Global Cellular Vehicle-to-Everything (C-V2X) Market Size, Share & Trends Analysis Report, By Type, By Component, By Vehicle Type, By Application, By Region Forecasts, 2023 – 2030

Global Cellular Vehicle-to-Everything (C-V2X) Market Size, Share & Trends Analysis Report, By Type, By Component, By Vehicle Type, By Application, By Region Forecasts, 2023 – 2030

The Cellular Vehicle-to-Everything (C-V2X) Market was amounted at US$ 857.25 million in 2022 and is projected to grow to US$ 6.35 billion by 2030 at CAGR of 31.35% during 2023-2030.

Over the course of the forecast period, a number of critical factors is likely to propel the expansion of the global Cellular Vehicle-to-Everything (C-V2X) market. These include the rising global number of traffic accidents and the expanding market for self-driving cars. Government programmes pertaining to smart city initiatives are also anticipated to support industry expansion. However, throughout the projected time, the market's growth is hampered by cellular coverage and infrastructure deficiencies, as well as reliability difficulties with autonomous driving systems. The industry has a profitable growth opportunity due to factors like government support for V2X technology and advancements in cellular technologies. Nonetheless, it is anticipated that vulnerabilities to cyberattacks and worries about network security and privacy would make it difficult for the global cellular vehicle-to-everything (C-V2X) business to flourish.

“Vehicle-To-Vehicle segment, by type, to be dominating market from 2023 to 2030.”

Numerous factors that seek to improve traffic flow, increase road safety, and open the door for more innovative driving experiences are driving the segment's growth. The domination of the V2V segment is also attributed to other factors, including cost-cutting and technology developments, industry collaboration and standards creation, public awareness and acceptance, and supportive government laws.

“Hardware segment, by component, to be dominating market from 2023 to 2030.”

Significant potential exists for chipsets and other hardware to handle image and sensor data processing requirements, as well as other onboarding procedures, as a result of the growing demand for connected and autonomous vehicles. Furthermore, the dominance of the hardware segment is expected to be attributed to technological breakthroughs and developments as well as strategic initiatives done by market participants during the projection period.

“Passenger Vehicle segment, by vehicle type, to be dominating market from 2023 to 2030.”

The growth in passenger vehicle demand is ascribed to various factors, including the spread of connected and autonomous passenger vehicles, product advances and market launches by manufacturers, and others.

“Collision Avoidance segment, by application, to be fastest growing market from 2023 to 2030.”

The rise is ascribed to the growing need for driverless cars, which reduces the likelihood of collisions. These cars' non-line-of-sight sensors, which function in a variety of climatic and meteorological conditions, can stop accidents and other dangerous situations. During the projected time, all of these elements are anticipated to contribute to the collision avoidance segment's fastest growth rate.

“North America to be largest region in Cellular Vehicle-to-Everything (C-V2X) market.”

The deployment and testing of C-V2X technology have been heavily involving North America, especially the United States. The expansion of the C-V2X market in the area has been facilitated by initiatives by government agencies, technological businesses, and automakers. For instance, the U.S. Department of Energy (DOE) formally announced the third wave of signatories to the V2X Memorandum of Understanding (MOU) in 2023. This declaration shows how the public and private sectors are still committed to working together to foster innovative mobility technologies. The most recent signatories to the V2X MOU include Sunnova, Weavegrid, Peak Power, Wallbox, Phoenix Motorcars, the Electric Power Research Institute (EPRI), Patero, and the Vehicle Grid Integration Council (VGIC). Additionally, in 2021, functional, protocol, and radio frequency (RF) measurements on 3GPP Release14 C-V2X devices from the Keysight UXM 5G Wireless Test platform will be possible with the new Keysight C-V2X Autonomous Drive Emulation (ADE) solution from Keysight Technologies, Inc. (NYSE: KEYS), a leading technology company that provides advanced design and validation solutions to help accelerate innovation to connect and secure the world.

Cellular Vehicle-to-Everything (C-V2X) Competitive Landscape

The competitive landscape of the Cellular Vehicle-to-Everything (C-V2X) market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Cellular Vehicle-to-Everything (C-V2X) technology holds the potential to limit road collision and accidents, ensuring passenger safety and comfort. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Cellular Vehicle-to-Everything (C-V2X) market is highly competitive, with numerous companies vying for market share. Prominent companies in the Cellular Vehicle-to-Everything (C-V2X) Market include:

AT&T Inc., Commsignia Ltd., Autotalks Ltd., Continental AG, Ficosa International SA, Genvict, Infineon Technologies AG, Huawei Technologies Co Ltd, Keysight Technologies, Intel Corporation, NTT Docomo Inc, Nokia Corporation, Quectel Wireless Solutions Co Ltd, Qualcomm Technologies Inc, Rohde & Schwarz GMBH & Co KG, Robert Bosch GMBH, Savari Inc and others.

Recent Developments:

June 2023: Peachtree Corners, one of the smart cities in the US driven by real-world linked infrastructure, and Audi of America announced a cooperation to promote C-V2X viable deployment paths as part of the city's Curiosity Lab ecosystem. Audi and Peachtree Corners worked together to create C-V2X apps, which allow automobiles to communicate with city-owned streets, traffic lights, crosswalk signals, and other infrastructure, as well as vulnerable road users (VRUs).

May 2023: Approved by the Federal Communications Commission (FCC) to operate roadside and on-board C-V2X technologies inside the 5.9 GHz band in the United States, HARMAN International is a Samsung Electronics company that pioneered the creation of end-to-end connected vehicle solutions. The most advanced C-V2X products that HARMAN offers are designed to improve sustainability, lessen traffic, and make roads safer.

In May 2023, a Memorandum of Understanding (MoU) was signed by Baidu Apollo and the Hong Kong Applied Science and Technology Research Institute (ASTRI) to investigate potential joint ventures for the development of High-Definition Maps (HD Maps), an initiative that will augment Hong Kong's smart transportation ecosystem. The MoU also intends to cooperatively advance C-V2X and autonomous driving deployment in other situations around Hong Kong.

March 2022: Cisco and Verizon worked together on a successful proof of concept demo in Las Vegas to show how cellular and mobile edge compute (MEC) technology may enable autonomous driving solutions without the need for pricey physical Roadside Units to extend radio signals. The result provides a simpler and more efficient way to power applications such as autonomous/unmanned last-mile delivery bots and robotaxis in cities like Las Vegas where public MEC technologies are accessible.