V2X communication facilitates connectivity between vehicles and surrounding infrastructure to exchange real-time traffic and safety information. It helps drivers receive alerts about traffic accidents, traffic jams, hazardous road conditions, and optimize routes. Growing implementation of smart city initiatives across major cities worldwide promoting use of connected vehicles is augmenting the V2X communication market. The global V2X Communication Market is estimated to be valued at US$ 3.63Bn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Growing deployment of smart city initiatives promoting use of connected vehicles has emerged as a key trend boosting the V2X communication market. Major cities worldwide are increasingly investing in smart infrastructure to reduce traffic congestion and improve transportation efficiency. For instance, over 100 smart city projects in China are incorporating use of vehicle connectivity to enable functions such as autonomous driving and traffic management. Similar initiatives in the US, Europe and other regions are creating conducive environment for adoption of V2X communication technology.
SWOT Analysis
Strength: V2X communication enables direct communication between vehicles,infrastructure and mobile devices that can help improve road safety. Weakness: High initial implementation and R&D cost for automakers and governments to deploy the required infrastructure across countries. Opportunity: Growing demand for connected vehicles and services. Advancements in 5G technologies to accelerate the scope of V2X applications beyond vehicle safety. Threats: Privacy and security concerns around the use of vehicle data. Slow adoption rates in some regions due to lack of supportive policies and standards.
Key Takeaways
The global V2X communication market is expected to witness high growth. The technology allows vehicles to communicate with each other as well as with transportation infrastructure to provide drivers with critical safety information.
Regional analysis: North America holds the major share of the V2X communication market currently due to large-scale pilots and commercial deployments of V2X technology. The presence of key automakers and technology providers is also driving growth. Asia Pacific is expected to grow at the fastest pace during the forecast period with strong government support for connected mobility solutions.
Key players: Key players operating in the V2X communication include Delphi Automotive Plc, Aptiv PLC, Autotalks Ltd., Continental AG, Qualcomm Inc, Infineon Technologies A., Robert Bosch GmbH, Harman International Industries Inc. Cisco Systems Inc., Infineon Technologies AG, Mobileye NV, among others. These players are focusing on partnerships, collaborations and investments in cellular vehicle-to-everything (C-V2X) technologies to expand their global footprint.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
