South Korea V2X Market Research Report By Technology (Automated Driver Assistance, Intelligent Traffic System, Emergency Vehicle Notification, Passenger Information System, Fleet & Asset Management, Parking Management System, Line of Sight, Non-line of Sight, Others), By Component (Hardware, Software), By Communication Type (V2C, V2D, V2G, V2P, V2V, V2I), By Propulsion (Electric Vehicle (EV), ICE Vehicle), By Connectivity (DSRC, Cellular), By Unit Type (Onboard Unit, Roadside Unit) and By Vehicle Type (Passenger Car, Commercial Vehicle)-For

South Korea V2X Market Overview

As per MRFR analysis, the South Korea V2X Market Size was estimated at 169.5 (USD Million) in 2023. The South Korea V2X Market Industry is expected to grow from 225(USD Million) in 2024 to 780 (USD Million) by 2035. The South Korea V2X Market CAGR (growth rate) is expected to be around 11.965% during the forecast period (2025 - 2035).

Key South Korea V2X Market Trends Highlighted

The South Korea V2X Market is currently undergoing a number of significant trends that demonstrate its growth and development. The government's substantial emphasis on digital transportation and mobility solutions is a significant market driver. The South Korean government has implemented a variety of policies to facilitate the integration of V2X technology into urban infrastructure, thereby creating a conducive environment for the advancement of connected vehicles.

Furthermore, significant automotive manufacturers in South Korea are making substantial investments in the research and development of V2X systems, indicating a dedication to improving the safety and efficacy of automobiles through intelligent communication technologies. Advancements in communication networks, particularly the implementation of 5G technology, can be leveraged to capitalize on opportunities in the South Korean V2X market.

The implementation of 5G offers a reliable platform for the exchange of real-time data between infrastructure and vehicles, which has the potential to enhance traffic management and minimize accidents. Additionally, there is an increasing interest in autonomous and electric vehicles in South Korea, which is in accordance with the V2X ecosystem. The demand for V2X solutions will rise as these vehicles become more prevalent, creating substantial opportunities for collaboration among government agencies, automotive manufacturers, and technology providers.

South Korea's recent trends suggest that the V2X market is considerably impacted by the country's emphasis on sustainable and smart city initiatives. As urban areas adopt these initiatives, there is a drive to establish intelligent transportation systems that employ V2X technologies to enhance traffic flow and mitigate environmental effects. The fertile ground for innovation and new market entrants is established by the synergy between sustainability objectives and advanced vehicle communication technologies.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

South Korea V2X Market Drivers

Increase in Smart City Initiatives

The South Korea V2X Market Industry is experiencing substantial growth due to the government's strong commitment to the development of smart cities. The South Korean government has actively promoted smart city projects, which integrate advanced technologies for transportation, energy management, and urban planning. According to the Ministry of Land, Infrastructure and Transport, the government plans to invest over 300 billion Korean Won (approximately 265 million USD) in the smart city sector by 2025, significantly enhancing infrastructure for Vehicle-to-Everything (V2X) applications.

Established organizations such as the Korean Transport Institute are collaborating with the government to develop advanced communication systems that improve traffic management and safety, thereby accelerating the deployment of V2X technologies across cities. This investment not only supports urban sustainability but also creates a conducive environment for the V2X market, as smart city initiatives directly foster the demand for connected vehicle technologies.

Rising Demand for Enhanced Road Safety

The growing concern for road safety is a major driver in the South Korea V2X Market Industry. According to the Korea Road Traffic Authority, traffic accidents in South Korea resulted in over 3,000 fatalities annually, emphasizing the urgent need for technologies that can improve driver safety. V2X technology, which allows vehicles to communicate with each other and with infrastructure, has proven to reduce accident rates by providing real-time information to drivers.

For instance, organizations like Hyundai Motor Company are heavily investing in V2X solutions to enhance safety systems in their vehicles, aligning with national safety standards set by the Ministry of Interior and Safety, which aims to cut traffic fatalities by 20% by 2030.

Government Regulations Promoting Vehicle Connectivity

The South Korean government's regulatory framework is increasingly supporting the growth of the V2X market. With the introduction of legislation mandating connectivity features in new vehicles, there has been a rise in the adoption of V2X technologies. The Ministry of Land, Infrastructure and Transport has outlined specific standards that vehicles must comply with by 2025, thereby fostering innovation and development in the industry.

As an example, the establishment of the Vehicle-to-Everything (V2X) Technology Development Roadmap by the Korea Automotive Technology Institute is expected to facilitate a comprehensive adoption of these systems.This regulation ensures that not only manufacturers but also service providers are incentivized to invest in V2X technologies, leading to significant growth in the South Korea V2X Market Industry.

