Automotive V2X Market to Reach USD 21 Billion by 2030, Growing at a CAGR of 41%

Automotive V2X Market to Reach USD 21 Billion by 2030, Growing at a CAGR of 41%

 

According to Next Move Strategy Consulting, the Automotive Vehicle to Everything (V2X) Market, is projected to grow at an extraordinary rate, reaching USD 21 billion by 2030, with a compound annual growth rate (CAGR) of 41% from 2024 to 2030. This growth is driven by the increasing adoption of advanced communication technologies that allow vehicles to connect with other vehicles (V2V), infrastructure (V2I), pedestrians (V2P), and various road users, transforming the landscape of transportation worldwide.

Automotive V2X technology enables real-time communication, enhancing road safety, traffic efficiency, and the overall driving experience. With the ability to exchange critical data such as speed, position, and direction, V2X supports proactive decision-making, significantly reducing accidents and improving emergency response times. It also helps optimize traffic flow, reducing congestion and fuel consumption, offering a seamless experience for drivers and passengers alike.

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Key Drivers of Growth:

  • Electric Vehicle (EV) Surge:The rising popularity of electric vehicles, often equipped with advanced driver assistance systems (ADAS), accelerates the need for V2X communication. With a 60% increase in global EV sales in 2022, V2X plays a crucial role in supporting autonomous driving and optimizing charging schedules.
  • Rising Road Accidents:The global road accident fatality rate is a major driver for V2X adoption. The World Health Organization reports over 1.35 million fatalities annually, highlighting the urgent need for solutions that can reduce accidents and protect vulnerable road users.
  • Advancements in Connected Vehicle Technologies:As connected vehicle technologies evolve, V2X systems are benefiting from improved data transfer speeds, enhanced reliability, and lower latency. These advancements allow for more sophisticated real-time communication between vehicles and infrastructure, propelling the market forward.
  • Privacy and Cybersecurity Concerns:While the technology offers immense potential, concerns around data privacy and cybersecurity, including hacking and spoofing risks, remain significant challenges.

Geographical Insights:

The Asia Pacific region is set to maintain its dominance in the V2X market. Countries like China, Japan, and India are adopting advanced government regulations for smart vehicles, driving significant demand for V2X solutions. China’s Smart Vehicle strategy and India’s alarming road accident statistics—around 412,432 accidents in 2021—have propelled the adoption of V2X to improve safety and efficiency.

In North America, the growing electric vehicle market, including a significant rise in EV sales in the U.S. and Canada, has accelerated V2X adoption, particularly as it enhances vehicle-to-grid (V2G) and vehicle-to-home (V2H) functionalities. Additionally, regulations in these regions are further driving the demand for this technology.

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Competitive Landscape:

The automotive V2X market is characterized by a dynamic competitive landscape, with key players such as Qualcomm Incorporated, Autotalks, Harman International Inc., Hyundai Mobis Co. Ltd., Quectel Wireless Solutions, and Continental AG leading the charge. These companies are employing strategies like product innovations, strategic partnerships, and collaborations to stay competitive in the market.

  • In August 2023, Hyundai Mobisteamed up with Autotalks to enhance communication between vehicles and their environment, offering safer and more efficient transportation systems.
  • Quectellaunched the C-V2X module AG18 in November 2022, marking a significant advancement in the V2X sector, improving connectivity and driving safety.

Future Outlook:

The integration of edge computing and artificial intelligence (AI) in V2X systems will create new opportunities for market growth. These technologies can process vast amounts of real-time data, further enhancing the capabilities of V2X and ensuring safer, more efficient transportation networks.

Market Segments Overview:

The V2X market is segmented based on offerings (hardware and software), connectivity types (DSRC and C-V2X), communication types (V2V, V2I, V2P), vehicle types (passenger and commercial vehicles), and unit types (onboard and roadside units). Additionally, end-users are categorized into personal and industrial sectors, with significant growth anticipated in both segments.

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For more information, please contact:
Next Move Strategy Consulting

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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

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