Vehicle-To-Everything (V2X) Communication System Market size is set to grow by USD 23.40 billion from 2024-2028, Growing demand for smart road infrastructure boost the market, Technavio

NEW YORK, Aug. 6, 2024 /PRNewswire/ — The global vehicle-to-everything (V2X) communication system market size is estimated to grow by USD 23.40 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  22.79%  during the forecast period. Growing demand for smart road infrastructure is driving market growth, with a trend towards advent of smart cities. However, need to maintain compliance with stringent standards  poses a challenge. Key market players include Aptiv Plc, Autotalks Ltd., BMW AG, Capgemini Service SAS, Cisco Systems Inc., Cohda Wireless Pty. Ltd., Continental AG, DENSO Corp., General Motors Co., Huawei Technologies Co. Ltd., Infineon Technologies AG, Kapsch TrafficCom AG, Lear Corp., Neusoft Corp., NXP Semiconductors NV, Qualcomm Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., STMicroelectronics International N.V., and Unex Technology Corp..

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Market Driver

Smart cities are digital innovations that connect various devices to enhance communication, improve performance, and reduce costs. Examples of smart city advancements include traffic control, home monitoring, e-toll, waste management, and water management. The number of smart cities is projected to increase significantly, with Saudi Arabia planning to develop 16 smart cities by 2030 as part of its Vision 2030 initiatives. V2X communication systems will be essential in enabling vehicles to communicate with various entities in these cities. The data generated from smart devices will be analyzed to improve business quality and innovate for a better future. Companies are focusing on installing communication infrastructure in smart cities to provide high-speed connectivity and asynchronous traffic shaping. Technology has evolved to include wearable devices, which function as data collection devices for analytics in the transportation sector. The incorporation of advanced technologies, such as V2X communication systems and wearable devices, within smart cities is expected to drive market growth during the forecast period. 

The V2X market is surging, driven by the growing awareness of connected vehicles and the need for faster, more efficient traffic management. The European Union (EU) is leading the charge, with Cellular V2X technology at the forefront. Automakers and OEMs are investing heavily in V2X, integrating it into electric vehicles and advanced driver assistance systems (ADAS). Smart parking, GPS-based location services, and predictive vehicle maintenance are just some of the benefits for vehicle owners. V2X technology also enhances automotive performance and provides real-time weather information. Infrastructure and road users alike reap the rewards of V2X, with intelligent transport systems, sensors, cameras, and data recorders enabling collision avoidance, traffic updates, and road condition alerts. However, challenges remain, including cybersecurity threats from hackers and network attacking gateways. Cloud-based networks and hardware solutions are being developed to counteract these risks. The future of the V2X market is bright, with autonomous vehicles, sustainable mobility solutions, and C-ITS set to revolutionize the automotive sector for consumers and connectivity infrastructure on highways in emerging economies. Companies like Cohda are leading the way in V2X innovation. 

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Market Challenges

• Vehicle-To-Everything (V2X) communication systems face regulatory challenges due to stringent government regulations that govern manufacturing, distribution, marketing, and sales. For instance, IEEE 802.11p standards recommend specific features and technology for V2X communication systems. New standards continue to emerge, requiring manufacturers to comply with periodic inspections under the Quality System Regulation Act. Additionally, V2X communication systems in autonomous vehicles must meet Automotive Safety Integrity Level (ASIL) requirements, with suppliers adhering to International Organization for Standardization (ISO) 26262 standards. Maintaining these standards and updating offerings to keep pace with network technology increases manufacturing costs, potentially hindering market growth during the forecast period.
• The Vehicle-To-Everything (V2X) communication system market is rapidly growing as the transportation industry seeks to improve road safety and traffic efficiency. However, implementing V2X technology faces challenges. Vision-based systems, Wi-Fi, and cellular technology each have their limitations in adverse conditions. On-Board Units (OBU) and Roadside Units (RSU) must communicate effectively to enable Automated driver assistance, Vehicle-to-Vehicle (V2V), Vehicle-to-Pedestrian (V2P), Vehicle-to-Network (V2N), and Vehicle-to-Infrastructure (V2I) communication. Road networks, C-Road Platform, and various European programs like 5G-PPP, 5G Mobix, 5G MED, 5GCroCo, and 5G-ROUTES, are crucial for the development of advanced communication systems. Companies like Mercedes-Benz, Hamburg Port Authority, NXP Semiconductors, Siemens Mobility, Technolution, and truck and vehicle manufacturers are investing in V2X technology to reduce road traffic accidents, fatalities, non-fatal injuries, and disabilities. Traffic lights, parking spaces, trucks, vehicles, pedestrians, and energy savings are all benefiting from this innovative technology. Hazards and vehicular data are shared in real-time to enhance road safety and optimize traffic flow.

