1 Global Automotive V2X Market Size (Revenue) and CAGR (2024-2033)
Global Automotive V2X market generated revenue of USD 42154.0 Million in 2024 with a CAGR of 56.27% during 2024 to 2033.
The current situation of the Automotive V2X market is characterized by significant growth and development. The market has been expanding rapidly, driven by various factors such as increasing safety requirements, the development of semi-autonomous and autonomous driving technology, growing attention to vehicle emissions, strong support from national policies, and the rapid growth of urbanization and industrialization. The market value has been increasing year by year, with a substantial jump expected from 2024 to 2033, as indicated by the high CAGR.
The market is also experiencing intense competition between different communication technologies, such as DSRC and C-V2X, which is expected to further promote market growth. Additionally, there have been several mergers, acquisitions, and new investments in the industry, indicating a vibrant and dynamic market environment. However, the market also faces some challenges, such as high costs, difficulties in vehicle-road coordination in developing regions, and the need for more efficient testing for commercial use of autonomous driving. Despite these challenges, the overall outlook for the Automotive V2X market remains positive, with a promising growth trajectory in the coming years.
Figure Global Automotive V2X Market Size (M USD) Outlook (2024-2033)
2 Automotive V2X Market Trends
The fierce competition between DSRC and C-V2X technology is one of the main trends in the automotive V2X communication market, which is expected to further promote the growth of the market.
DSRC has successfully completed the test before commercialization, so it has been widely used in V2X communications worldwide. However, with the increasingly widespread promotion of cellular networks, the new connectivity of cellular technology is being tested in the V2X market. The latest developments from 4G LTE to the newly launched 5G wireless technology are expected to promote the adoption of cellular networks in V2X communications. It is expected that this will intensify the competition between these communication media, thereby promoting the growth of the automotive V2X communication market. The automotive V2X communication market forecast report predicts that, driven by these factors, the market will grow at a significant CAGR during the forecast period.
3 Global Automotive V2X Market by Type in 2024
In the realm of Automotive V2X (Vehicle-to-Everything), the market is segmented into two primary product types: Commercial and Passenger.
Commercial V2X refers to the application of V2X technology in commercial vehicles such as trucks, buses, and other fleet vehicles. This segment is crucial for enhancing the efficiency of logistics and transportation services, enabling better route planning, and improving the overall safety of commercial operations. In 2024, the Commercial V2X market value reached 3,164.9 million USD, holding a significant share of the total market. The growth of this segment is driven by the increasing demand for optimized fleet management and the integration of advanced safety features in commercial vehicles.
Passenger V2X, on the other hand, pertains to the use of V2X technology in passenger cars. This type focuses on enhancing the driving experience for individual consumers, providing safety alerts, traffic updates, and facilitating communication between vehicles. The Passenger V2X market value in 2024 was a staggering 38,989.2 million USD, accounting for the majority of the market share. The rapid growth of this segment is attributed to the rising awareness of road safety among consumers and the continuous advancements in automotive technology.
In terms of market share, Passenger V2X dominated the market in 2024, with a significantly larger share compared to Commercial V2X. This dominance is a reflection of the broader consumer base and the high demand for safety and convenience features in personal vehicles. However, when it comes to the fastest growing rate, the Commercial V2X segment exhibited a more accelerated growth pattern. This can be attributed to the increasing investment in fleet modernization and the regulatory push for safer and more efficient commercial transportation.
Table Global Automotive V2X Market Size and Share by Type in 2024
Type | Market Size (M USD) | Market Share (%) |
|---|---|---|
Commercial | 3,164.9 | 7.51 |
Passenger | 38,989.2 | 92.49 |
Total | 42,154.0 | 100.00 |
4 Global Automotive V2X Market by Application in 2024
The Automotive V2X market encompasses a variety of applications, each designed to enhance different aspects of the driving and transportation experience. These applications include Predictive Maintenance, Remote Monitoring and Diagnostics, Parking Management System, Fleet and Asset Management, Passenger Information System, Emergency Vehicle Notification, Intelligent Traffic System, and Automated Driver Assistance.
Predictive Maintenance utilizes V2X technology to monitor vehicle health and predict potential maintenance issues before they occur. This application helps in reducing downtime and maintenance costs. In 2024, the market value for Predictive Maintenance was 5,402.2 million USD, holding a considerable share of the market. Its growth is driven by the need to optimize vehicle performance and reduce unexpected breakdowns.