South Korea V2X Market Segment Insights

V2X Market Technology Insights

The South Korea V2X Market within the Technology segment is experiencing significant growth as various subcategories are advancing to improve vehicle connectivity and overall traffic management. Given South Korea's robust automotive industry and increasing adoption of smart solutions, this market is poised for transformation. Automated Driver Assistance has emerged as one of the most pivotal areas, enhancing safety and reducing human error by providing critical real-time information to drivers. Intelligent Traffic Systems are also gaining momentum, enabling better traffic flow and reducing congestion through real-time data analytics and adaptive traffic control measures.

Emergency Vehicle Notification systems facilitate faster response times during emergencies, allowing for efficient routing and improved public safety compliance. The Passenger Information System is vital for enhancing user experience, offering travelers timely updates on transit schedules and service notifications, thereby enabling informed travel decisions.

Fleet and Asset Management technologies are crucial for optimizing logistics, ensuring that companies can track their vehicles and assets effectively, leading to cost savings and operational efficiency. Parking Management Systems are also noteworthy, addressing the increasing concern of urban congestion by streamlining parking availability and access in densely populated areas.Line of Sight and Non-line of Sight technologies are essential for the successful implementation of V2X communications, ensuring that vehicles can reliably exchange data regardless of physical barriers.

These technologies not only deliver precise situational awareness but also lay the foundation for autonomous driving capabilities. Overall, the diversity within the Technology segment represents a significant opportunity for innovation in South Korea, driven by government initiatives promoting smart mobility and urban development, with an emphasis on sustainable transport solutions.

Through the enhancement of these interconnected systems, the South Korea V2X Market can significantly contribute to a more efficient, safer, and environmentally friendly transportation ecosystem. As urban centers develop, investments in these technologies are expected to reflect the growing demand for improved transportation solutions throughout the region.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

V2X Market Component Insights

The Component segment of the South Korea V2X Market plays a crucial role in enabling seamless communication among vehicles and infrastructure, significantly enhancing road safety and traffic efficiency. The rapidly growing demand for connected vehicles drives the development of both hardware and software solutions within this segment. Hardware components, including sensors, communication modules, and roadside units, are vital for establishing real-time data exchange.

Meanwhile, software is essential for processing this data and integrating it effectively into various applications, ensuring a responsive driving environment.In South Korea, government initiatives to promote smart transportation systems and ongoing investments in Research and Development underscore the importance of these components, as they offer substantial opportunities for innovation and improvement in public safety and environmental sustainability.

The integration of advanced features, such as vehicle-to-vehicle and vehicle-to-infrastructure communication, is expected to further boost the Component segment's significance in the ever-evolving landscape of connected mobility solutions. Overall, the emphasis on smart transport solutions is anticipated to position the Component segment as a significant contributor to the broader South Korea V2X Market, reflecting the nation's commitment to leading the way in automotive technology advancements.

V2X Market Communication Type Insights

The South Korea V2X Market, particularly focusing on the Communication Type segment, is undergoing significant transitions driven by technological advancements and government support. This market encompasses various communication methods including Vehicle-to-Cloud (V2C), Vehicle-to-Device (V2D), Vehicle-to-Grid (V2G), Vehicle-to-Pedestrian (V2P), Vehicle-to-Vehicle (V2V), and Vehicle-to-Infrastructure (V2I). Each communication type plays a crucial role in enhancing road safety, improving traffic management, and facilitating seamless connectivity.

The V2V communication, for instance, enables vehicles to share real-time data, thereby reducing collisions and optimizing traffic flow, which is vital for the increasingly congested urban areas in South Korea. Meanwhile, V2I is becoming essential as smart city initiatives gain momentum, connecting vehicles with road infrastructure for better navigation and safety measures.

Innovations surrounding V2G communication are particularly aligned with South Korea's push for sustainable energy solutions, allowing electric vehicles to support the grid during peak times.Thus, the various communication types within the South Korea V2X Market not only contribute to the efficiency of transportation but also embody the nation's vision for a connected and smart mobility ecosystem.

V2X Market Propulsion Insights

The Propulsion segment within the South Korea V2X Market is poised for significant evolution, driven by advancements in technology and increasing consumer demand for innovative transportation solutions. The focus on Electric Vehicles (EVs) is particularly noteworthy, fueled by government initiatives aiming to reduce carbon emissions and promote sustainable mobility.

