Press Release

V2X Technology Market Is Estimated To Record a CAGR of Around 29.30% During The Forecast Period

Global generative AI market

Evolve Business Intelligence has published a research report on the Global V2X Technology Market, 2023–2033. The Global V2X Technology market is projected to exhibit a CAGR of around 29.30% during the forecast period of 2023 to 2033.

Evolve Business Intelligence has recognized the following companies as the key players in the global V2X Technology Market: Qualcomm Incorporated, Autotalks, Continental, Cohda Wireless, Robert Bosch, HARMAN International, Infineon Technologies, NXP Semiconductors, Huawei, and Hyundai.


Market Highlights

Global V2X Technology market is projected to be valued at USD 19.86 Billion by 2033, recording a CAGR of around 29.30% during the forecast period. V2X technology, also known as Vehicle-to-Everything technology, refers to a communication system that enables vehicles to communicate with various entities in their surrounding environment. The “X” in V2X represents the wide range of communication possibilities, including vehicles communicating with other vehicles (V2V), infrastructure (V2I), pedestrians (V2P), and networks (V2N). V2X technology utilizes wireless communication protocols, such as Dedicated Short-Range Communication (DSRC) or Cellular Vehicle-to-Everything (C-V2X), to facilitate communication between vehicles and their environment. It allows vehicles to exchange information, such as speed, position, trajectory, and road conditions, with other vehicles, traffic signals, road signs, and even the smartphones of pedestrians.

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The COVID-19 pandemic has had a profound and transformative impact on the V2X technology market. As the world faced lockdowns, travel restrictions, and social distancing measures, the importance of efficient and safe transportation became even more evident. V2X technology emerged as a crucial solution to address these challenges by enabling communication between vehicles and infrastructure, facilitating the exchange of real-time information, and supporting contactless operations. The pandemic accelerated the adoption of V2X technology, as governments, transportation authorities, and automakers recognized its potential to enhance road safety, optimize traffic flow, and enable advanced features like autonomous driving. Additionally, the increased focus on remote work and e-commerce led to a greater demand for last-mile delivery and connected mobility solutions, further fueling the growth of the V2X technology market.

Segmental Analysis

The Global V2X Technology market has been segmented based on Type, and End Users.

Based on the Type, the V2X Technology market is segmented into Vehicle-to-vehicle (V2V), Vehicle-to-infrastructure (V2I), Vehicle-to-pedestrian (V2P), Vehicle-to-grid (V2G), Vehicle-to-cloud (V2C), Vehicle-to-device (V2D). The Vehicle-to-vehicle (V2V) segment is expected to have a larger market share throughout the forecast period.

Based on End Users, the global V2X Technology market has been divided into Passenger Cars, Commercial Vehicles, and Others. The Passenger Cars segment is anticipated to dominate the market.

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Regional Analysis

The V2X Technology market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America, including the U.S. and Canada, has been at the forefront of V2X technology development. The region has witnessed significant initiatives and trials to deploy V2X systems, supported by collaborations between automakers, government agencies, and technology providers. Europe has been actively promoting V2X technology to improve road safety and traffic management. The European Commission has been actively involved in shaping the regulatory framework and supporting pilot projects to foster the deployment of V2X systems across the continent. The Asia-Pacific region, encompassing countries like China, Japan, South Korea, and India, holds immense potential for the growth of V2X technology. The presence of major automotive manufacturers and advancements in smart city initiatives contribute to the region’s V2X market development. While the adoption of V2X technology in South America is relatively nascent compared to other regions, there is growing interest in leveraging V2X systems to address road safety challenges and enhance transportation efficiency. Countries like Brazil and Argentina have shown increasing awareness and initiatives in this field. The Middle East and Africa are witnessing emerging interest in V2X technology, particularly in countries like the UAE and South Africa. The development of smart cities and the focus on improving road safety have propelled the exploration of V2X solutions in these regions.

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