Remote Monitoring and Diagnostics allows for the real-time monitoring of vehicle systems and the diagnosis of issues remotely. This application is essential for fleet managers and vehicle owners to keep track of their vehicles’ conditions. The market value in 2024 was 8,873.5 million USD, reflecting its importance in the industry. The growth rate of this application is robust, as more vehicles are equipped with telematics systems that enable remote monitoring.
Parking Management System aids in finding and reserving parking spots, reducing the time and effort required to park. This application is particularly useful in urban areas with limited parking availability. In 2024, the market value was 3,085.5 million USD. Its growth is spurred by the increasing demand for efficient parking solutions in congested cities.
Fleet and Asset Management is vital for companies with large fleets of vehicles, as it helps in tracking and managing vehicle locations, usage, and maintenance. The market value in 2024 was 3,971.8 million USD. This application’s growth is steady, as businesses continue to seek ways to improve operational efficiency.
Passenger Information System provides real-time information to passengers about traffic conditions, estimated arrival times, and other relevant details. The market value in 2024 was 3,007.0 million USD. Its growth is linked to the increasing demand for connected and informed travel experiences.
Emergency Vehicle Notification ensures that drivers are alerted to the presence and movement of emergency vehicles, allowing them to yield the right of way promptly. The market value in 2024 was 3,033.9 million USD. This application’s growth is critical due to its role in enhancing road safety and emergency response times.
Intelligent Traffic System uses V2X technology to manage traffic flow more efficiently, reducing congestion and improving overall traffic conditions. The market value in 2024 was 5,290.4 million USD. Its growth is significant, as cities worldwide strive to address traffic challenges and improve mobility.
Automated Driver Assistance includes features such as adaptive cruise control, lane-keeping assistance, and automatic emergency braking. This application is at the forefront of the autonomous driving revolution. The market value in 2024 was 8,300.7 million USD. It has the fastest growing rate among all applications, driven by the rapid advancements in autonomous vehicle technology and the increasing demand for safer and more convenient driving experiences.
In conclusion, the Automotive V2X market in 2024 was dominated by the Passenger V2X product type and the Automated Driver Assistance application in terms of market share. However, the Commercial V2X product type and the Automated Driver Assistance application exhibited the fastest growing rates, indicating a promising future for these segments as the industry continues to evolve and expand.
Table Global Automotive V2X Market Size and Share by Application in 2024
Application | Market Size (M USD) | Market Share (%) |
|---|---|---|
Predictive Maintenance | 5,402.2 | 12.82 |
Remote Monitoring and Diagnostics | 8,873.5 | 21.05 |
Parking Management System | 3,085.5 | 7.32 |
Fleet and Asset Management | 3,971.8 | 9.42 |
Passenger Information System | 3,007.0 | 7.13 |
Emergency Vehicle Notification | 3,033.9 | 7.20 |
Intelligent Traffic System | 5,290.4 | 12.55 |
Automated Driver Assistance | 8,300.7 | 19.69 |
Others | 1,189.0 | 2.82 |
Total | 42,154.0 | 100.00 |
5 Global Automotive V2X Market by Region in 2024
The Automotive V2X market in 2024 was a tapestry of diverse regional landscapes, each contributing uniquely to the global industry. North America, Europe, Asia Pacific, Middle East & Africa, and South America were the key regions, each with its own market dynamics and growth trajectories.
North America had a market value of 13674.8 million USD in 2024. The region’s market was driven by technological advancements and a high adoption rate of advanced automotive technologies. The United States, in particular, played a pivotal role with its robust automotive industry and focus on safety and efficiency. Canada and Mexico also contributed to the regional growth, albeit on a smaller scale. The region’s market share was significant, reflecting its early adoption of V2X technologies and continuous investment in research and development.
Europe boasted a market value of 8350.5 million USD in 2024. Europe’s market was characterized by stringent safety regulations and a strong push towards sustainable and efficient transportation. Countries like Germany, the UK, France, Italy, and Spain were at the forefront, with their automotive industries integrating V2X technologies into both commercial and passenger vehicles. The region’s market share was substantial, underpinned by its comprehensive approach to automotive innovation and safety.