EVs are rapidly gaining traction in the automotive sector, supported by the expanding charging infrastructure and improved battery technologies. Meanwhile, Internal Combustion Engine (ICE) Vehicles, although traditional, continue to play a vital role, particularly in sectors where electric alternatives may not yet offer practical solutions.The dominance of EVs in this segment can be attributed to heightened environmental awareness and the ongoing transition towards smarter cities. In South Korea, the government has allocated substantial investments towards the development and deployment of V2X technologies, recognizing their potential to enhance traffic safety and optimize transportation systems.

This commitment reflects broader market trends that emphasize connectivity, automation, and sustainability within the automotive landscape, indicating strong growth prospects for both EV and ICE propulsion solutions.The South Korea V2X Market segmentation underscores the vital role of these propulsion technologies in shaping the future of transport, highlighting the interplay between innovation, regulatory support, and consumer adoption as key drivers for market success.

V2X Market Connectivity Insights

The Connectivity segment of the South Korea V2X Market plays a pivotal role in enhancing vehicle-to-everything communication, which is crucial for smart transportation systems. Within this segment, technologies such as Dedicated Short-Range Communications (DSRC) and Cellular Vehicle-to-Everything (C-V2X) are significant. DSRC has been successfully utilized for applications like traffic management and safety warnings, allowing vehicles to communicate with infrastructure in real time, thus improving road safety and flow.

Similarly, C-V2X is gaining momentum owing to its compatibility with existing cellular networks, offering benefits such as broader coverage and the potential for higher data speeds.The demand for enhanced connectivity solutions is driven by South Korea's robust automotive industry and government initiatives to promote smart cities, which prioritize seamless communication between vehicles and surrounding environments.

As the country continues to invest in advanced telecommunications infrastructure, both DSRC and Cellular technologies are poised to lead the way in transforming transportation efficiency and safety through innovative connectivity solutions. This market growth reflects the increasing emphasis on intelligent transportation systems and urban mobility, which are central to South Korea's vision for a digitally connected society.

V2X Market Unit Type Insights

The South Korea V2X Market is projected to experience significant growth, particularly in the Unit Type segment, which includes Onboard Units and Roadside Units. The Onboard Unit plays a crucial role in vehicle-to-everything communications by enabling vehicles to interact with infrastructure, other vehicles, and networks, thus enhancing traffic management and safety.

Meanwhile, the Roadside Unit facilitates instant communication with vehicles, providing real-time information that can improve navigation and reduce accidents. The advancement in smart city initiatives and increasing government focus on transportation safety are driving the demand for these Units, as they enhance the efficiency of connected transportation systems.

Opportunities exist in the integration of these Units with emerging technologies like 5G, which is expected to revolutionize vehicle communications in South Korea. As the nation enhances its digital infrastructure, the importance of both Onboard and Roadside Units will likely grow, contributing to a more connected and safer transportation environment. This focus on V2X technology aligns with South Korea's commitment to innovation and smart mobility solutions.

V2X Market Vehicle Type Insights

The South Korea V2X Market emphasizes the growing importance of vehicle types as crucial components in enhancing communication systems between vehicles and infrastructure. The Passenger Car segment plays a pivotal role in the adoption of V2X technologies, driven by the increasing consumer demand for smart mobility solutions and improved safety features.

Moreover, the Commercial Vehicle sector also contributes significantly, focusing on fleet management efficiencies and reducing operational costs through real-time data communication. With the South Korean government's commitment to advancing intelligent transportation systems, both segments are positioned for remarkable growth.

The trend toward electric vehicles and connected technologies further underscores the significance of these vehicle types in the evolving automotive landscape, with advancements in autonomy and connectivity paving the way for a more integrated transportation network. As V2X technologies continue to develop, the integration of Passenger Cars and Commercial Vehicles will enhance overall traffic management and safety, reflecting the robust growth trajectory of the South Korea V2X Market.

South Korea V2X Market Key Players and Competitive Insights

The South Korea V2X market is rapidly evolving, driven by a combination of technological advancements, government initiatives towards smart transportation, and the growing demand for connected vehicle solutions. With the trajectory of urban mobility shifting towards increased automation and connectivity, the V2X landscape presents a fertile ground for innovation and competition. The integration of vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication systems is particularly being embraced, strengthening not just transportation efficiency but also enhancing road safety and reducing traffic congestion.

Various stakeholders, including automotive manufacturers, tech companies, and infrastructure providers are vying for their share in this dynamic market, leading to a rich competitive environment that encourages advancements and robust collaboration.Samsung Electronics has established a formidable presence in the South Korea V2X market due to its comprehensive capabilities in telecommunications and consumer electronics. The company leverages its extensive technological expertise in semiconductors, software, and telecommunications to pioneer innovative solutions tailored for connected vehicles.

