Automotive V2X Market worth $9.5 billion by 2030

The global automotive V2X market is projected to grow from USD 0.5 billion in 2023 to USD 9.5 billion by 2030, at a CAGR of 51.9%.

Factors such as advancements in connected car technology, coupled with a heightened emphasis on traffic safety, supportive government initiatives, and regulatory frameworks, are anticipated to contribute significantly to the revenue growth of the automotive Vehicle-to-Everything (V2X) market. C-V2X (Cellular Vehicle-to-Everything) leverages 5G technology to enable advanced connected mobility capabilities through V2X communication. The high data transfer speeds and low latency of 5G networks facilitate real-time communication between vehicles, infrastructure, and pedestrians, enhancing safety features, enabling efficient traffic management, and paving the way for autonomous driving in the rapidly evolving landscape of connected transportation. The evolution of 5G technology, combined with progress in autonomous vehicles, is poised to create favorable opportunities within this market.

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Opportunity: Increasing adoption of V2V/V2I technology in connected vehicles

As the prevalence of connected vehicles increases on roadways, the integration of Vehicle-to-Infrastructure (V2I) and Vehicle-to-Everything (V2X) technologies has assumed critical significance in enhancing overall traffic management and safety. V2I, or V2I technology, enables vehicles to communicate with essential infrastructure components, such as traffic signals, road signs, and other roadside units. This communication facilitates real-time information exchange, allowing vehicles to receive timely traffic updates, optimize routes, and anticipate potential hazards. Incorporating V2X technology, which extends communication beyond infrastructure to include other vehicles and pedestrians, further augments the capabilities of connected vehicles. This interconnectivity introduces possibilities for advanced safety features, including collision avoidance systems and cooperative adaptive cruise control, significantly diminishing the likelihood of accidents.

Challenge: Prohibition of DSRC technology in the US

The prohibition of Dedicated Short-Range Communications (DSRC) technology in the US poses a significant challenge for the automotive vehicle to everything market. This restrictive measure came into effect when the Federal Communications Commission (FCC) reallocated 45 megahertz of the 5.9 GHz band to the 5.8 GHz Industrial, Scientific, and Medical (ISM) band, designating it for unlicensed non-intelligent Transportation System (ITS) applications. The decision to exclude DSRC from this spectrum shift reflects a broader trend away from DSRC-based technology in V2X communication. The ban on DSRC technology represents a setback for the automotive sector, as DSRC had been designated as the standard for ITS services in the 5.9 GHz band for over two decades. The rationale behind this move is rooted in the limited deployment and adoption of DSRC-based systems during this extended period, leading to underutilization of the allocated spectrum.

Asia Pacific region holds the largest share of the Automotive V2X Market

The Asia Pacific region has emerged as a prominent center for automobile production in recent years. The escalating purchasing power of the populace and growing environmental concerns have stimulated the demand for Vehicle-to-Everything (V2X) technology in this region. Notably, South Korea and Japan, leaders in the global electronics industry, are positioned to design vehicle-to-everything solutions with enhanced performance at a competitive cost. China is committed to Cellular Vehicle-to-Everything (C-V2X) technology over Dedicated Short-Range Communication (DSRC). Consequently, the anticipated commercialization of 5G-V2X will drive rapid growth in the Asia Pacific region throughout the forecast period.

Key Players

The major players in Automotive V2X market include Qualcomm Incorporated (US), Autotalks (Israel), Harman International (US), Huawei Technologies Co., LTD. (China), NXP Semiconductors (Netherlands), among others.

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