Cellular Vehicle-To-Everything Global Market Report 2024

The cellular vehicle-to-everything market size has grown exponentially in recent years. It will grow from $0.71 billion in 2023 to $0.94 billion in 2024 at a compound annual growth rate (CAGR) of 33.1%. The expansion observed during the historic period can be attributed to several factors, including the rising demand for cellular vehicle-to-everything (C-V2X) products and services, supportive regulatory measures, ongoing cost reductions in production and installation, government initiatives aimed at creating smart cities, and increased smartphone penetration.

The cellular vehicle-to-everything market size is expected to see exponential growth in the next few years. It will grow to $2.68 billion in 2028 at a compound annual growth rate (CAGR) of 29.8%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing number of road accidents globally, the growing adoption of autonomous vehicles, rising demand for safer road travel, increasing popularity of vehicle telematics, and growing awareness about environmental sustainability. Key trends expected during this period include advancements in technology, the proliferation of smart city initiatives worldwide, the adoption of standards for road safety systems, the integration of Cellular Vehicle-to-Everything (C-V2X) with advanced driver assistance systems (ADAS), and the incorporation of C-V2X technology in automobiles.

The escalation in road accidents worldwide is anticipated to drive the expansion of the cellular vehicle-to-everything (C-V2X) market in the foreseeable future. Road accidents, defined as collisions involving vehicles, pedestrians, animals, or fixed objects on public or accessible private roads, are on the rise due to factors such as human error, substandard road conditions, and vehicle malfunctions. C-V2X technology serves as a pivotal tool in curbing road accidents by enabling real-time communication between vehicles and infrastructure, facilitating rapid responses to potential dangers. This seamless connectivity offered by C-V2X aims to significantly bolster road safety by proactively addressing collision risks and optimizing overall traffic management. For example, data from the National Highway Traffic Safety Administration in May 2022 revealed a concerning increase in motor vehicle traffic crash fatalities, reaching 42,915 in the previous year, a 10.5% surge from 2020's 38,824 fatalities. Consequently, the mounting occurrences of road accidents globally are propelling the growth trajectory of the cellular vehicle-to-everything market.

Prominent players in the cellular vehicle-to-everything arena are intensifying their endeavors towards developing cutting-edge solutions, such as the next-generation cellular vehicle-to-everything (C-V2X) module, to bolster road safety and optimize traffic flow. These advanced modules serve as sophisticated communication technologies, fostering efficient communication to ensure a safer and more streamlined traffic ecosystem. For instance, in November 2022, Quectel Wireless Solutions Co. Ltd., a China-based firm specializing in cellular communication module design and development, unveiled the AG18 module. This next-generation C-V2X module boasts PC5 direct communication capabilities, enabling seamless vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-pedestrian (V2P) communication, promoting safety and traffic efficiency. The AG18 module operates on the unified 5.9GHz intelligent cellular subscription and is engineered to withstand harsh environmental conditions, delivering superior protection against electric discharge (ESD) or electromagnetic interference (EMI). Through such innovative advancements, companies are contributing to the evolution of the cellular vehicle-to-everything market, addressing the pressing need for enhanced road safety measures globally.

In February 2021, Harman International Industries Inc., a US-based manufacturer of audio and electronic systems, successfully acquired Savari Inc. for an undisclosed amount. This strategic acquisition is geared towards enhancing Harman's automotive telematics and advanced driving assistance systems (ADAS) capabilities. Additionally, it aims to broaden the company's strengths in 5G Edge, multi-access edge computing (MEC), and smart infrastructure solutions. Savari Inc., based in the US, is an auto tech company specializing in providing vehicle-to-everything (V2X) radio technology services. The acquisition aligns with Harman's vision of advancing technological solutions for the automotive industry.

Major companies operating in the cellular vehicle-to-everything market are AT&T Inc., Robert Bosch GmbH, Huawei Technologies co. Ltd., Audi AG, Intel Corporation, Daimler Truck AG, Qualcomm Technologies Inc., NTT DOCOMO Inc., Continental AG, Nvidia Corporation, Nokia Corporation, ZTE Corporation, Aptiv PLC, Infineon Technologies AG, NXP Semiconductors, Keysight Technologies, Harman International Industries Inc., Rohde & Schwarz GmbH & Co. KG, Quectel Wireless Solutions Co. Ltd., TomTom International BV, Autotalks Ltd., Commsignia Ltd., Savari Inc., Ficosa International SA, Cohda Wireless Pty Ltd., Shenzhen Genvict Technologies Co. Ltd., Quectel wireless co. Ltd., Unex Technology Corp., MediaTek Inc., Reliance Jio Infocomm Ltd.

North America was the largest region in the cellular vehicle-to-everything market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cellular vehicle-to-everything market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cellular vehicle-to-everything market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cellular vehicle-to-everything (C-V2X) denotes a communication technology facilitating vehicles to establish connections with pedestrians, infrastructure, other vehicles, and networks. This system enables real-time exchange of information regarding surrounding conditions, including traffic status, road hazards, and pedestrian movements, thereby enhancing road safety, traffic efficiency, and the overall driving experience.

The primary components of cellular vehicle-to-everything comprise hardware and software. Hardware encompasses the physical components of a computer system responsible for storing and executing instructions provided by software. These components find application across various vehicle types, encompassing passenger and commercial vehicles. The communication types include vehicle-to-person (V2P), vehicle-to-infrastructure (V2I), vehicle-to-network (V2N), and vehicle-to-vehicle (V2V), employed in diverse applications such as fleet management, autonomous driving, collision avoidance, intelligent traffic systems, and parking management systems.

The cellular vehicle-to-everything market research report is one of a series of new reports that provides cellular vehicle-to-everything market statistics, including cellular vehicle-to-everything industry global market size, regional shares, competitors with a cellular vehicle-to-everything market share, detailed cellular vehicle-to-everything market segments, market trends and opportunities, and any further data you may need to thrive in the cellular vehicle-to-everything industry. This cellular vehicle-to-everything market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cellular vehicle-to-everything market consists of revenues earned by entities by providing services, such as vehicle-to-grid (V2G) communication, emergency vehicle warning, blind spot warning (BSW), and traffic signal priority (TSP). The market value includes the value of related goods sold by the service provider or included within the service offering. The cellular vehicle-to-everything market also includes sales of sensors, cameras, smartphones, global navigation satellite system (GNSS) receivers, cellular modems, and others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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