V2X Market Summary
As per MRFR Analysis, the V2X market was valued at USD 3,389 million in 2023 and is projected to grow to USD 43,897 million by 2032, with a CAGR of 32.92% from 2024 to 2032. Key drivers include the demand for automobile safety features, better traffic management, and the rise in EV and luxury vehicle sales. The market is segmented by technology, component, communication type, propulsion, connectivity, unit type, and vehicle type, with Intelligent Traffic Systems and Onboard Units leading the segments. Europe accounted for approximately 36.6% of the market share in 2022, driven by a focus on road safety and the growing interest in autonomous vehicles.
Key Market Trends & Highlights
The V2X market is experiencing rapid growth driven by technological advancements and safety concerns.
- Market Size in 2023: USD 3,389 million
- Projected Market Size by 2032: USD 43,897 million
- CAGR from 2024 to 2032: 32.92%
- Europe's Market Share in 2022: ~36.6%
Market Size & Forecast
2023 Market Size: USD 3,389 million
2024 Market Size: USD 4,503.98 million
2032 Market Size: USD 43,897 million
CAGR (2024-2032): 32.92%
Major Players
Continental AG, Infineon Technologies AG, Robert Bosch GmbH, Delphi Technologies, Denso Corporation, STMicroelectronics NV, NXP Semiconductors, Qualcomm Technologies, Inc., Autotalks Ltd., HARMAN International
As per Analyst at MRFR, “The rapid growth of the market is led by factors such as high demand for automobile safety features, better traffic management and increasing deaths due to road accidents. The growing integration of advanced technology presents a significant opportunity for the market players to take advantage of the growing V2X market”.
FIGURE 1: V2X MARKET SIZE 2018-2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
V2X Market Technology Segment Insights:
V2X Technology Insights
Based on Technology, the V2X Market segmentation includes 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, and Others. Intelligent Traffic System Assistance utilizes sensors, cameras, and artificial intelligence to monitor traffic flow and conditions in real-time. It analyses data from connected vehicles and infrastructure to detect traffic issues and proactively recommend solutions to drivers.
For example, ITS assistance may alert drivers of accidents, congestion, or stalled vehicles ahead to encourage safer and more efficient routing choices. As a result, it can help reduce traffic by optimizing the flow of vehicles. ITS assistance also seamlessly integrates with V2X communication, allowing an intelligent traffic centre to receive updates from vehicles on road conditions. This two-way communication between vehicles and traffic infrastructure enables ITS assistance to provide customized assistance to drivers based on real-time traffic patterns.
FIGURE 2: V2X MARKET, BY Technology, 2022 VS 2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
V2X Navigation Component Insights
Based on component, the V2X Market segmentation includes Hardware and Software. Hardware held the majority share in 2022. The hardware segment comprises various equipment used in a V2X system to monitor and control various aspects of a vehicle. At the core of any V2X system is on-board unit hardware installed in vehicles, including radios, antennas, processors, and other components. These OBUs allow vehicles to transmit and receive V2X messages by establishing Dedicated Short-Range Communications using DSRC or cellular vehicle-to-everything technologies.
The OBU hardware interprets and responds to messages involving safety, mobility, or environmental applications. It processes data from other vehicles and roadside units about road conditions, traffic, crashes, etc. With the ability to send and receive critical information, OBUs are essential to realizing the safety, mobility, and environmental benefits of V2X.
V2X Communication Type Insights
Based on communication type, the V2X Market segmentation includes V2C, V2D, V2G, V2P, V2V, and V2I. V2V held the majority share in 2022. Vehicle-to-vehicle (V2V) communication allows vehicles to directly share information using dedicated short-range communications (DSRC) technology. Through V2V, vehicles broadcast their location, speed, direction, and other data multiple times per second. Nearby vehicles equipped with V2V technology can receive this information, even using it to provide drivers with forward collision and lane change warnings.
V2V improves road safety significantly by enabling vehicles to 'see' around corners and beyond line-of-sight through wireless information exchange. It also optimizes traffic flow by allowing vehicles to navigate congested areas cooperatively based on a common operating picture.