Samsung's strengths lie in its ability to integrate advanced V2X technology into broader smart city initiatives, making it a critical player in the intersection of digital connectivity and vehicular technology. Additionally, Samsung’s strong research and development capabilities allow for the continuous enhancement of its offerings in this area. Their commitment to partnership with automotive manufacturers and infrastructure developers amplifies their influence, positioning them strategically within South Korea's V2X landscape.

Hyundai Motor is another significant contributor to the South Korea V2X market, using its automotive manufacturing prowess to integrate cutting-edge technology into its vehicles. The company focuses on developing key solutions that enhance vehicle connectivity, such as advanced driver assistance systems and vehicle-to-everything communication platforms.

Hyundai's market presence is bolstered by its robust lineup of electric and autonomous vehicles, which are increasingly equipped with V2X capabilities. The company has actively pursued various collaborations and strategic partnerships to advance its technology in this domain, which includes investments in research focused on self-driving technology and smart mobility solutions. Recent mergers and acquisitions aimed at enhancing its technological portfolio suggest Hyundai’s commitment to staying competitive and innovative. Their strengths in operational efficiency, understanding of consumer needs, and investment in future mobility showcase their role as a pioneering force within the South Korean V2X market.

Key Companies in the South Korea V2X Market Include

• Samsung Electronics


• Hyundai Motor


• Hanwha Group


• Netmarble


• LG Electronics


• POSCO


• Naver Corporation


• Cty Technologies


• Daewoo Engineering & Construction


• Mando Corporation


• Kia Motors


• TMap Mobility


• KT Corporation


• SK Telecom

South Korea V2X Market Industry Developments

Recent developments in the South Korea Vehicle-to-Everything (V2X) Market indicate a significant growth trajectory, driven primarily by major players like Hyundai Motor and Kia Motors, who are investing heavily in advanced vehicular communication systems. As of September 2023, KT Corporation announced plans to enhance its V2X infrastructure to support smart city initiatives, underscoring the government's push for smart transportation solutions.

Meanwhile, Samsung Electronics is collaborating with Netmarble to integrate V2X functionalities into their gaming platforms, creating a unique intersection between entertainment and transportation. In terms of mergers and acquisitions, Hanwha Group completed an acquisition of a small tech firm focused on V2X technology in July 2023, aimed at bolstering its capabilities in the smart mobility sector.

Furthermore, LG Electronics launched a new automotive communication device in August 2023, indicating ongoing innovation in the space. The South Korean V2X Market has also seen increased interest from foreign investors, following policy changes that promote technology collaborations and investments, thereby setting a conducive environment for robust growth in the coming years.

South Korea V2X Market Segmentation Insights

V2X Market Technology Outlook

• Automated Driver Assistance


• Intelligent Traffic System


• Emergency Vehicle Notification


• Passenger Information System


• Fleet & Asset Management


• Parking Management System


• Line of Sight


• Non-line of Sight


• Others

V2X Market Component Outlook

• Hardware


• Software

V2X Market Communication Type Outlook

• V2C


• V2D


• V2G


• V2P


• V2V


• V2I

V2X Market Propulsion Outlook

• Electric Vehicle (EV)


• ICE Vehicle

V2X Market Connectivity Outlook

• DSRC


• Cellular

V2X Market Unit Type Outlook

• Onboard Unit


• Roadside Unit

V2X Market Vehicle Type Outlook

• Passenger Car


• Commercial Vehicle

Report Attribute/Metric Source:	Details
MARKET SIZE 2023	169.5(USD Million)
MARKET SIZE 2024	225.0(USD Million)
MARKET SIZE 2035	780.0(USD Million)
COMPOUND ANNUAL GROWTH RATE (CAGR)	11.965% (2025 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
MARKET FORECAST PERIOD	2025 - 2035
HISTORICAL DATA	2019 - 2024
MARKET FORECAST UNITS	USD Million
KEY COMPANIES PROFILED	Samsung Electronics, Hyundai Motor, Hanwha Group, Netmarble, LG Electronics, POSCO, Naver Corporation, Cty Technologies, Daewoo Engineering & Construction, Mando Corporation, Kia Motors, TMap Mobility, KT Corporation, SK Telecom
SEGMENTS COVERED	Technology, Component, Communication Type, Propulsion, Connectivity, Unit Type, Vehicle Type
KEY MARKET OPPORTUNITIES	Autonomous vehicle integration, Smart city infrastructure development, Increased electric vehicle adoption, Enhanced traffic management solutions, Government support and regulations
KEY MARKET DYNAMICS	Government regulations and incentives, Growing demand for autonomous vehicles, Advancements in communication technology, Urbanization and smart city initiatives, Increasing focus on road safety
COUNTRIES COVERED	South Korea