Cellular Vehicle-to-Everything (C-V2X) Market Size - By Communication Type (Vehicle-to-Person, Vehicle-to-Infrastructure, Vehicle-to-Network, Vehicle-to-Vehicle), Application (Fleet Management, Autonomous Driving), Component, Vehicle Type & Forecast, 2024

Cellular Vehicle-to-Everything (C-V2X) Market Size - By Communication Type (Vehicle-to-Person, Vehicle-to-Infrastructure, Vehicle-to-Network, Vehicle-to-Vehicle), Application (Fleet Management, Autonomous Driving), Component, Vehicle Type & Forecast, 2024 - 2032

The global cellular Vehicle-to-Everything (C-V2X) market is expected to record a CAGR of over 30% between 2024-2032, driven by the increasing adoption of connected vehicles and advancements in cellular technology.

The 2023 Global Road Safety Status Report reveals a slight decrease in annual road traffic fatalities to 1.19 million. Efforts to enhance road safety are yielding results, with noticeable reductions in traffic-related deaths worldwide. The governments are recognizing the importance of leveraging technology to improve road safety and traffic management systems. As such, there is a growing emphasis on implementing C-V2X solutions as part of broader transportation initiatives aimed at reducing accidents, minimizing congestion, and enhancing overall mobility.

Furthermore, with the advent of IoT and the development of smart cities, there is increasing acceptance of connected vehicles that can communicate with each other and with roadside infrastructure. C-V2X technology facilitates seamless communication between vehicles, pedestrians, and infrastructure, enabling real-time exchange of critical safety and traffic information.

The overall C-V2X industry is classified based on communication type, application, component, vehicle type, and region.

The Vehicle-to-Infrastructure (V2I) segment is anticipated to witness a decent growth till 2032, as it facilitates seamless interaction between vehicles and infrastructure elements such as traffic lights, road signs, and smart intersections. This symbiotic relationship empowers vehicles with real-time traffic updates, optimized route guidance, and adaptive traffic management, thereby streamlining traffic flow and minimizing travel time.

The fleet management application segment is poised to generate notable revenues by 2032, as the adoption of C-V2X solutions in fleet management help in vehicle tracking, remote diagnostics, predictive maintenance, and driver behavior monitoring. By harnessing the power of real-time data analytics and telematics, fleet operators can optimize route planning, minimize fuel consumption, and enhance driver safety, culminating in substantial cost savings and improved service reliability.

Asia Pacific cellular vehicle-to-everything (C-V2X) market is set to gain prominence till 2032, propelled by technological advancements, supportive regulatory frameworks, and robust investment initiatives. With burgeoning urbanization and the proliferation of smart city projects, the nations are adopting C-V2X solutions to address the pressing challenges of urban mobility, traffic congestion, and road safety. China stands out as a key contributor, spearheading the deployment of 5G infrastructure and accelerating the commercialization of C-V2X technology, thereby inducing market growth.