V2X Propulsion Insights
Based on Propulsion, the V2X Market segmentation includes Electric Vehicle (EV) and ICE Vehicle. The ICE Vehicle held the majority share in 2022. Internal combustion engines (ICE) refer to vehicles that use gasoline or diesel engines for propulsion. In the V2X market, ICE vehicles play an important role as many automakers are still developing and producing gasoline-powered vehicles.
ICE vehicles can communicate with other vehicles, infrastructure, and the cloud through V2X technology to access safety, mobility, and environmental applications. V2X connectivity in ICE vehicles helps provide drivers with real-time traffic information, hazard warnings, automated driving assistance features, and optimized traffic signal timing to reduce emissions and congestion.
V2X Connectivity Insights
Based on Connectivity, the V2X Market segmentation includes DSRC and Cellular. The Cellular held the majority share in 2022. The emerging C-V2X technology allows vehicles to communicate directly with each other and road infrastructure using cellular networks. Using 5G cellular, C-V2X enables vehicles to receive real-time safety alerts regarding road conditions and obstacles. This helps prevent accidents by providing early warnings of hard braking, traffic jams, and other hazardous situations ahead.
V2X Unit Type Insights
Based on Unit Type, the V2X Market segmentation includes Onboard Unit and Roadside Unit. The Onboard Unit held the majority share in 2022. An Onboard Unit (OBU) is a key component of Vehicle-to-Everything (V2X) communication, which allows vehicles to communicate with each other and with infrastructure. The OBU is installed inside a vehicle and acts as the transmitter and receiver of V2X messages.
It enables vehicles to receive safety alerts about road conditions, obstacles, and other critical information to help prevent accidents. The OBU can also transmit the vehicle's location, speed, and other parameters for improved traffic management. One primary driver for the growing V2X and OBU market is the focus on road safety.
V2X Vehicle Type Insights
Based on vehicle type, the V2X Market segmentation includes Passenger Car and Commercial Vehicle. The Passenger Car held the majority share in 2022. A passenger car refers to a motor vehicle with at least four wheels used for transporting passengers and has a seating capacity of up to eight people, excluding the driver.
V2X technology helps improve the safety and experience of passengers inside a vehicle. One key driver for the growth of V2X technology in passenger cars is the increasing demand for connected and autonomous vehicles. As automakers are focusing on integrating advanced driver assistance systems and developing self-driving cars, there is a need to establish reliable communication between vehicles and with the infrastructure.
V2X Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Middle East & Africa, and South America. The Europe V2X market accounted for ~36.6% in 2022, the region's large V2X industries, as well as the growing popularity of sports aids in market expansion. The use of V2X is expected to grow significantly in the coming years as companies seek to improve efficiency, productivity, and safety in their material handling and transportation operations.
The communication technology that allows cars to communicate with each other and other objects like pedestrians, infrastructure, and the Internet of Things (IoT) is known as the vehicle-to-everything (V2X) market in Europe. Recent years have seen a significant increase in interest in this technology because of its potential to improve efficiency, road safety, and the driving experience in general.
As per the European Commission's rolling plan for ICT standardization, substantial growth and progress are anticipated in the V2X market in Europe in the upcoming years. One of the key drivers behind this growth is the increasing emphasis on road safety.
V2X technology can prevent accidents by facilitating vehicle communication, allowing them to exchange information concerning their position, speed, and other pertinent data. This capability enables vehicles to anticipate potential collisions, hazardous road conditions, or the presence of pedestrians, thereby minimizing the risk of accidents.
Another influential factor is the growing interest in autonomous vehicles. V2X technology plays a crucial role in autonomous driving systems by enabling vehicles to perceive their surroundings and make informed decisions based on real-time data. This technology allows vehicles to establish communication with traffic signals, road signs, and other infrastructure, ensuring safe navigation and efficient traffic flow.
FIGURE 3: V2X MARKET SIZE BY REGION 2022 VS 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
The North American V2X (Vehicle-to-Everything) market is experiencing growth as electric vehicles (EVs) become more prevalent in the region. The North American V2X (Vehicle-to-Everything) market refers to the growing trend of connecting vehicles to their surroundings to enhance safety, navigation, and communication.
