The global V2X (Vehicle-to-Everything) market held a market value of USD 2,917.1 Million in 2020 and is forecasted to reach USD 18,877.1 Million by the year 2027. The market is expected to register a CAGR of 33.8% during the forecast period.
Global V2X (Vehicle-To-Everything) Market is Forecasted to Grow at a CAGR of 33.8% During the Forecast Period Till 2027
The V2X technology enables vehicles to communicate with moving parts of the traffic system around them. The market is majorly driven by the rise in the adoption of connected cars. According to the Cambridge Innovation Institute, over 125 million passenger cars with embedded connectivity are estimated to ship globally between 2018 and 2022. Moreover, favorable government initiatives, as well as rising technology penetration, are also estimated to fuel the market growth. Also, wildly increasing traffic congestion and environmental concerns are expected to boost market growth.
A rise in the adoption of connected cars
Cars enabled with the 5G wireless technology are currently in their testing phase. With features such as faster downloading speeds and low latency, connected cars are one of the largest beneficiaries of the new wireless standards. Connected cars offer more than just the added entertainment in their dashboard. C-V2X or cellular vehicle-to-X technology encompasses the connecting of vehicle sensors to driving data such as traffic, location, speed, other cars, and anything else which can be conceived in this driving ecosystem. Ford Motor’s CES show conducted in January 2019, stated that the company aims to equip the entire portfolio of Ford cars with 5G modems. These are expected to roll out in 2022. Such developments are anticipated to boost market growth.
Favorable government initiatives and rising technology penetration
Various government initiatives coupled with technological advancements by companies are boosting market growth. For instance, China Unicom, China Telecom, and China Mobile are expected to invest near about USD 184 billion in 5G network technology by 2025. In addition to this, in 2020, China Unicom and Volvo collaborated to explore the V2X technology and other use cases requiring a 5G network. Such developments by market players and initiatives by the government are anticipated to fuel the market growth during the forecast period.
The global V2X (Vehicle-to-Everything) market is segmented into component, communication, connectivity, application, vehicle type, and vehicle application.
- Onboard Unit (Connectivity Control Unit)
- Road-Side Unit
- Software Platform
The hardware segment held the largest share of more than 45%. The high product availability of V2X hardware is anticipated to contribute to market growth. The software platform segment is expected to grow at the fastest CAGR owing to rising advancements in the segment, such as the 5G technology.
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Pedestrian (V2P)
- Vehicle-to-Grid (V2G)
- Vehicle-to-Cloud (V2C)
- Vehicle-to Device (V2D)
The vehicle to vehicle (V2V) segment accounted for the largest share due to government initiatives in this segment. On the other hand, the vehicle to infrastructure (V2I) segment is anticipated to grow at the fastest growth rate of 35.1% over the forecast period, as the technology would help in resolving issues such as traffic congestion.
- Dedicated short-range communications (DSRC)
The DSRC segment accounted for the largest market share owing to its cost-effectiveness over the connectivity segments. The cellular segment is expected to grow at the fastest CAGR as it offers wide coverage options, as compared to the other alternatives.
- Automated driver assistance (ADAS)
- Intelligent traffic systems
- Emergency vehicle notification
- Passenger information system
- Fleet & asset management
- Parking management system
- Line and non-line of sight
The fleet & asset management segment accounted for the largest market share of around 15% owing to increasing usage of V2X in the sector. The ADAS segment is anticipated to grow at the fastest CAGR over the forecast period owing to the technological advancements by market players in the segment.
By Vehicle Type
- ICE Vehicle
- Electric Vehicles
The ICE Vehicle segment accounted for the largest market share owing to the high adoption of ICE Vehicles across the globe currently. Electric vehicles are expected to demonstrate significant growth during the forecast period owing to technological advancements in the segment by many market players in the automobile sector.
By Vehicle Application
The passenger segment accounted for the largest market share owing to the high demand for passenger cars. The off-highway segment is anticipated to grow at the fastest CAGR over the forecast period.
On a regional basis, the global V2X (Vehicle-to-Everything) market is segmented into North America, Europe, Asia Pacific, Middle East, Africa, and South America.
