The latest market report published by Credence Research, Inc. “Global V2X Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The market for V2X is expected to grow from US$ 1,044.5 million in 2020 to US$ 13,404.1 million by 2027 with a CAGR of over 44% during the forecast period from 2021 to 2027.
Global V2X Market, 2020 – 2027 (USD Million)
V2X allow vehicle-to-vehicle and vehicle-to-infrastructure communication. It could be used to supplement onboard sensors in automobiles by providing more accurate data over a greater distance. V2X is a versatile and cost-effective solution for manufacturers looking to improve road safety by combining secure wide-area and short-range communication into a single technology. A carmaker that uses C-V2X, for example, may install a single connection module in a vehicle to handle secure internet and cloud-based system connections, as well as direct interactions with other vehicles, infrastructure, and road users.
The cellular segment of the vehicle V2X market is expected to grow at a rapid pace
Cellular V2X (C-V2X) is a V2X service delivery system that combines a direct vehicle-to-vehicle (V2V) mode and a network communications interface for vehicle-to-network (V2N) communication. It was developed by the Third Generation Partnership Project (3GPP). The former short-range communications mode will use intelligent transport systems (ITS) spectrum in the 5.9GHz band for V2V and vehicle-to-roadside infrastructure (V2I) messages, while the V2N mode will use mobile operator spectrum within cellular networks.
One important driver for C-V2X development is to meet the automotive industry’s desire for improved wireless communication to advance automated driving technology. Such self-driving technologies are rapidly emerging, and it is widely assumed that they will revolutionize driving experiences, provide safer automobiles, and increase the efficiency of automotive travel. C-V2X could supplement onboard sensors by delivering additional data and enabling longer-range operation. This will contribute to future advancements in driver safety, efficiency, and convenience.
Europe is the largest market for V2Xs.
Europe will have the largest automotive V2X market during the forecast period followed by North America. Increased R&D efforts are critical to the expansion of the V2X market in Europe. Bosch, Huawei, and Vodafone Germany successfully tested C-V2X on Germany’s A9 highway. They used an experimental 5G network in tandem with Bosch’s Adaptive Cruise Control (ACC) driver-assistance technology. In a similar vein, as part of the European C-Roads initiative, Deutsche Telekom has begun C-V2X testing in the Czech Republic in collaboration with Skoda Auto. Vodafone is collaborating with Continental to build a “digital safety barrier” for bicycles and pedestrians in the first 5G deployments12, which will use C-V2X direct connectivity and edge computing. 5G-ready tests are being conducted in a real-world scenario at Vodafone’s 5G Mobility Lab in Aldenhoven, Germany.
Global V2X Market key Players:
Autotalks LTD., Continental AG, Delphi Technologies, Denso Corporation, Harman International, Infineon Technologies AG, NXP Semiconductors, Qualcomm Technologies, Inc., Robert Bosch GmbH, STMicroelectronics, Cohda Wireless, and Savari, Inc. are among the major competitors in the global V2X market. To meet the growing demand for fully autonomous driving and safe vehicles, all of these companies are investing in V2X technology. Increased collaborations, mergers, and acquisitions, as well as product development and launches, are expected to maximize environmental and economic benefits by developing and implementing innovative and creative ideas and technologies.
Global V2X Market by Component, 2015 – 2027
Global V2X Market by Communication, 2015 – 2027
- Vehicle-to Device (V2D)
- Vehicle-to-Cloud (V2C)
- Vehicle-to-Grid (V2G)
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Pedestrian (V2P)
- Vehicle-to-Vehicle (V2V)
Global V2X Market by Connectivity, 2015 – 2027
Global V2X Market by Vehicle Type, 2015 – 2027
- Passenger car
- Commercial vehicle
Global V2X Market by Company, 2015 – 2027
- Autotalks LTD.
- Cohda Wireless
- Continental AG
- Delphi Technologies
- Denso Corporation
- Harman International
- Infineon Technologies AG
- NXP Semiconductors
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- Savari, Inc.