by The automotive V2X market size to reach USD 1.91 billion in 2024 and is projected to surpass USD 80.49 Billion by 2034, growing at a CAGR of 45.4% from 2024 to 2034.
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Key Points
- Asia Pacific was the top market with a 42% share in 2023.
- The Vehicle-To-Vehicle (V2V) segment led the market in 2023.
- The passenger cars segment generated over 75% of the revenue in 2023.
Automotive V2X Market Dynamics
Drivers
The demand for efficient and safe transportation systems is a significant driver for V2X technology. Governments and regulatory bodies across the world are implementing stringent safety standards, making V2X a key enabler in modern vehicles.
Additionally, the automotive industry’s shift toward connected and autonomous mobility solutions is pushing OEMs to invest in V2X technology.
Opportunities
The development of 5G-enabled V2X solutions opens new possibilities for ultra-fast and reliable vehicle communication. The growing interest in vehicle electrification and its integration with smart grids presents an opportunity for V2X to enhance energy management.
Public-private partnerships for smart infrastructure projects can further accelerate the adoption of V2X technology across urban and rural areas.
Challenges
One of the biggest obstacles to V2X implementation is the need for large-scale infrastructure upgrades, which require significant investment.
The coexistence of different V2X communication technologies, such as DSRC (Dedicated Short-Range Communication) and C-V2X (Cellular V2X), creates compatibility challenges. Data security and privacy risks continue to pose concerns for consumers and regulatory authorities.
Regional Insights
North America and Europe are leading the V2X market with strong government support and ongoing pilot projects. Asia-Pacific, particularly China, Japan, and South Korea, is witnessing rapid progress in V2X adoption due to proactive government initiatives and investments in smart mobility.
The Middle East is also emerging as a potential market, with investments in smart cities and intelligent transportation systems.
Automotive V2X Market Companies
- Continental AG
- Delphi Automotive LLP
- NXP Semiconductors
- TomTom International B.V.
- Qualcomm, Inc.
- Robert Bosch GmbH
- HARMAN International
- Cisco Systems, Inc.
- Mobileye
- Infineon Technologies AG
Key Companies Share Insights
The global automotive V2X market is dominated by the presence of major electronic component manufacturers. These players have strong global presence, diversified product portfolio, and are significantly involved in various strategic initiatives to retain their market position. In addition, the market experience high competition due to rapid change in the consumer preference and significant investment in research & development by market players. The market players are also involved in partnership, collaboration, and merger & acquisition strategies to grab maximum market share in the coming years. For example, in October 2016, a subsidiary company of SAIC Motors, SAIC USA, has signed an agreement with Savari Inc. Under this agreement, the SAIC USA has agreed to manufacture and distribute the V2X solutions of Savari Inc. in China and other Asian countries.
Segments Covered in the Report
By Communication Type
- Vehicle-To-Infrastructure (V2I)
- Vehicle-To-Grid (V2G)
- Vehicle-To-Vehicle (V2V)
- Vehicle-To-Home (V2H)
- Vehicle-To-Pedestrian (V2P)
- Vehicle-To-Network (V2N)
By Vehicle Type
- Commercial Vehicles (CV)
- Passenger Cars
By Connectivity Type
- Cellular Connectivity
- DSRC
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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