New York, US, June 07, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “V2X Market Information by Component, Communication Type, Vehicle Type Operating Platforms, and Region - Forecast till 2030", The V2X market will be surging from USD 1.89 Billion in 2022 to USD 15.44 billion by 2030, exhibiting a growth rate of 35% during the appraisal period (2022 - 2030).
V2X Market Overview
A car can connect with other vehicles, other road users, and infrastructure thanks to the communication technology known as vehicle-to-everything (V2X). V2X technology's main goals are to increase traffic efficiency, energy savings, and road safety. Communication systems for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) and vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), vehicle-to-grid (V2G), vehicle-to-cloud (V2C), and vehicle-to-device (V2D) are among the main elements of V2X. The automobile sector is developing ahead of technology, making it possible for cars to communicate with other digital devices and infrastructure, such as traffic lights and pedestrian communication devices. Because of these technological developments, automakers are now under pressure to implement vehicle V2X solutions that will improve customer safety, usefulness, and convenience.
Market Competitive Landscape:
The affluent companies in the V2X industry are
- Tesla (US)
- Volkswagen AG (Germany)
- SAIC Motors (China)
- BYD (China)
- Stellantis (Netherlands)
- Among others.
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COVID 19 Analysis
Throughout the pandemic, investments in future mobility technology have been made. Electrification, connectivity, and autonomous driving are the main ACES technologies that draw investment, according to a McKinsey analysis on the mobility investment environment. The report estimates that almost USD 18 billion was spent on connection, vehicle-to-infrastructure, and vehicle-to-everything (V2I/V2X) communication technologies.
In terms of cellular vehicle-to-everything (C-V2X), the pandemic has also sped up regulatory adjustments. The upper 30 MHz, which had previously been allotted to Dedicated Short-Range Communications (DSRC) services, were reallocated to C-V2X by the Federal Communications Commission (FCC) in late 2020. DSRC was thought to be essential for opening up vehicle-to-vehicle use cases and expanding safety features. The FCC's decision will hasten the adoption of cellular vehicle-to-everything while virtually halting DSRC advancement.
Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 15.44 billion |
| CAGR during 2022-2030 | 35% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Communication Type, Vehicle Type Operating Platforms, and Region |
| Key Market Opportunities | Government initiatives about electric vehicle |
| Key Market Dynamics | Increasing investment in electric vehicle Reducing the cost of electric vehicle batteries |
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The constraints brought on by the pandemic have sparked digital development and transformation since early 2020. Prior to COVID-19, the usage of autonomous vehicles (AVs) in China was less common due to technical limitations. The epidemic increased the demand for AVs to transport supplies, enhance safety, and advance new infrastructures.
Market USP Covered:
Market Drivers:
Through the V2X platform, connected vehicles can communicate with other vehicles, drivers, road infrastructure, and the cloud. These services produce useful data, such as vehicle performance and road conditions, and allow car dealers, fleet operators, and drivers to optimize resource utilization, increase safety, and automate some driver responsibilities. In order to function, connected vehicles must be able to gather information from their environment, share it with other connected vehicles, and connect to the intelligent transportation infrastructure. They must also be able to provide real-time traffic data to transportation authorities so they can better manage their roads and plan their infrastructure. Thus, the surge in demand for fundamental vehicle connectivity applications, such as real-time updates, navigation, and in-car infotainment, has been largely ascribed to the increased demand for connected car services. The advent of Internet of Things (IoT) in the automotive industry, the rise in demand for connection solutions, and the demand for improved driving experiences are all major reasons in the adoption of connected automobiles.
Industrialization and urbanization have accelerated due to the swift economic growth of several developed nations worldwide. Additionally, the V2X-based intelligent transport system (ITS), which is regarded as the main enabling technology to enhance traffic efficiency, road safety, and the driving experience, has been created in recent years. Additionally, macroeconomic reasons like rising disposable income, higher employment rates, and an increase in overall GDP are driving the creation of initiatives like smart cities with smart infrastructure facilities, which are anticipated to fuel the expansion of the automotive V2X industry. Additionally, the continued development and commercialization of cellular technology and associated infrastructure is bolstering the growth of the world economy. These include technologies like radio access technology (RAT), 5G, and LTE, which support applications for smart mobility like collision warning and avoidance, lane-keeping assistance, and obstacle recognition.
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Opportunities
The future of the automotive industry depends heavily on artificial intelligence (AI) and 5G, as predictive capabilities are becoming common in automobiles and help to customise the driving experience. Additionally, V2X communications for crucial driving safety and security are carried out more effectively with 5G and AI. Additionally, cellular-V2X is a significant factor in the growth of vehicle automation since it creates channels of communication between cars, roadside equipment, and people, increasing the vehicle's awareness of its surroundings. Future 5G network technologies are expected to work with the C-V2X technology, which will make it possible for both the mission-critical V2X and C-V2X to serve as the ultimate platforms for the cooperative intelligent transport systems (C-ITS) services and technology. Therefore, in order to achieve the desired output level, use cases like autonomous driving, platooning, vehicle safety, and traffic efficiency that are quickly emerging have created a requirement for operationally efficient communication technology, which is expected to offer lucrative growth opportunities for the automotive V2X market.
Market Restraints:
The development of the automotive V2X sector is hampered by high implementation costs and worries about data security. Contrarily, the potential of 5G and AI technologies, along with improvements in cellular-V2X (C-V2X) technology and breakthroughs in semi- and fully autonomous vehicles, are anticipated to present attractive prospects for the expansion of the automotive V2X market over the forecast period.
Market Segmentation
By Component
Hardware and software are included in the component-based segmentation of the V2X market. In terms of the revenue from the V2X Market, the hardware segment contributed 65–67% of the total in 2021.
By Communication Type
V2C, V2D, V2G, V2P, V2V, and V2I are the communication type-based segments of the V2X market. The V2V segment dominated the market in 2021 and is anticipated to grow at the fastest rate from 2022 to 2030.
By Vehicle Type
The V2X market can be divided into commercial and passenger segments, with respect to the Vehicle Type. Commercial was the market's largest category in 2021 and is anticipated to grow at the fastest rate from 2022 to 2030. Automobiles having at least four wheels and no more than eight seats overall, excluding the driver's seat, are considered passenger automobiles.
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Regional Insights
The market for V2X in Europe hit USD 0.59 billion in 2021, and during the study period, it is anticipated to rise at a considerable CAGR. Due to the rising need for enhanced connectivity in surveillance and security features for the general public throughout the region, Europe is anticipated to have high growth rates for the market during the projected decade. Europe's fleet management market is expected to expand significantly throughout the forecasted period, particularly in Germany and the UK. Additionally, the UK V2X market grew the fastest in the European region, while the Germany V2X market had the greatest market share.
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