The intelligent transport system (ITS) has become one of the critical systems used to manage traffic and control pollution and environmental impacts. Owing to its expected impact on the economic growth of the transport sector, currently, V2X technologies is largely creating opportunities for ITS, backed up by the key players of various automotive manufacturers, telecommunication and transport industries. Dedicated short-range communications (DSRC) and cellular vehicle-to-everything (C-V2X), respectively based on IEEE 802.11p and 3rd Generation Partnership Project (3GPP) long-term evolution/5G new radio (LTE/5G NR), are being used. While DSRC already has deployments, C-V2X is expected to see larger scale trials and deployments during the forecast period.
Leading players in the market for V2X include Robert Bosch GMBH, Continental AG, Qualcomm Technologies Inc., Autotalks Ltd. and Delphi Technologies. All these companies are investing in V2X technology as a response to increasing demand for fully autonomous driving and safe vehicles. Increasing collaborations and mergers and acquisitions, along with product development and launches, are expected to optimize the environmental and economic advantages by enhancing and utilizing new and innovative ideas and technologies.
The ongoing COVID-19 pandemic had a negative impact on the V2X market specifically. Declining car sales and a shutdown of manufacturing plants has hampered market growth. The lockdown and social distancing regulations have led to a fall in the sales of vehicles, impacting the growth of V2X market. The strategies adopted by key manufacturers to overcome the huge loss can help recover damages resulting from the pandemic to strengthen the supply chain and encourage the global V2X market. Most companies have offered the option of work from home, so the increase in remote working options has declined the need for passenger cars as well as the market demand for modern connected vehicle technologies. Furthermore, the semiconductor industry is experiencing a shortage in finished goods, components and materials that is affecting suppliers.
There is a rapid growth of urbanization and industrialization due to the development of economies and a raise in disposable income in various developed countries across the globe.
V2X communication technology is being customized to offer ITS solutions improve road safety, traffic efficiency and driving experience. Furthermore, the increase in disposable income, rise in employment rates and surge in overall GDP is encouraging advancements including smart cities with smart infrastructures facilities. These factors are playing a crucial role in the growth of the V2X market.
The global market for V2X is segmented based on communication, connectivity, offering, unit, propulsion and geography. In terms of communication, the market is categorized into V2V, V2I, V2G, V2C, V2D and V2P. The market by connectivity is segmented into DSRC and C-V2X. The market for offering is segmented into hardware and software. The market by unit is segmented into onboard units and roadside units. Regions covered in the report include North America, Europe, Asia-Pacific and the Rest of the World (RoW), which includes South America and the Middle East and Africa.
The global market for V2X should grow from $1.0 billion in 2021 to $6.5 billion by 2026, at a compound annual growth rate (CAGR) of 45.0% for the period of 2021-2026.
The Report Includes
A brief general outlook of the global market for V2X (vehicle-to-everything) communication and related technologies
Analyses of the global market trends, with historic data from 2020, market estimation for 2021, 2023 and 2025, and projections of compound annual growth rates (CAGRs) through 2026
Estimation of the market size and revenue forecast for V2X vehicular communication system, and corresponding market share analysis by type of communication, connectivity/navigation technology, propulsion, offering technology, vehicle unit, and geographic region
Discussion of market trends and industry structure with relate to connected vehicles technology, applications and business considerations of the global V2X market and descriptions of market forces relevant to V2X and its related segments
Outlining details of key market dynamics (DROs) for V2X technology, regulatory scenario, and impact of COVID-19 on the progress of this market
Highlights of the growth strategies adopted by leading automotive players in the ecosystem, their competitive benchmarking and company share analysis
Descriptive company profiles of the major manufacturers of V2X metrology including, Autotalks ltd., HARMAN International, Huawei, NXP Semiconductors, Qualcomm, and Robert Bosch
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