Cellular Vehicle-to-Everything (C-V2X) Market Size By Communication Type (Vehicle-to-Person (V2P), Vehicle-to-Infrastructure (V2I), Vehicle-to-Network (V2N), Vehicle-to-Vehicle (V2V)), By Component (Software, Hardware), By Application (Autonomous Driving,

Cellular Vehicle-to-Everything (C-V2X) Market Size By Communication Type (Vehicle-to-Person (V2P), Vehicle-to-Infrastructure (V2I), Vehicle-to-Network (V2N), Vehicle-to-Vehicle (V2V)), By Component (Software, Hardware), By Application (Autonomous Driving, Fleet Management, Collision Avoidance, Parking Management System, Intelligent Traffic System), By Vehicle Type (Commercial Vehicle, Passenger Vehicle), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The cellular vehicle-to-everything (C-V2X) market is expected to depict massive growth by 2030 owing to increasing demand for smart cities across developing countries. In addition, rising concerns for road safety, coupled with surging government spending on transportation security systems, are likely to stimulate market progress over the forthcoming years.

Cellular vehicle-to-everything technology is a communication technology for vehicles that enables the transfer of real-time data between vehicles to outdo any potential roadway mishaps. Even though the advent of the COVID-19 pandemic negatively impacted the overall market dynamics, significant advancements in the automotive industry and concern for safety with the recent rise of accidents pushed the demand for C-V2X solutions.

Furthermore, increased government emphasis on smart city plans has enabled easy access to modern transport solutions for customers. Notably, the technology spending on smart cities is expected to rise from $80 billion in 2018 to nearly $200 billion by 2025, with transport and mobility at the forefront of developmental reforms.

Moreover, key market players have been working on enhancing their product range and broadening their customer base with strategic partnerships and collaborations. For instance, in July 2022, Autotalks Ltd., an automotive solutions firm, introduced the world’s first 5G-V2X-supporting V2X chipsets that enable crucial actions like automatic braking by using sensor data.

The cellular vehicle-to-everything (C-V2X) market has been bifurcated on the basis of communication type, component, application, vehicle type, and region. In terms of communication type, the industry has been divided into vehicle-to-network (V2N), vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-person (V2P).

The vehicle-to-person (V2P) segment held a market share of more than 10.73% in 2021 as a result of an increase in the number of pedestrian deaths, which is encouraging the use of a reliable solution for the safety of pedestrians. As per the data published by the Insurance Institute for Highway Safety (IIHS), there were around 6,516 pedestrian deaths in 2020 – up by 4% since 2019. V2P platforms enable a vehicle and the pedestrian’s smart device or wearable to communicate and give a visual as well as an auditory warning to both the pedestrian and the driver.

With respect to vehicle type, the cellular vehicle-to-everything (C-V2X) market has been categorized into passenger vehicles and commercial vehicles. The commercial vehicles segment is foreseen to grow at a remarkable CAGR of over 30.3% through the analysis timeline. Transportation and logistics companies are seeking cost-effective solutions in such vehicles to efficiently manage their fleet operations. C-V2X communication technology helps in communicating with other vehicles and roadside infrastructure, thereby reducing accidents and collisions.

The cellular vehicle-to-everything (C-V2X) market has been classified by application into collision avoidance, autonomous driving, intelligent traffic system, fleet management, parking management system, and others. The autonomous driving segment accounted for more than $84.7 million in revenue in 2021 and is slated to garner substantial gains by the end of the review period. The latest developments in the automotive sector will boost the adoption of autonomous driving to improve road safety. It requires more precision and accuracy while road mapping. C-V2X technology aids autonomous vehicles in reducing the risk of potential accidents and collisions by connecting with the roadside infrastructure and other autonomous vehicles.

In the regional context, the Middle East & Africa cellular vehicle-to-everything (C-V2X) market is expected to account for about 5.56% industry share by 2030 on account of major government initiatives and investments in vehicular technologies, such as autonomous driving, connected cars, and smart transportation systems.