Asia Pacific was the largest regional market with a value of 19273.9 million USD in 2024. The region’s growth was fueled by rapid urbanization, increasing vehicle ownership, and a burgeoning middle class. China and Japan were the powerhouses, leading in terms of V2X technology adoption and market size. South Korea, India, and Southeast Asia also contributed significantly, with their automotive industries expanding and adopting advanced technologies at a rapid pace. The Asia Pacific region’s market share was the largest, reflecting its dynamic growth and the vast potential of its automotive market.
Middle East & Africa had a market value of 181.4 million USD in 2024. The region’s market was influenced by the need for efficient transportation systems and the adoption of smart city technologies. The UAE, Egypt, and South Africa were key players, with their economies focusing on infrastructure development and the integration of V2X technologies in urban environments. The region’s market share, while smaller compared to others, was growing steadily, driven by economic development and urbanization.
South America had a market value of 673.5 million USD in 2024. The region’s market was driven by the increasing demand for safer and more efficient transportation. Brazil, Argentina, and Colombia were the main contributors, with their automotive industries gradually adopting V2X technologies. The region’s market share was the smallest among the major regions, but it showed potential for growth as the economies developed and the automotive sector expanded.
In terms of the biggest regional market by revenue, Asia Pacific emerged as the leader in 2024, with a market value significantly higher than other regions. This was attributed to the region’s rapid economic growth, large population, and increasing demand for advanced automotive technologies. The fastest-growing region was Commercial V2X, which, although not a region but a product type, showed the most accelerated growth rate. This indicates a trend towards the increasing importance of V2X technologies in commercial transportation and fleet management globally.
Table Global Automotive V2X Market Size, Region Wise in 2024
Region | Market Size (M USD) | Market Share (%) |
|---|---|---|
North America | 13674.8 | 32.44% |
Europe | 8350.5 | 19.81% |
Asia Pacific | 19273.9 | 45.72% |
Middle East & Africa | 181.4 | 0.43% |
South America | 673.5 | 1.59% |
Total | 42,154.0 | 100.00 |
Figure Global Automotive V2X Market Share, Region Wise in 2024
6 Global Automotive V2X Market Top 3 Players
Qualcomm Inc. is a multinational semiconductor and telecommunications equipment company. Established in 1985, Qualcomm operates worldwide, developing and delivering digital wireless communications products and services based on CDMA digital technology. In 2020, Qualcomm’s revenue in the Automotive V2X sector was 620.5 million USD. Qualcomm offers a range of V2X solutions, including the Qualcomm® 9150 C-V2X ASIC, which is compatible with 5G and complements other Advanced Driver Assistance Systems (ADAS) sensors. This product is designed to offer vehicles and roadside equipment low latency communications for Vehicle-to-Infrastructure (V2I), Vehicle-to-Vehicle (V2V), and Vehicle-to-Pedestrian (V2P) driving.
Nvidia Corporation, founded in 1993, designs, develops, and markets three-dimensional (3D) graphics processors and related software. Nvidia’s products provide interactive 3D graphics to the mainstream personal computer market and have expanded into the automotive sector with powerful computing solutions. In 2020, Nvidia’s revenue in the Automotive V2X sector was 230.7 million USD. Nvidia’s offerings include the NVIDIA DRIVE AGX Xavier™, which delivers 30 trillion operations per second (TOPS) for Level 2+ and Level 3 automated driving. This product is at the core of Nvidia’s V2X solutions, incorporating six different types of processors to enhance driving safety and efficiency.
Infineon Technologies AG, established in 1999, designs, manufactures, and markets semiconductors. The company’s products include power semiconductors, microcontrollers, security controllers, radio frequency products, and sensors, catering to the automotive, industrial, communications, and consumer and security electronics sectors. In 2020, Infineon’s revenue in the Automotive V2X sector was 195.1 million USD. Infineon’s V2X service introduction includes the SLI 76CF3600P, a 16-bit SOLID FLASH™ security controller designed specifically for harsh automotive environments. This product supports an extended temperature range and AEC-Q100 qualification, making it suitable for V2X applications that require high reliability and security.
Table Global Automotive V2X Revenue Share of Top3 Players in 2020
Company | 2020 |
Qualcomm Inc. | 13.20% |
Nvidia Corporation | 4.91% |
Infineon Technologies AG | 4.15% |