Market Scenario
The Global Vehicle-to-everything (V2X) market is projected to experience a significant surge in revenue, growing from US$ 4.18 billion in 2022 to US$ 55.6 billion by 2031, with a compound annual growth rate of 36.1% during the forecast period 2023-2031. V2X is a communication technology that enables vehicles to communicate with other vehicles, road users, and infrastructure, allowing for optimized traffic flows, reduced emissions, decreased traffic congestion, and lower accident rates.
The driving forces behind the growth of the global V2X market include the increasing adoption of connected cars, favorable government initiatives, and growing technology penetration. Connected vehicles make use of the V2X platform to enable communication between cars, drivers, road infrastructure, and the cloud, optimizing resource usage, enhancing safety, and automating specific driver functions while also generating valuable data such as vehicle performance and road conditions. Furthermore, the incorporation of 5G and AI technology better equips V2X to facilitate critical communications for safer and more secure driving.
The number of road accidents resulting in loss of life and property is increasing, with approximately 1.2 million individuals killed and 20-50 million injured in motor vehicle accidents each year. This increase is a key driver of the growth of the V2X market.
However, with the advancement of V2V and V2I communication technology, as well as self-driving vehicles, the number of vehicles capable of communicating with one another is increasing, leading to concerns about privacy and security related to GPS location, braking patterns, speed, and other factors.
Market Segmentation
Key takeaways from the Global V2X Market Report
By Component
In terms of component, the hardware segment is expected to have the highest market share during the forecast period. This is due to the growing reliance on V2X hardware products by automakers to ensure product reliability, customer satisfaction, and safety, as well as the rise in the number of manufacturers and suppliers of hardware, which are factors that are anticipated to strengthen the market share of such components globally.
By Vehicle-To-Vehicle (V2V)
Regarding V2V, this segment is expected to have the highest market share in terms of communication in 2022. The rising safety concerns among the public and government authorities due to increasing traffic accidents are presumed to be the primary factors driving market growth globally.
By Connectivity
Based on connectivity, the cellular segment is projected to grow at the fastest CAGR during the forecast period. The growth of the segment is primarily due to the rising focus of automakers to install secure cellular connectivity for V2X and strong deployment strategies, indicating the technology's robust potential in the near future.
By ICE Segment
The ICE segment holds the highest market share in 2022 in terms of vehicle type. V2X technology directly contributes to enhancing fuel economy, which helps to lower pollution levels and is driving the growth of the ICE segment.
By Vehicle Application
the passenger segment dominated the V2X market in 2022 in terms of vehicle application. The rising demand for the implementation of advanced systems in passenger vehicles for better passenger and vehicle safety, coupled with supporting legislation and consumer awareness regarding road safety, has reinforced the segment's growth in the overall market.
Regional Analysis
North America is estimated to have the highest hold in the global V2X market due to the presence of major players, such as General Motors and Ford, and a high demand for connected vehicles in the region. Moreover, the region has strong government initiatives to encourage the adoption of V2X technology to enhance road safety and reduce traffic congestion. The advanced infrastructure and high penetration of 4G and 5G networks also drive market growth in North America.
On the other hand, Asia Pacific is estimated to grow at the fastest CAGR during the forecast period. The region is experiencing a high demand for connected vehicles, and the adoption of V2X technology is on the rise due to the growing trend of smart cities and the increasing number of automotive manufacturers. Additionally, the large population in the region and rising per capita income are contributing to market growth. Countries like China, Japan, and South Korea have shown significant growth in the V2X market due to their technological advancements and government initiatives to reduce road accidents and traffic congestion.
Competitive Landscape
The global vehicle-to-everything (V2X) market is gaining momentum, and several companies are leading the way with innovative solutions. Nuvve is a publicly traded company that specializes in vehicle-to-grid (V2G) technology, allowing electric vehicle batteries to provide power to the grid, enabling smart charging and vehicle-to-home applications. Newborn Acquisition Corp., on the other hand, focuses on high-powered charging and grid services, which can help integrate unused and renewable energy sources into the grid.
List of Key Companies Profiled:
Segmentation Overview of the Global V2X Market
Following are the different segments of the Global V2X Market:
By Component Segment of the Global V2X Market is further sub-segmented into:
By Communication Segment of the Global V2X Market is further sub-segmented into:
By Connectivity Segment of the Global V2X Market is further sub-segmented into:
By Application Segment of the Global V2X Market is further sub-segmented into:
By Vehicle Type Segment of the Global V2X Market is further sub-segmented into:
By Vehicle Application Segment of the Global V2X Market is further sub-segmented into:
By Region Segment of the Global V2X Market is further sub-segmented into:
| Report Attribute | Details |
|---|---|
| Market Size Value in 2022 | US$ 4.18 Bn |
| Expected Revenue in 2031 | US$ 55.6 Bn |
| Historic Data | 2018-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Unit | Value (USD Bn) |
| CAGR | 36.1% (2023-2031) |
| Segments covered | By Component, By Communication, By Connectivity, By Application, By Vehicle Type, By Vehicle Application, By Region |
| Key Companies | Google, IBM, Oracle, Microsoft, Robert Bosch, Denso Corporation, Delphi Technologies, TE Connectivity, Nokia, AT&T, Ericsson, Comcast, Volkswagen, Toyota Motor, Daimler, Ford Motor, Cisco, Adode, Salesforce, Autotalks LTD., Infineon Technologies AG, NXP Semiconductors, NEC, NTT, Alpha Networks, General Motors, Honda Motor, BMW Group, Vmware, SAP, Seamgen, Stmicroelectronics, Continental AG, Qualcomm Technologies, Inc., CommScope, Alpha Networks, Mavenir, SAIC Motor, Stellantis, Hyundai Motor, Other Prominent Players |
| Customization Scope | Get your customized report as per your preference. Ask for customization |
Vehicle-to-everything (V2X) is a communication technology that allows a vehicle to communicate with other vehicles, road users, and infrastructure.
V2X connectivity helps to optimize traffic flows, minimize emissions, reduce traffic congestion, and cut accident numbers.
The Global V2X Market is projected to grow at a CAGR of 36.1% during the forecast period 2023-2031.
Connected vehicles enable cars to communicate via V2X platform with drivers, other vehicles, road infrastructure, and the cloud. The increase in V2X-based services provided in connected cars drives the growth of the automotive V2X market.
Favorable government initiatives and technology penetration are the factors driving the growth of V2X market.
Security and privacy concerns due to increased connectivity is a major challenge in the Global V2X Market.
Artificial intelligence (AI) and 5G have an important role in the future of the automotive industry, as predictive capabilities are becoming more prevalent in cars, personalizing the driving experience. In addition, 5G and AI is better equipped with V2X to carry out critical communications for safer & secure driving.
Hardware component segment has the highest share in the Global V2X Market in 2022.
The automated driver assistance (ADAS) segment is projected to grow at a fastest CAGR during the forecast period.
ICE vehicles hold the highest share in terms of vehicle type in the Global V2X Market in 2022.
Asia Pacific has the fastest CAGR in the Global V2X Market during the forecast period.
The key players in the Global V2X Market are Robert Bosch, Harman, Continental, NXP, Huawei, Altran, STMicroelectronics and Infineon among others.
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| Report ID: AA0122129 
