Chicago, Feb. 05, 2024 (GLOBE NEWSWIRE) -- 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%, according to a new report by MarketsandMarkets™.
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| Report Attributes | Details |
| Market size value in 2023: | USD 0.5 billion |
| Projected to reach 2030: | USD 9.5 billion |
| CAGR: | 51.9% |
| Forecast Period: | 2023-2030 |
| Largest Market: | Asia Pacific |
| Region Covered: | Asia Pacific, Europe, North America, and RoW |
| Segments Covered: | Offering, Aftermarket Offering, Communication, Propulsion, Connectivity, Technology, Vehicle Type, Unit, and Region |
| Companies Covered: | Qualcomm Incorporated (US), Autotalks (Israel), Harman International (US), Huawei Technologies Co., LTD. (China), NXP Semiconductors (Netherlands). |
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.
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 industry 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.
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. RSU features encompass emergency electronic brake lights, wrong-way driving warnings, stationary vehicle warnings, traffic condition warnings, collision risk warnings, and roadwork warnings. OBU functionalities include emergency vehicle warnings, slow vehicle indications, and intersection collision warnings. The automated driver assistance segment is anticipated to dominate the automotive Vehicle-to-Vehicle (V2V) market, driven by the increasing trend toward autonomous driving and the imperative for enhanced safety. Prominent Original Equipment Manufacturers (OEMs) such as BMW (BMW IX), Ford (models like the Ford F-150 and Mustang Mach E), Honda (Honda Civic Tourer), and Mercedes-Benz (including the E-Class and S-Class) have integrated V2V communication technology into their respective vehicle offerings.
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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.
The 5G-PPP program, combining public and private funding for 5G research projects, includes various trials and pilots for connected vehicles, such as 5G Mobix, 5G MED, 5GCroCo, and 5G-ROUTES, contributing to the advancement of connected vehicle technologies. In the private sector, several automotive OEMs have integrated V2X On-Board Units (OBUs) into their new vehicle models. Early adopters like Volkswagen have equipped V2X OBUs in their entire ID. electric vehicle lineup. BMW has announced plans to incorporate V2X technology in its vehicles for bidirectional charging. Similarly, Mercedes-Benz has started V2X deployment, emphasizing its cloud service for real-time V2V and plans for V2I warnings. In Germany, the Hamburg Port Authority has collaborated with NXP Semiconductors (Netherlands), Siemens Mobility (Germany), and Technolution (Netherlands) to enhance traffic flow in the busy harbor area using NXP V2X technology. V2X roadside units (RSUs) have been deployed on traffic light controllers, and since early 2021, approximately 150 trucks have been equipped with OBUs featuring V2X technology.
Key Market Players
The Automotive V2X Companies are CATL (China), LG Energy Solution Ltd. (South Korea), BYD Company Ltd. (China), Panasonic Holdings Corporation (Japan), SK Innovation Co., Ltd. (South Korea) and others.
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