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Segment Overview 

This vehicle-to-everything (v2x) communication system market report extensively covers market segmentation by  

1. Connectivity 

Vehicle Type

• 2.1 Passenger
• 2.2 Commercial

Geography 

• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Cellular-  The Cellular Vehicle-to-Everything (C-V2X) system represents a unified connectivity platform designed to facilitate low-latency communication between vehicles, infrastructure, and vulnerable road users. C-V2X, which operates in the 5.9 GHz frequency range, offers non-line-of-sight awareness and enhanced predictability for improved road safety and autonomous driving. This technology enables vehicles to interact with other vehicles, pedestrians, and cyclists without relying on a cellular network. By implementing C-V2X and wireless technologies in transportation, significant benefits can be reaped, such as reduced traffic accidents, improved trip planning, mode selection, and traffic efficiency, leading to less fuel consumption. Real-time route assistance, optimized vehicle dynamics, and personal mobility services are just a few advantages of C-V2X. The technology uses 4G LTE or 5G mobile cellular communication that is 3GPP standardized. The Federal Communications Commission in the US has allocated 20 MHz and potentially 30 MHz of the 5.9 GHz range for C-V2X. The future of C-V2X is promising, as it will revolutionize the way we engage with our cars and communicate with one another, ultimately leading to a more effective and efficient transportation system. The expanding 5G infrastructure in both developed and developing countries is expected to fuel the growth of the C-V2X market during the forecast period.

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Learn and explore more about Technavio’s in-depth research reports

The global Near Autonomous Passenger Car Market is experiencing significant growth due to advancements in AI and sensor technologies. Major players are investing in R&D to enhance vehicle safety and efficiency. The market is segmented by technology, application, and region, with North America and Europe leading in adoption rates. Increasing consumer demand for advanced driver-assistance systems (ADAS) and semi-autonomous features is driving market expansion. Key players include Tesla, Audi, and BMW, who are pioneering innovations in this sector.

Research Analysis

Vehicle-to-Everything (V2X) communication systems enable vehicles to exchange information with other vehicles, parking spaces, traffic lights, pedestrians, and infrastructure in real-time. This technology enhances road safety by providing advanced warning systems for potential collisions and traffic congestion. V2X also promotes energy savings and traffic efficiency by optimizing vehicle flow and reducing idling time at traffic lights. Sensors, cameras, and data recorders are essential hardware components of V2X systems, while predictive vehicle maintenance and automotive performance enhancement are specific tasks they can perform. V2X communication systems operate based on fundamental standards such as SAE JS2735 and use various operating systems for data processing. In high-traffic environments, V2X systems can significantly improve safety and efficiency, reducing the number of road traffic accidents and improving overall traffic flow.

Market Research Overview

The V2X communication system market is a rapidly growing sector that enables vehicles to communicate with parking spaces, traffic lights, pedestrians, and other road users in real-time. This advanced communication technology enhances road safety by providing safety features such as collision avoidance, hazard warnings, and traffic updates. V2X also promotes energy savings and traffic efficiency by optimizing traffic flow and reducing road traffic accidents, fatalities, non-fatal injuries, and disabilities. V2X systems utilize various technologies including Cellular V2X, DSRC, IEEE 802, ITS-G5, and IEEE 1609. Automakers and OEMs are integrating V2X technology into electric vehicles, autonomous vehicles, and commercial vehicles for predictive vehicle maintenance, automotive performance enhancement, and platooning. The European Union (EU) and emerging economies are investing in V2X infrastructure to support sustainable mobility solutions and improve connectivity infrastructure on highways and in rural areas. However, security concerns such as hackers and network attacking gateways pose challenges to the V2X market. The market also includes various stakeholders such as traffic operators, government regulatory frameworks, telecommunications regulations, and third-party logistics companies. V2X technology relies on various sensors, cameras, data recorders, and predictive analytics to provide real-time information to road users. The market is expected to grow significantly in the coming years due to the increasing demand for intelligent transport systems, weather information, and C-ITS services.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Connectivity
• Vehicle Type
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio