Automotive Vehicle to Everything (V2X) Communications Global Market Report 2024

The automotive vehicle to everything (V2X) communications market size has grown exponentially in recent years. It will grow from $2.9 billion in 2023 to $3.6 billion in 2024 at a compound annual growth rate (CAGR) of 24.2%. The growth observed during the historic period can be attributed to several factors, including heightened awareness regarding the benefits of traffic safety, growing consumer demand for advanced safety features, increased concerns regarding cybersecurity threats, a growing need for improved situational awareness and collision avoidance systems, and heightened investments in research and development efforts.

The automotive vehicle to everything (V2X) communications market size is expected to see exponential growth in the next few years. It will grow to $8.6 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. The projected growth in the forecast period can be attributed to several key factors, including the rising demand for connected vehicles, increased industrialization and urbanization, growing demand for advanced technology, heightened focus on smart cities, and the increasing adoption of smart automobiles. Major trends expected during this period include technological advancements in automotive technology, accelerated deployment of 5G networks to support connectivity, integration with connected and autonomous vehicles, expansion of cellular Vehicle-to-Everything (C-V2X) technology, and the development of smart city infrastructure.

The increasing demand for connected vehicles is poised to drive the growth of the automotive Vehicle-to-Everything (V2X) communications market. Connected vehicles are automobiles equipped with internet connectivity and onboard sensors or devices that enable communication with other vehicles, infrastructure, and external systems. This demand is fueled by factors such as the proliferation of 5G connectivity, heightened focus on safety, and consumer expectations for enhanced connectivity features. Automotive V2X communications enable connected vehicles to interact with one another and their surroundings, leading to safer, more efficient, and environmentally friendly transportation systems. For example, as reported by the Australian Computer Society in August 2021, there were approximately one million connected cars in Australia, a number projected to reach 10 million by 2030. Consequently, the increasing demand for connected vehicles is propelling the growth of the automotive V2X communications market.

Major companies in the automotive V2X communications market are concentrating on developing innovative products and solutions, such as hardware security modules (HSMs), to bolster V2X communication security and drive market revenues. HSMs are external physical security units installed in electronic control units (ECUs) within vehicles to safeguard communications and functional control systems through message cryptography. For instance, in October 2021, Infineon Technologies AG, a Germany-based technology company, introduced the SLS37 V2X, an advanced security module crafted to enhance the security and efficiency of V2X communication in connected vehicles. This solution is tailored to secure V2X communication in automobiles by ensuring the integrity, authenticity, and privacy of messages exchanged between V2X applications and telematics control units. The SLS37 V2X module caters to automotive OEMs, Tier-1 suppliers, and software providers involved in connected vehicle development, offering a plug-and-play security solution compliant with V2X application security requirements.

In February 2021, Harman International Industries Inc., a US-based electronics company, acquired Savari Inc. for an undisclosed sum. This strategic acquisition aims to enhance V2X sensor systems and edge-based analytics for vehicles by integrating Savari's software and hardware technologies. The integration of Savari's expertise and MEC (Multi-Access Edge Computing) technology enables Harman to expedite the development and implementation of V2X and 5G Edge platforms, thereby reinforcing its position in the automotive V2X communications domain. Savari Inc., headquartered in the US, specializes in developing V2X communication technology for automotive devices.

Major companies operating in the automotive vehicle to everything (v2x) communications market are Volkswagen Group, Toyota Motor Corporation, The Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, AT&T Inc., Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Tesla Inc., Nissan Motor Corporation, Panasonic Holdings Corporation, Cisco Systems Inc., Denso Corporation, Qualcomm Technologies Inc., Continental AG, Volvo Car Corporation, Aptiv PLC, NXP Semiconductors N.V., BorgWarner Inc., Visteon Corporation, Harman International Industries Inc., Mobileye.

Europe was the largest region in the automotive vehicle to everything (V2X) communications market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive vehicle to everything (V2X) communications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the automotive vehicle to everything (V2X) communications market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Automotive Vehicle-to-Everything (V2X) communications encompass technologies enabling vehicles to exchange real-time data with various elements in their surroundings. This facilitates the transmission of information such as speed, location, and direction electronically and in real-time, thereby enhancing safety, traffic efficiency, and enabling advanced driver assistance systems (ADAS) and autonomous driving.

The primary types of automotive vehicle to everything (V2X) communications include Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), and Vehicle-to-Pedestrian (V2P) communication. V2V communication involves data exchanges between two or more automobiles, enabling the transmission of Basic Safety Messages (BSMs) such as speed, heading, brake status, and other vehicle information across the radiofrequency spectrum. These technologies encompass various applications, including automated driver assistance, intelligent traffic systems, emergency vehicle notification, passenger information systems, fleet and asset management, and parking management systems. They cater to a range of applications such as road safety services, automatic parking systems, emergency vehicles, and automotive services.

The automotive vehicle to everything (V2X) communications market research report is one of a series of new reports that provides automotive vehicle to everything (V2X) communications market statistics, including automotive vehicle to everything (V2X) communications industry global market size, regional shares, competitors with a automotive vehicle to everything (V2X) communications market share, detailed automotive vehicle to everything (V2X) communications market segments, market trends and opportunities, and any further data you may need to thrive in the automotive vehicle to everything (V2X) communications industry. This automotive vehicle to everything (V2X) communications 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 automotive vehicle to everything (V2X) communications market consists of revenues earned by entities by providing services such as vehicle-to-grid (V2G) communication, vehicle-to-cloud (V2C) communication, vehicle-to-device (V2D) communication, traffic management and optimization, and road condition monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The automotive vehicle to everything (V2X) communications market also includes sales of on-board units (OBUs), roadside units (RSUs), V2X antennas, V2X testing and certification tools, and V2X sensors. 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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