Under the Ford label, the company produces automobiles and commercial vehicles, while the Lincoln brand is renowned for its luxury cars. After 117 years of operation, Ford is undergoing a strategic shift, focusing less on vehicles and more on services, experiences, and software.

Another prominent participant is the Oracle Corporation, an American multinational tech company known for designing, manufacturing, and selling an array of software and hardware products, alongside related services. Oracle's portfolio includes database software and technology, cloud-engineered systems, and various enterprise software products.

The global market report sheds light on the following aspects:

• Market Penetration: The report provides comprehensive information about the market furnished by the top industry players.
• Market Development: The study delves into emerging markets with high growth potential and examines the state of market penetration within mature regions.
• Market Diversification: The report imparts detailed insights into untouched geographical locations, recent tech innovations, and investment opportunities.
• Competitive Assessment: The study covers significant events such as mergers, acquisitions, certifications, and product launches in the market. It also underscores the SWOT analysis of leading industry participants.
• Product Evolution & Innovation: The report offers forward-looking insights into future tech trends, R&D activities, and emerging product developments.
• Pricing Analysis: The report includes a pricing analysis of various components utilized in manufacturing.
• Manufacturing Cost Analysis: The study offers insights into the cost distribution of diverse components and unit cost analysis.
• Market Overview

The global market report addresses questions such as:

• What is the projected market size and growth rate?
• What are the factors that could inhibit market growth and the impact of COVID-19 during the evaluation period?
• What are the promising products, segments, applications, and areas for investment over the evaluation period in the market?
• What opportunities does the competitive strategic window offer in the market?
• What are the current technological trends and regulatory frameworks in the market?
• What is the market share of the leading competitors in the market?
• What are the considered strategic actions for entering the global market?