Vehicle-to-Everything Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

The global Vehicle-to-everything (V2X) market is anticipated to witness a major jump in revenue from US$ 3,283.7 Mn in 2021 to US$ 18,877.1 Mn by 2027. The market is estimated to register a compound annual growth rate of 33.8% during the forecast period 2022-2027. Vehicle-to-everything (V2X) is a communication technology that allows a vehicle to communicate with other vehicles, road users, and infrastructure. This connectivity helps to optimize traffic flows, minimize emissions, reduce traffic congestion, and cut accident numbers.  

The growing impetus of the global V2X market is attributed to factors such as the rising adoption of connected cars, favorable government initiatives, and rising technology penetration.  Connected vehicles enable cars to communicate via the V2X platform with drivers, other vehicles, road infrastructure, and the cloud. These services allow automotive dealers, fleet operators, and drivers to optimize resource usage, improve safety, and automate certain driver functions, while generating valuable data, including vehicle performance and road conditions. In addition, 5G and AI are better equipped with V2X to carry out critical communications for safer & secure driving. Furthermore, every year, approximately 1.2 million individuals are killed and 20-50 million are injured in motor vehicle accidents. The number of road accidents, resulting in the loss of life and property, is increasing, which is a key growth factor for the V2X market. 

However, with the advancement of V2V and V2I communication technology, and self-driven vehicles, the number of vehicles that can communicate with each other is increasing, thereby raising privacy and security concerns related to GPS location, braking patterns and speed, and others.

Report Summary

The study of the Global Vehicle-to-Everything (V2X) Market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the V2X industry during 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the global V2X market across 17 Chapters and 310 pages. The report includes data presentation across 55 tables and 127 statistical figures. 

The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein the intensity of rivalry and bargaining power of buyers is high. 

The subsequent section provides details of the market analysis based on different segments such as component, communication, connectivity, application, vehicle type, vehicle application, and region. The report also includes a detailed study of the value chain of the V2X industry. It includes raw material suppliers, automotive manufacturers & suppliers, distributors, and end-users. The report also covers extensively the key competitors in the Global V2X Market. 

Key takeaways from the Global V2X Market Report

• In terms of components, the hardware segment is estimated to have the highest market share during the forecast period. Growing dependency on V2X hardware products by automakers to ensure reliability, customer satisfaction, and safety of their product, along with the rise in the number of manufacturers and suppliers of hardware are the few factors that may strengthen the market share of such components in the global market.
• The vehicle-to-vehicle (V2V) segment is estimated to have the highest market share in terms of communication in 2021. The growing safety concerns among the public and government authorities due to increasing traffic accidents are presumed to be the prime factor for driving the market growth globally.
• 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 a strong deployment strategy, the technology has robust potential soon.
• ICE segment holds the highest market share in 2021 in terms of vehicle type. The growth of the ICE segment is due to the fact that V2X directly aids in enhancing fuel economy, which further helps lower pollution levels.
• Based on vehicle application, the passenger segment dominated the market in 2021. The rising demand for the implementation of advanced systems in the passenger vehicle for better passenger and vehicle safety coupled with the supporting legislation, and consumer awareness regarding road safety has reinforced the segment’s growth in the overall market.
• North America is estimated to have the highest hold in the Global V2X Market; however, Asia Pacific is estimated to grow at the fastest CAGR during the forecast period.

Competitive Landscape

• Nuvve is a globally traded company in vehicle-to-grid (V2G) technology and Newborn Acquisition Corp., which provides high-powered charging and grid services that can improve unused and renewable energy.
• Molex LLC is a manufacturer of electronic, electrical, and fiber optic connectivity systems. It is a leading supplier of interconnect products. The company focuses on the design, development, and distribution of innovative product solutions that touch virtually every walk of life.
• Continental AG develops technologies and services that can be used for the sustainable and connected mobility of people and their goods. The company offers technologically safe, intelligent efficient, and affordable solutions for machines, vehicles, traffic, and transportation.
• Tata Elxsi is a provider of design and technology services across industries including Automotive, Broadcast, Communications, Healthcare, and Transportation.
• General Motors (GM) designs, builds and sells trucks, cars, crossovers, and automobile components across the globe.
• Infineon Technologies AG designs develop, manufactures, and markets semiconductors and related systems and solutions across the world.

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:

• Hardware
  • Onboard Unit (Connectivity control unit)
  • Road-side Unit
• Software Platform
• Services

By Communication Segment of the Global V2X Market is further sub-segmented into:

• Vehicle-to-Vehicle (V2V)
• Vehicle-to-Infrastructure (V2I)
• Vehicle-to-Pedestrian (V2P)
• Vehicle-to-Grid (V2G)
• Vehicle-to-Cloud (V2C)
• Vehicle-to Device (V2D)

By Connectivity Segment of the Global V2X Market is further sub-segmented into:

• Dedicated short-range communications (DSRC)
• Cellular
• Hybrid

By Application Segment of the Global V2X Market is further sub-segmented into:

• Autonomous Driving (includes Platooning)
• Automated driver assistance (ADAS)
• Intelligent traffic systems
• Emergency vehicle notification
• Passenger information system
• Fleet & asset management
• Parking management system
• Line and non-line of sight
• Backing
• Others

By Vehicle Type Segment of the Global V2X Market is further sub-segmented into:

• ICE Vehicle
• Electric Vehicles

By Vehicle Application Segment of the Global V2X Market is further sub-segmented into:

• Passenger
• Commercial
• Off-highway

By Region Segment of the Global V2X Market is further sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Western Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Western Europe
• Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Brazil
  • Argentina
  • Rest of South America