V2X Market (Component - Hardware, and Software; Communication Type - Vehicle-to-vehicle (V2V) Communication, Vehicle-to-network (V2N) Communication, Vehicle-to-grid (V2G) Communication, Vehicle-to-infrastructure (V2I) Communication, Vehicle-to-home Communication (V2H), and Vehicle-to-pedestrian (V2P) Communication; Connectivity Type - DSRC, and Cellular Connectivity; Vehicle Type - Commercial Vehicles, and Passenger Cars): Global Industry Analysis, Trends, Size, Share and Forecasts to 2032

A recent report published by Infinium Global Research on V2X market provides in-depth analysis of segments and sub-segments in the global as well as regional V2X market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional V2X market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global V2X market.

Market Insight:

The global V2X market was valued at USD 2.52 billion in 2023 and is expected to reach USD 61.58 billion in 2032, with a CAGR of 44.71% during the forecast period 2024-2032.

V2X (Vehicle-to-everything) is a communication technology that includes sensors, cameras, and wireless networks such as Wi-Fi, radio frequencies, and LTE, and 5G cellular technology. This technology enables vehicles to share information with their surroundings, including other vehicles, pedestrians, networks, and infrastructure. The types of V2X communication includes vehicle-to-vehicle (V2V) communication, vehicle-to-network (V2N) communication, vehicle-to-grid (V2G) communication, vehicle-to-infrastructure (V2I) communication, vehicle-to-home communication (V2H), and vehicle-to-pedestrian (V2P) communication. The significant benefits of V2X include preventing car accidents, improving transportation efficiency by exchanging information with traffic infrastructure, and saving time and money by suggesting suitable routes that avoid accidents. Additionally, it helps drivers increase situational awareness and alerts them to hazardous conditions such as upcoming traffic jams or low visibility of pedestrians.

Increasing demand for advanced vehicle safety technologies is fueling market growth. In recent years, the increasing number of car accidents around the world has mostly been attributed to factors such as the absence of safety features in vehicles, poor road conditions, inaccurate road and weather data, and more. This rise in accidents is putting significant pressure on countries worldwide, emphasizing the need for technologically advanced car systems that can prevent accidents and enhance the driving experience. V2X technology, which encompasses vehicle-to-vehicle, vehicle-to-infrastructure, and vehicle-to-network communication, has the potential to greatly improve road safety. The real-time communication facilitated by V2X among nearby vehicles, pedestrians, infrastructure, and networks is expected to contribute to the growth of the V2X market, driven by the increasing safety concerns related to car accidents. Further, the rising demand for smart cars is driving the demand for innovative car solutions such as V2X, which increases their performance and lifespan. V2X technology allows cars to communicate in real time with vehicles, pedestrians, infrastructure, and networks. Data exchange enables car drivers to reduce accidents, understand road traffic, and monitor vehicles' performance. However, the concern associated with data security can hamper the market growth. V2X communication generates a large amount of data that assists in guiding other vehicles, pedestrians, networks, and infrastructure. The main concern lies in the cybersecurity of this data, as hackers can access a vast amount of data through wireless communication systems, potentially leading to personal information leaks and misuse by hackers. Thus, these cybersecurity concerns can impede the market's growth. Nonetheless, the adoption of C-V2C and AI technology is expected to create lucrative opportunities for the growth of the market.

The V2X market is divided into North America, Europe, Asia Pacific, and the rest of the world. The Asia-Pacific region is expected to grab a significant share of the global V2X market due to the increasing demand for V2X technology driven by the growth of the automotive industry, urbanization, and advanced technology. Additionally, the growing automotive industry in emerging countries like China, Japan, and India, where leading players are introducing advanced features in automobile smart systems, contributes to the rising V2X market in this region. Moreover, the North America region is anticipated to witness a rapid growth rate owing to the increasing adoption of autonomous and smart cars, IoT and 5G technology developments, and growing awareness of road safety. Countries like the United States and Canada are leading the charge with strong support for V2X technology, enhancing vehicle communication systems for improved traffic management, safety, and autonomous driving capabilities.

Report Scope of the V2X Market:

Segment wise revenue contribution in the global V2X market

The report on global V2X market provides a detailed analysis of segments in the market based on Component, Communication Type, Connectivity Type, and Vehicle Type.

Segmentation Based on Component

·       Hardware

·       Software

Segmentation Based on Communication Type

·       Vehicle-to-vehicle (V2V) Communication

·       Vehicle-to-network (V2N) Communication

·       Vehicle-to-grid (V2G) Communication

·       Vehicle-to-infrastructure (V2I) Communication

·       Vehicle-to-home Communication (V2H)

·       Vehicle-to-pedestrian (V2P) Communication

Segmentation Based on Connectivity Type

·       DSRC

·       Cellular Connectivity

Segmentation Based on Vehicle Type

·       Commercial Vehicles

·       Passenger Cars

Company Profiled:

·       Continental AG

·       NXP Semiconductors

·       Qualcomm Technologies, Inc.

·       Robert Bosch GmbH

·       HARMAN International

·       Cisco Systems, Inc.

·       Infineon Technologies AG

·       Autotalks

·       DENSO CORPORATION

·       Cohda Wireless

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the V2X market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.