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%. The market growth is primarly driver by the increasing adoption of connected vehicles, advancements in communication technologies like 5G, and a heightened focus on road safety and traffic management. The demand for V2X solutions is propelled by the escalating need for efficient transportation systems, reduced traffic congestion, and an improved overall driving experience. As smart cities gain prominence, there is an anticipated surge in demand for V2X communication, facilitating seamless connectivity among vehicles, infrastructure, pedestrians, and other entities on the road. An noteworthy trend in the V2X market is the integration of artificial intelligence and machine learning for intelligent traffic management, predictive maintenance, and adaptive traffic signal control. These trends collectively contribute to the dynamic evolution of the global V2X market, positioning it as a crucial enabler for the future of smart and connected transportation systems.
V2V is anticipated to constitute the largest segment in the automotive V2X market throughout the forecast period. V2V, denoting Vehicle-to-Vehicle communication, encompasses a communication type that facilitates wireless interaction among vehicles, allowing them to share information pertaining to their location, direction, and speed. This form of communication enables vehicles to both receive and broadcast omnidirectional messages, thereby fostering a comprehensive 360-degree awareness of nearby vehicles. Currently, Dedicated Short Range Communications (DSRC) serves as the technology for V2V communications, utilizing a frequency spectrum of 75 MHz within the 5.9 GHz range. As per the United States Department of Transportation, V2V technology has the potential to prevent approximately 615,000 motor vehicle crashes annually. V2V contributes to enhancing safety warning capabilities, including forward collision warning (FCW), blind spot warning (BSW), lane changing warning (LCW), and do-not-pass warning (DNPW). Exclusive safety applications achievable through V2V include intersection movement assist (IMA), left turn assist (LTA), and emergency electronic brake light. The primary advantages of V2V communication encompass the reduction of traffic congestion, improvement in road safety, and the optimization of vehicle flow. These advantages serve as the driving forces for the automotive V2V market throughout the forecast period.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=90013236
Electric vehicles (EVs) is expected to be the largest and fastest growing segment in automotive V2X market during the forecast period. EVs have undergone rapid advancements propelled by ongoing developments in related technologies and batteries. Notable technological progress in the EV market includes the emergence of ultra-fast charging, battery swapping, Vehicle-to-Grid (V2G) charging, advanced battery technologies, and the innovation of components such as in-wheel motors and e-axles. Substantial investments by automakers are poised to address the escalating demand for EVs, playing a pivotal role in the evolutionary trajectory of the EV market. Key industry players with substantial Research and Development (R&D) budgets for EV development include Tesla (US), Volkswagen (Germany), Mahindra & Mahindra (India), Ford (US), Nissan (Japan), BMW (Germany), and General Motors (US). The transition to EVs signifies a significant stride in mitigating environmental concerns related to pollution. However, the surging energy requirements for EVs present challenges to power grid stability, driving an increased demand for V2G (Vehicle-to-Grid) technology. V2G enables EVs to contribute their surplus battery capacity back to the grid, addressing gaps in renewable energy generation. The adoption of Vehicle-to-Everything (V2X) is more straightforward in the EV architecture, characterized by fewer mechanical components in comparison to Internal Combustion Engine (ICE) vehicles. V2X-equipped EVs, with additional V2G functionality, allow for the regulation of charging rates or returning excess electricity to the grid when not needed by the EV. This communication enhances the economic, environmental, and operational aspects of EVs. The integration of V2V (Vehicle-to-Vehicle) and V2I (Vehicle-to-Infrastructure) communications offers heightened safety and fuel economy. This, coupled with V2G capabilities, contributes to improved overall performance compared to V2X-equipped ICE vehicles. This fundamental aspect is poised to drive the EV V2X market significantly during the forecast period. Leading EV models, including Volkswagen ID4, Volvo XC90, Xpeng P7, BYD Han EV, Great Wall Mocha, BMW iX, Ford F-150, Ford Mustang Mach E, NIO ETS, NIO ES7, NIO ET7, and Toyota Prius, incorporate V2V features. Additionally, select models such as Volkswagen ID 4, Nissan Leaf, Mitsubishi Outlander, and Ford F-150 feature V2G capabilities in specific geographic regions.
The Intelligent Traffic System (ITS) is anticipated to exhibit significant growth during the forecast period. ITS is a convergence of technologies employed for communication, analysis, control, and sensing aimed at enhancing vehicle safety and efficiency. It addresses key challenges such as escalating traffic congestion, the growing environmental impact of transportation, and the rise in road accidents. ITS offers advantages such as reducing delays and stops at intersections, controlling and improving vehicle speeds, minimizing travel time, and managing capacity and incidents. In congested traffic scenarios, fuel wastage and the loss of productive hours for individuals stuck in traffic are considerable concerns. Governments worldwide have recognized and invested in the automotive Vehicle-to-Everything (V2X) market to address these challenges. The heightened global focus on these concerns is expected to propel the ITS segment within the automotive V2X market. The Intelligent Traffic System is anticipated to be the largest segment in the automotive V2X market, addressing issues like traffic congestion, which leads to increased fuel consumption, time wastage, and elevated pollution levels. These factors have prompted both the public and governments to turn to V2X communication, thereby driving the demand for Intelligent Traffic Systems in the automotive V2X market throughout the forecast period.ss
China stands as one of the largest automobile markets globally and the foremost in the Asia Pacific region, presenting a substantial opportunity for both global and domestic V2X solution providers. The escalating demand for vehicles, complemented by favorable investment regulations, including the relaxation of foreign investment requirements and economic labor costs, has led to increased domestic vehicle production. Forecasts indicate significant growth in the automotive V2X market within China, underpinned by the government’s proactive efforts to implement V2X technology. The nation is at the forefront of C-V2X deployments, with domestic automotive manufacturers already introducing vehicles equipped with this advanced communication technology. Notably, in February 2020, the Smart Car Innovation and Development Strategy was unveiled by 11 central-level Chinese governmental departments, signaling a comprehensive push towards the development of intelligent transportation systems and smart city infrastructure, encompassing areas such as wireless communication networks, including LTE-V2X, for automobiles.
Key Market Players
The automotive V2X market is dominated by major players, including Qualcomm Incorporated (US), Autotalks (Israel), Harman International (US), Huawei Technologies Co., LTD. (China), NXP Semiconductors (Netherlands).
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=90013236