V2X technology enables vehicles to exchange critical information with other vehicles, infrastructure, pedestrians, and even smart devices. This connectivity allows real-time communication, enabling vehicles to make informed decisions based on surrounding conditions.
V2X Key Market Players& Competitive Insights
With a strong presence across different verticals and geographies, the V2X market is highly competitive and dominated by established, pure-play vendors. The vendors catering to this market, continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The V2X market is highly competitive, with many vendors offering similar products and services.
The major players in the market include Continental AG, Infineon Technologies AG, Robert Bosch GmbH, Delphi Technologies, and Denso Corporation Industries Corporation constantly takes on new challenges to ensure the stability of its management foundation by extending its reach into business fields such as engine production, vehicle assembly, and the development and production of lift trucks and car air-conditioning compressors. It concentrates on broadening its product offerings to reach new audiences in the global market.
The V2X Market is consolidated, increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.
Key Companies in the V2X market include
- Qualcomm Technologies, Inc.
V2X Industry Developments
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In July 2023, Infineon and Autotalks collaborate to provide solutions for next-generation V2X (Vehicle-to-Everything connectivity) applications was announced. Infineon contributes its automotive-grade HYPERRAMTM 3.0 memory as part of this partnership to enable the TEKTON3 and SECTON3 V2X reference designs from Autotalks.
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In May 2023, ProteanTecs and CEVA have announced a partnership to improve the performance and power/reliability of system-on-chips (SoCs) for shared customers. Mission-critical apps are already being used by corporations to serve one another's clients. Autotalks, a pioneer in vehicle-to-everything (V2X) communications technology, has integrated the predictive system monitoring solutions from proteanTecs as well as CEVA's vector and scalar DSP IP solutions into their chipsets.
V2X Market Segmentation:
V2X Technology Outlook
- Automated Driver Assistance
- Intelligent Traffic System
- Emergency Vehicle Notification
- Passenger Information System
- Parking Management System
V2X Component Outlook
V2X Communication Type Outlook
V2X Propulsion Outlook
V2X Connectivity Outlook
V2X Unit Type Outlook
V2X Vehicle Type Outlook
V2X Regional Outlook
North America
Europe
Asia-Pacific
Middle East & Africa
South America
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Report Attribute/Metric
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Details
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Market Size 2023
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USD 3389 million
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Market Size 2024
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USD 4503.98 million
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Market Size 2032
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USD 43,897.0 million
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Compound Annual Growth Rate (CAGR)
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32.92% (2024-2032)
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Base Year
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2023
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Market Forecast Period
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2024-2032
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Historical Data
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2019- 2022
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Market Forecast Units
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Value (USD Million)
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Report Coverage
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Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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Technology, Component, Communication Type, Propulsion, Connectivity, Unit Type, Vehicle Type, and Region
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Geographies Covered
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North America, Europe, Asia-Pacific, Middle East & Africa, and South America
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Countries Covered
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US, Canada, Mexico, UK, Germany, France, Italy, China, Japan, India
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Key Companies Profiled
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Continental AG, Infineon Technologies AG, Robert Bosch GmbH, Delphi Technologies, Denso Corporation, STMicroelectronics NV, NXP Semiconductors, Qualcomm Technologies, Inc., Autotalks Ltd., and HARMAN International
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Key Market Opportunities
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· Technological Advancements
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Key Market Dynamics
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· Demand for automobile safety features and better traffic management
· Increasing deaths due to road accidents
· Increase in sale of EV and luxury vehicles
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Frequently Asked Questions (FAQ) :
The V2X Market size is expected to be valued at USD 2,399.4 Million in 2022.
The global market is projected to grow at a CAGR of 32.92% during the forecast period, 2024-2032.
Europe had the largest share of the global market.
The key players in the market Continental AG¸ Infineon Technologies, AG¸ Robert Bosch GmbH, Delphi Technologies, Denso Corporation¸ STMicroelectronics NV¸NXP Semiconductors¸ Qualcomm Technologies, Inc., Autotalks Ltd., and HARMAN International.
Intelligent Traffic System dominated the market in 2022.