The North American region accounted for the largest market share of more than 30% in the global market owing to the presence of developed countries, i.e. the U.S. and Canada, which are one of the largest automotive markets. The Asia Pacific region is anticipated to grow at the fastest growth rate during 2017 to 2027.
The European market is expected to hold the second-largest market share as the European automotive industry has stringent emission norms and safety regulations. These norms are expected to promote the adoption of V2X technology, which contributes to market growth.
Key players operating in the global V2X (Vehicle-to-Everything) market include Altran, Autotalks LTD, TE Connectivity, Cohda Wireless, Continental AG, Delphi Technologies, Denso Corporation, Flex LTD., General Motors, Harman International, Huawei Technologies Co., LTD., Infineon Technologies AG, Intel Corporation, Kapsch Group, Lear Corporation, Marben Products, Mitsubishi Corporation, Molex (Koch Industries), Nokia, NXP Semiconductors, NUVVE, Qualcomm Technologies, Inc., Robert Bosch GmbH, Unex Technology Corp., Stmicroelectronics, and Tata Elxsi, among others.
The cumulative market share of the eight major players is near about 63.3%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in May 2021, Autotalks collaborated with Sreda to deliver Autotalks’ V2X solutions for Russian and global markets.
The global V2X (Vehicle-to-Everything) market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global V2X (Vehicle-to-Everything) market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global V2X (Vehicle-to-Everything) market report answers questions such as:
- What is the market size and forecast of the Global V2X (Vehicle-to-Everything) Market?
- What are the inhibiting factors and impact of COVID-19 on the Global V2X (Vehicle-to-Everything) Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global V2X (Vehicle-to-Everything) Market?
- What is the competitive strategic window for opportunities in the Global V2X (Vehicle-to-Everything) Market?
- What are the technology trends and regulatory frameworks in the Global V2X (Vehicle-to-Everything) Market?
- What is the market share of the leading players in the Global V2X (Vehicle-to-Everything) Market?
- What modes and strategic moves are considered favorable for entering the Global V2X (Vehicle-to-Everything) Market?
Table of Contents
1.2 Product Overview
1.3 Market Segmentation
2.2 Quantitative Research
2.3 Breakdown of Primary Research Respondents, By Region
2.4 Assumption for the Study
2.5 Market Size Estimation
2.6. Data Triangulation
4.2. Industry Outlook
4.3. Technology Roadmap
4.4. PESTLE Analysis
4.5. Porter's Five Forces Analysis
4.6. Market Dynamics and Trends
4.7. Covid-19 Impact Assessment on Market Growth Trend
4.8. Market Growth and Outlook
4.9. Competition Dashboard
5.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
6.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
7.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
8.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
9.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
10.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
11.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
12.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
13.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
14.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
15.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
16.2. Market Size and Forecast, 2017 - 2027 (US$ Mn)
17.2. Autotalks LTD.
17.3. TE Connectivity
17.4. Cohda Wireless
17.5. Continental AG
17.6. Delphi Technologies
17.7. Denso Corporation
17.8. Flex LTD.
17.9. General Motors
17.10. Harman International
17.11. Huawei Technologies Co., LTD.
17.12. Infineon Technologies AG
17.13. Intel Corporation
17.14. Kapsch Group
17.15. Lear Corporation
17.16. Marben Products
17.17. Mitsubishi Corporation
17.18. Molex (Koch Industries)
17.20. NXP Semiconductors
17.22. Qualcomm Technologies, Inc.
17.23. Robert Bosch GmbH
17.24. Unex Technology Corp.
17.26. Tata Elxsi
A selection of companies mentioned in this report includes:
- Autotalks LTD.
- TE Connectivity
- Cohda Wireless
- Continental AG
- Delphi Technologies
- Denso Corporation
- Flex LTD.
- General Motors
- Harman International
- Huawei Technologies Co., LTD.
- Infineon Technologies AG
- Intel Corporation
- Kapsch Group
- Lear Corporation
- Marben Products
- Mitsubishi Corporation
- Molex (Koch Industries)
- NXP Semiconductors
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- Unex Technology Corp.
- Tata Elxsi