Global Automotive V2X Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Automotive V2X Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

V2X (Vehicle-to-Everything) is a wireless technology that allows vehicles to communicate with other vehicles and their surroundings.

It incorporates various types of communications like V2V (Vehicle-to-Vehicle) which allows vehicles to communicate with each other and V2I (Vehicle-to-infrastructure) which allows vehicles to communicate with external systems such as buildings, street lights, etc. Other forms of V2X include V2P (Vehicle-to-pedestrian), V2N (Vehicle-to-Network), V2D (vehicle-to-device) and V2G (vehicle-to-grid).

Market Overview:

The latest research study on the global Automotive V2X market finds that the global Automotive V2X market reached a value of USD 12827.34 million in 2022. It’s expected that the market will achieve USD 123220.16 million by 2028, exhibiting a CAGR of 45.8% during the forecast period.

Due to the decline in business confidence, the pandemic has negatively affected cars in all markets around the world in 2020, and the growth of autonomous car manufacturers has deviated significantly due to the COVID-19.

Due to the blockade announced by governments around the world in the past few months, the demand and supply cycles of many self-driving car manufacturers are fragile.

Most car manufacturers are facing the problems faced by most car manufacturers, such as factory shutdowns and labor shortages due to lockdowns, which further affects the production of autonomous vehicles.

Global automotive is an evolving industry that has been hampered by the COVID-19, so all types of production and installation in the affected countries have been closed, and the pandemic has disrupted all operations.

Due to the restrictions on manufacturers and the announced lock-in measures, suppliers in the global V2X industry are being severely affected, which in turn affects global automated car manufacturers worldwide.

The increasing safety requirements

V2X (Vehicle to Everything) is a wireless technology that allows vehicles to communicate with other vehicles and their surroundings. The V2X system shares location and speed data with surrounding vehicles and infrastructure, thereby reducing collisions and accidents. The growing demand for improved road safety, numerous government initiatives, the participation of various automakers, and increasing traffic congestion and pollution are expected to drive the growth of the automotive V2X market.

Vehicle-road coordination is difficult to coordinate in developing regions

At present, in many developing countries, the level of informatization and intelligence of vehicles and roads is low, which brings greater challenges to vehicle-road coordination. The first is the insufficient penetration rate of in-vehicle V2X terminals. The current in-vehicle V2X terminals are in the early stages of development and the overall penetration rate is low, which restricts the rapid popularization of related services. The coverage of roadside base stations is less than 200 meters, which will cause excessively high costs for later large-scale laying. Secondly, roads in many countries are developing rapidly, but territorial management puts forward higher requirements for information integration. Due to different equipment manufacturers and different operators, road information is scattered and there is a lack of unified standards. In addition, road information distribution lacks a unified entrance, and it is difficult for users to obtain a consistent experience.

The rapid growth of urbanization and industrialization is gaining traction

The growing demand for less traffic congestion, lower fuel consumption and safer roads has promoted the development of the V2X market. In addition, it promotes the growth of global vehicles to all markets by improving safety and energy-saving awareness. Macroeconomic characteristics, such as the growth of non-refundable income, economic growth, rapid industrialization and urbanization, are also stimulating the market. Increasing automation, the absorption of value chains and technological advancements are many factors that will promote the development of the global V2X market with a high compound annual growth rate in the next few years.

Region Overview:

From 2022-2027, Asia Pacific is estimated to witness robust growth prospects.

Company Overview

Qualcomm Inc. is one of the major players operating in the Automotive V2X market, holding a share of 13.28% in 2022.

Qualcomm Inc.

Qualcomm Incorporated operates as a multinational semiconductor and telecommunications equipment company. The Company develops and delivers digital wireless communications products and services based on CDMA digital technology.

Nvidia Corporation

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software. The Company offers products that provides interactive 3D graphics to the mainstream personal computer market.

Segmentation Overview:

Among different product types, Passenger segment is anticipated to contribute the largest market share in 2027.

Commercial

This type of business insurance covers many types of commercial vehicles—from automobiles used for business purposes, including company cars, to a wide variety of commercial trucks and vehicles.

Passenger

Passenger cars are motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in addition to the driver's seat. Light commercial vehicles are motor vehicles with at least four wheels, used for the carriage of goods.

Application Overview:

The market's largest segment by application is the segment Remote Monitoring and Diagnostics, with a market share of 20.53% in 2022.

Predictive Maintenance

Predictive maintenance techniques are designed to help determine the condition of in-service equipment in order to estimate when maintenance should be performed. This approach promises cost savings over routine or time-based preventive maintenance, because tasks are performed only when warranted.

Remote Monitoring and Diagnostics

Through a remote monitoring and diagnostics program, information can be continuously collected from rotating equipment (e.g., rollers, dryers and gearboxes), control systems, and drives to identify even the smallest changes in operating variables or conditions — allowing problems to be identified and corrected well.

Parking Management System

Parking access control systems improve security, restrict vehicle access to specified areas, track who entered these specific areas, when they enter and exit, allow pass back restrictions to be set, generate revenue and provide reporting capabilities.

Fleet and Asset Management

Fleet management aims to maximize efficiency, increase productivity and improve safety for an organization's vehicles and drivers. Often this achieved using a combination of vehicle tracking, reporting on fuel consumption, monitoring of driver behavior and management of vehicle maintenance.

Passenger Information System

A passenger information system or passenger information display system is an automated system for supplying users of public transport with information about the nature and state of a public transport service, through visual, voice or other media.

Emergency Vehicle Notification

Vehicular communication systems are computer networks in which vehicles and roadside units are the communicating nodes, providing each other with information, such as safety warnings and traffic information.

Intelligent Traffic System

Intelligent Transportation Systems are a combination of leading-edge information and communication technologies used in transportation and traffic management systems to improve the safety, efficiency, and sustainability of transportation networks, to reduce traffic congestion, and to enhance drivers' experiences.

Automated Driver Assistance

Automated Driver Assistance systems use automated technology, such as sensors and cameras, to detect nearby obstacles or driver errors, and respond accordingly. Most road accidents occur due to human error. Advanced driver-assistance systems are systems developed to automate, adapt, and enhance vehicle systems for safety and better driving.

Key Companies in the global Automotive V2X market covered in Chapter 3:

Continental AG
NXP Semiconductors N.V.
Daimler AG
Harman International Industries, Inc.
Autotalks Limited
Cisco Systems, Inc
Robert Bosch GmbH
Tomtom N.V.
Qualcomm Inc.
Infineon Technologies AG
Nvidia Corporation
Cohda Wireless PTY Ltd.
International Business Machines Corporation
Vodafone Group PLC.
Intel Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Automotive V2X market from 2018 to 2029 is primarily split into:

Commercial
Passenger

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Automotive V2X market from 2018 to 2029 covers:

Predictive Maintenance
Remote Monitoring and Diagnostics
Parking Management System
Fleet and Asset Management
Passenger Information System
Emergency Vehicle Notification
Intelligent Traffic System
Automated Driver Assistance

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)