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. Government support toward C-V2X technology and improving road infrastructure is expected to support the automotive V2X market. Furthermore, the increasing adoption of V2X-equipped models such as Volkswagen ID 4, Volkswagen Golf, and Mercedes-Benz E-Class significantly impact the growth of the market.
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. Altran (part of Capgemini Engineering) provides a V2X solution facilitating safety and non-safety applications for various scenarios, including Vehicle-to-Infrastructure (V2I), Vehicle-to-Vehicle (V2V), Vehicle-to-Pedestrian (V2P), and Vehicle-to-Network (V2N). Qualcomm, offering both hardware and software solutions, presents C-V2X systems through products like Snapdragon Auto 5G Modem, Snapdragon 4G Modem, and C-V2X 9150, providing comprehensive V2X solutions to automakers. Other companies, such as Visteon, Autotalks, Derg, and Commsignia, also contribute software solutions for automotive V2X. All these factors are expected to augment revenues for the software segment of the automotive V2X market during the forecast period.
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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. The advantages extend beyond safety and traffic management; V2I and V2X technologies play a pivotal role in supporting the development and deployment of autonomous vehicles.
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.
“Europe is expected to have significant share in the automotive V2X market during forecast period”
Europe is widely recognized as a prime testing ground for Vehicle-to-Everything (V2X) technology and Cooperative Intelligent Transport Systems (C-ITS). This reputation is attributed to the region’s possession of some of the world’s most developed and well-maintained road networks, its hosting of numerous road transport operators, and the highest concentration of global automotive Original Equipment Manufacturers (OEMs). Aligned with the Vision Zero initiative, the deployment of V2X has been a focal point in Europe since the early 2010s. To facilitate the implementation of C-ITS, European Member States and road infrastructure operators collaboratively established the C-Road Platform, an initiative aiming to create an integrated and interoperable C-ITS network spanning European borders. European authorities have designated the 5.9 GHz band specifically for the use of Intelligent Transport Systems (ITS) on roadways, with the spectrum being technology-neutral, providing Cellular Vehicle-to-Everything (C-V2X) an open pathway to the market. European mobile network operators and automobile manufacturers also leverage the Vehicle-to-Network (V2N) mode within C-V2X technology for services such as traffic information systems, in-vehicle entertainment, and data transmission back to automotive OEMs.
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. These companies have strong product portfolio as well as strong distribution networks at the global level.
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