Automotive V2X Market worth $9.5 billion by 2030

The global automotive V2X market size was valued at USD 0.5 billion in 2023 and is expected to reach USD 9.5 billion by 2030, at a CAGR of 51.9%, during the forecast period 2023-2030.

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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Software segment is estimated to be the fastest-growing market during the forecast period.

Automotive Vehicle-to-Everything (V2X) software comprises a set of instructions that command various hardware components to execute specific tasks within the V2X technology framework. The performance of this software plays a pivotal role in determining the overall efficacy of V2X technology, particularly in high-traffic environments where substantial data processing is required. Compliance with fundamental standards, including SAE JS2735, IEEE 802.11p, IEEE 1609.3, and IEEE 1609.4, is essential for V2X software. Compatibility with diverse operating systems, such as Linux, PikeOS, ONX, Android, and ThreadX, enhances the versatility of V2X software. Prominent entities in the automotive V2X market provide software solutions that align with both Dedicated Short-Range Communication (DSRC) and Cellular Vehicle-to-Everything (C-V2X). Notably, Commsignia offers hardware and software components capable of supporting both DSRC and C-V2X, with the flexibility for performance and functionality enhancements through software updates.

Automated Driver Assistance segment is expected to hold the largest share in the automotive V2X market during the forecast period

The escalating demand for assisted driving technology and connected cars has propelled substantial growth in Vehicle-to-Everything (V2X) communication technology within vehicles. Assisted driving technology is integral to enhancing driving safety, and V2X facilitates real-time communication, primarily among vehicles and their immediate surroundings. Vision-based systems, such as Lane Departure Warning (LDW), Forward Collision Warning (FCW), and Blind Spot Detection (BSD), form the cornerstone of automated driver assistance. However, the efficacy of vision-based systems diminishes under adverse conditions like fog or low-light scenarios. In such contexts, V2X communication, relying on Wi-Fi and cellular technology, emerges as an optimal solution, eliminating dependency on external lighting conditions. While driver assistance systems can only react to situations, radio-based V2X systems provide predictive support. They empower assistance systems to anticipate events around corners and through obstructions. Both the On-Board Unit (OBU) and Roadside Unit (RSU), the hardware components of V2X, offer diverse functionalities conducive to automated driving.

“Asia Pacific is expected to be the largest market during the forecast period.”

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 V2X 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. The Chinese government has undertaken substantial efforts to deploy C-V2X. In August 2023, in collaboration with the China Mobile Research Institute, Huawei Technologies successfully conducted 5G-based V2X testing across diverse locations in China. The positive outcomes of this testing underscore the capability of 5G networks to support standard V2X services effectively. This validation establishes the feasibility of deploying advanced 5G solutions for commercial V2X operations and provides substantial data support for realizing 5G-based V2X services.

Key Market Players

The automotive V2X market is dominated by major players, including 高通 (US), Autotalks (Israel), 哈曼国际 (US), Huawei Technologies Lanka Co., (Pvt) Ltd (China), 恩智浦半导体 (Netherlands). These companies offer automotive V2X technology and have strong distribution networks at the global level.

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