Connected Car Mobility Solutions (CCMS) is a software platform that connects vehicles to their environment as well as other connected devices.
The global Automotive V2X market size is expected to reach close to USD 15.3 Billion by 2029 with an annualized growth rate of 45% through the projected period.
Covid-19 Impact & Market Status
Fast-track strategies and efforts by key manufacturers to overcome the massive loss can help in repairing the damage caused by the outbreak, which will strengthen the supply chain and accelerate market size. Furthermore, most firms now allow employees to work from home, resulting in a decrease in the need for passenger automobiles and an increase in the demand for current connected vehicle technologies.
The semiconductor sector is witnessing another scarcity of completed goods, materials, and components, which is causing suppliers to suffer. Reduced vehicle sales and the closure of manufacturing plants are wreaking havoc on supply chains all around the world. However, in order to combat the deadly virus, OEMs and suppliers are reorganizing plant capacities to deliver medical equipment and personal protective equipment (PPE) kits.
For example, Mahindra manufactures personal ventilators, whereas Ford and General Motors produce PPE surgical equipment and ventilators. The latest COVID-19 outbreak is posing a serious danger to C-V2X suppliers, forcing them to temporarily suspend R&D investment in order to focus on critical financial obligations. The use of passenger automobiles has decreased, as has market demand for current connected vehicle technology, as a result of the increase in remote working choices.
COVID-19's global consequences are already being seen, and the automotive V2X industry will be considerably impacted by 2020. There are fears that the lockdown will be extended, suffocating economic activity across the board, particularly in the automotive industry. As a result of the imposed lockdown, manufacturing plants all across the world have halted operations, potentially harming sales of vehicles equipped with vehicle-to-everything (V2X) technology.
Market instability, supply chain disruption, company decline, and a spike in panic among client segments are all consequences of the COVID-19 issue. Governments in several places have already announced entire lockdowns and interim shutdowns of industries, which has had a severe impact on overall production and sales. As a result, the propagation of the COVID-19 pandemic has severely harmed the global car V2X business.
During the forecast period, the Passenger Vehicle segment of the Global Cellular Vehicle-to-Everything Market is estimated to develop at the fastest CAGR.
The expansion of the category will be fueled by an increase in the number of passenger vehicles equipped with C-V2X chipsets to improve driver and passenger security while reducing accidents.
Personal Communication Segment is expected to grow at the fastest CAGR
The market is divided into two types of communication: direct communication and network communication. During the forecast period, the Global C-V2X (Cellular Vehicle-to-Everything) Market for Personal Communication is expected to grow at the fastest CAGR, as it allows vehicles to communicate about location, speed, and direction, as well as provide alerts in the form of audio or visual to provide 360-degree situational awareness for superior safety.
The autonomous driving segment is expected to grow at the quickest CAGR during the projected period
Based on application, the market is divided into Autonomous Driving, Fleet Management, Collision Avoidance, Parking Management Systems, Intelligent Traffic Systems, and others. The autonomous driving segment of the Global Cellular Vehicle-to-Everything (C-V2X) Market is expected to grow at the quickest CAGR during the projected period. The segment's rise is attributable to the automobile industry's rising investment in the development of autonomous vehicles, which has resulted in a need for C-V2X solutions to support a variety of vehicular applications.
The Asia Pacific region is expected to grow at the quickest CAGR during the projected period
The Cellular Vehicle-to-Everything (C-V2X) Market is expected to be dominated by the Asia Pacific, followed by North America and Europe. Increased research and development of electric cars and autonomous vehicles (AVs) in Japan, China, and India is driving the Asia Pacific Cellular Vehicle-to-Everything (C-V2X) Market. The deployment of driverless vehicles is accelerating throughout North America.
It combines the use of innovation like wireless networks, sensors, and satellite navigation systems to provide real-time data regarding traffic conditions to vehicle drivers and automatic driving systems (ADS) in some self-driving automobiles.
