Press Release

The Global Automotive V2X Market Valued at USD0.74 Billion to Accelerate at a CAGR of 48% During 2024-30

The Global Automotive V2X Market is projected to grow at a CAGR of 48% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. In 2024, the global automotive V2X market size was estimated to be around USD 0.74 billion. With the implementation of V2X technologies for improving road safety, the incorporation of connectivity solutions in automobiles is becoming a standard. To enhance the driving experience and to comply with policy guidelines, Automobile manufacturers are implementing V2X technology in some form in their automobiles. For instance,

• September 2023: 5G Automotive Association in an open statement highlighted the commitment of the European automakers representing 70% of the market to adopt the 5G-V2X as the technology for direct connectivity in automobiles.

Around 90% of the new vehicles globally will have full connectivity, and 45% to have intermediate to advanced features for connectivity as multisensory interactions for all occupants, connection to other ecosystems and platforms, and intelligent decision-making features via seamless environmental linkage, as stated further in the research report, “Global Automotive V2X Market Analysis, 2024.”

Segmentation Analysis

V2V Communication Type Segment Dominates the Global Automotive V2X Market

The Global Automotive V2X Market is further bifurcated based on Communication type into Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), Vehicle-to-Home (V2H), Vehicle-to-Grid (V2G), and Vehicle-to-Network (V2N). The V2V segment has the largest market share in this market due to automakers implementing V2V technologies in their automobile to have features such as advanced driver assistance systems. This step is taken to enhance the driving experience of the driver leading to an increase in demand and subsequently sales of automobiles and further boosting demand for the V2V technology. Implementation of V2V technology gets an added boost with the rise in policy guidelines in countries like the USA, South Korea, China, and many European countries for deployment of V2X technologies for road safety. As per L&T Technology Services, a leading V2X connectivity solution provider, there will be a significant number of new vehicles that will have built-in connectivity from the start by 2030.

Asia-Pacific Dominates the Market

In the Global Automotive V2X Market, Asia-Pacific region holds the largest market share. The primary reason for this is the largest automobile sales from this region. As per the International Organization of Motor Vehicle Manufacturers, the five-year historical trend accounted in 2023 shows a decline in automobile sales in other regions compared to which showed an absolute growth rate of 13.7%. China, India, Japan, and South Korea dominate the demand in the Asia-Pacific region. Moreover, the automobile manufacturers in this region have announced their plans to integrate some V2X connectivity in their automobiles. China leads the Market by having the largest sales in this region. Also, the early guidelines in 2018 from the Chinese authorities for the adoption of V2X connectivity in the vehicles and transport infrastructure have further boosted the adoption of V2X technology in the country. Also, South Korean automakers have shown their commitment to integrating cellular V2X technology in their automobiles.  This is in alignment with the government's stance towards the Cooperative Intelligent Transport System (C-ITS) in the country and also the acknowledgment of the V2X technology for it.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market players, including Continental AG, Lear Corporation, Qualcomm, Inc., NXP Semiconductors, LG Vehicle Component Solutions, Commsignia, HARMAN International, Mobileye, Miovision, Infineon Technologies AG, Denso Corporation, Autotalks Ltd., Cohda Wireless, Neusoft Corporation, Huawei Technologies Co. Ltd. and Others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?