The automotive V2X market size to reach USD 1.91 billion in 2024 and is predicted to cross USD 80.49 Billion by 2034, growing at a CAGR of 45.4% from 2024 to 2034.

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Key Points

• In 2023, Asia Pacific dominated the market with a 42% share.
• The Vehicle-To-Vehicle (V2V) segment recorded the largest share in 2023.
• More than 75% of the market revenue came from the passenger cars segment in 2023.

Automotive V2X Market Dynamics

Drivers

The increasing number of road accidents and fatalities has heightened the need for advanced safety solutions, making V2X a crucial technology for improving vehicle communication.

The rapid development of 5G technology and its ability to support low-latency communication is a major driver for V2X adoption. Additionally, government policies and initiatives worldwide are pushing the adoption of connected vehicle technology to enhance traffic management and reduce emissions.

Opportunities

The emergence of autonomous vehicles and their reliance on seamless communication create vast growth opportunities for the V2X market. The integration of artificial intelligence and machine learning with V2X communication can enhance predictive analytics and situational awareness, further improving traffic efficiency.

The rise of mobility-as-a-service (MaaS) and shared mobility solutions also presents new business models that can leverage V2X for better coordination and operation.

Challenges

The emergence of autonomous vehicles and their reliance on seamless communication create vast growth opportunities for the V2X market. The integration of artificial intelligence and machine learning with V2X communication can enhance predictive analytics and situational awareness, further improving traffic efficiency.

The rise of mobility-as-a-service (MaaS) and shared mobility solutions also presents new business models that can leverage V2X for better coordination and operation.

Regional Insights

The United States is at the forefront of V2X implementation, driven by policies encouraging connected and autonomous vehicles. European countries, especially Germany and the UK, are rapidly developing smart transportation networks with V2X integration.

Meanwhile, China is investing heavily in V2X to support its ambitious plans for autonomous driving and smart city development.

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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