The global automotive V2X market was valued at 2,565.6 USD million in 2018 and is expected to grow with the 11,718.7 USD million by 2028 at a CAGR of 28.4%. Connected mobility solutions attempt to improve road safety while also optimizing traffic flow on roadways by utilizing internet networks to connect endpoints such as vehicles, infrastructure, and passengers in multiple locations.
Advances in 5G technology will enable 5G-V2X applications, which are projected to provide greater performance in terms of cyber security and managing large amounts of data in congested traffic settings. The cost of hardware components is another aspect driving the cellular market.
The DSRC segment requires additional hardware components to perform V2P communication, making it more expensive than C-V2X. Audi, Ducati, and Ford displayed C-V2X technologies in January 2019. Such advancements will hasten the commercialization of C-V2X technology, ultimately propelling the total automotive V2X industry forward.
V2X is a vehicle-to-vehicle (V2V) communication system that allows cars to communicate with one other, other road users, and architecture. V2X technology's major purpose is to improve road safety, minimize pollution and reduce energy consumption.
Automakers are using vehicle-to-everything (V2X) technologies to increase consumer safety, usefulness, and convenience as a result of these technological improvements. The V2V communication segment is expected to dominate the automotive V2X industry. V2V includes two features that improve vehicle safety: front collision warning (FCW) and lane changing alert (LCW). The growing safety concerns of the government and public as a result of increased traffic accidents are a primary driving force behind the rise of the vehicle V2V industry.
Vehicles with V2V technology include the Mercedes-Benz E-Class and Cadillac CTS. One of the primary elements propelling the vehicle V2X market is developments in 5G technology. Another major driver of the automotive V2X market is the need to reduce pollution produced by transportation.
NXP Semiconductors, Altran, Autotalks Ltd., HARMAN International, Continental AG, Infineon Technologies AG, Robert Bosch GmbH, Savari, Inc., Qualcomm Technologies, Inc., and STMicroelectronics are the major participants in the vehicle V2X industry.
Latest Innovations in the C-V2X Technology Market: a Snapshot
- 5G-V2X (Vehicle-to-Everything) technology is paving the way for self-driving automobiles. Like LTE-V2X, 5G-V2X (Vehicle-to-Everything) technology already offers fully linked and automated mobility.
- 5GAA experts and member spokespersons shared their perspectives on how to ensure future-proof investments and accelerate the deployment of the latest technological innovations at the ITS World Congress, the world's largest and most prestigious event dedicated to smart mobility and transportation digitization.
- A location-as-a-service algorithm that enhances road users' placement. The goal is to alert drivers of a collision with a bike, an e-scooter rider of road damage, or to direct a blind person to the appropriate government agency or bus stop — all of which require very accurate localization.
- A connected e-bike demonstration, where Qualcomm (together with Spoke) is exhibiting a novel hardware solution that allows cars to identify VRUs using C-V2X.
Automotive V2X Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||11,718.7 USD million|
|Growth Rate||CAGR of 28.4% during 2021-2028|
|Segment Covered||Vehicle Type, Communication, Connectivity, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||NXP Semiconductors, Altran, Autotalks Ltd., HARMAN International, Continental AG, Infineon Technologies AG, Robert Bosch GmbH, Savari, Inc., Qualcomm Technologies, Inc., and STMicroelectronics|
Key Segments of the C-V2X Technology Market
Vehicle Type Overview, 2018-2028 (USD Million)
- Commercial Vehicles
- Passenger Cars
Communication Overview, 2018-2028 (USD Million)
- Vehicle-to-vehicle (V2V)
- Vehicle-to-grid (V2G)
- Vehicle-to-infrastructure (V2I)
- Vehicle-to-cloud (V2C)
- Vehicle-to-pedestrian (V2P)
- Vehicle-to device (V2D)
Connectivity Overview, 2018-2028 (USD Million)
- Dedicated Short-range Communication (DSRC)
- Cellular-V2X (C-V2X) Communication
Regional Overview, 2018-2028 (USD Million)
- NORTH AMERICA
- REST OF EUROPE
- SOUTH KOREA
- REST OF ASIA-PACIFIC
- LATIN AMERICA
- MIDDLE EAST