Cellular Vehicle-To-Everything (C-V2X) Market Size (2023 - 2030)

The cellular vehicle-to-everything (C-V2X) market size is expected to grow from USD 1.2 billion in 2022 recording a CAGR of 9.12% and is estimated to reach USD 12.43 billion by 2030 during the forecasted period.

Cellular vehicle-to-everything is a way of passing information or data from a vehicle to any particular entity affecting the vehicle. The vehicle-to-everything serves as the basis for vehicles to communicate around them supplying 360 degrees of non-line-of-sight information and a high level of predictability for developing road safety and autonomous driving. 

Cellular vehicle-to-everything is an effective solution for advancing steady, and real-time communication. The market also provides a wide range of services like pay-as-you-drive insurance, connected infotainment, safety features, and vehicle diagnostics. The market provides various advantages like combining systems with existing LTE-based network units which are economical, a high volume of data for gathering and transmitting the information, excellent congestion control in traffic jams or high volume areas, and heightened dependability of protecting messages and features.

MARKET DRIVERS

The market growth is driven by the growing number of accidents and the demand for safer roads with clever systems to prevent road mortalities. By 2022, the number of road traffic deaths has reached 1.35 million worldwide as per the World Health Organization. Growing autonomous and advanced driving in cellular technologies with demand for smart cities and vehicles and a surge in technological research elevate the market growth.  

The demand for smartphones and the latest technologies in smartphones elevates the cellular vehicle-to-everything (C-V2X) market. Rising urbanization and the growing number of smart cities boost market development. The vehicle telematics popularity is rising is stimulating the cellular vehicle-to-everything market.

MARKET RESTRAINTS

However, scarcity of cellular coverage across occurring nations and the absence of infrastructure hinder the cellular vehicle-to-everything market.

Segment Analysis

The global Cellular Vehicle-To-Everything (C-V2X) Market has been segmented based on the component, communication type, application, and vehicle type.

Cellular Vehicle-To-Everything (C-V2X) Market - By Component:

• Hardware

• Software

The hardware segment is estimated to grow with the highest CAGR rate during the foreseen period. The segment growth owes to the large-scale deployments of hardware elements like antennas, chipsets, and roadside units. 

Cellular Vehicle-To-Everything (C-V2X) Market - By Communication Type:

• Direct Communication

• Network Communication

The direct communication segment is expected to grow at the highest CAGR pace in the global cellular vehicle-to-everything market. The segment supports communication in vehicles on location, speed, and direction and delivers the warning in the form of visual or audio providing 360 degrees of situational awareness for greater safety.

Cellular Vehicle-To-Everything (C-V2X) Market - By Application:

• Fleet Management

• Autonomous Driving

• Collision Avoidance

• Intelligent Traffic Systems

• Parking Management Systems

• Others

Fleet management is experiencing a responsible CAGR of around 10% during the foreseen period. The segment growth attributes to the mounting demand for developing operation efficacy over fleet managers. 

The parking management segment holds more than 10% of the cellular vehicle-to-everything market. The growth ascribes rising significance to preventing most waited hours for finding suitable parking spaces for vehicles. 

The autonomous driving segment is expected to grow at the highest pace. 

Cellular Vehicle-To-Everything (C-V2X) Market - By Vehicle Type:

• Passenger Vehicle

• Commercial Vehicle

The passenger vehicle segment accounts for the highest share during the foretold period. The increasing number of passenger vehicles impresses the market growth. 

Regional Analysis

The cellular vehicle-to-everything market has gained lion's share in the Asia-Pacific. The market growth ascribes to rising research and development activities on electric vehicles and autonomous vehicles in India, Japan, and China. By 2030, the market in APAC is set to record a 15.6% growth pace. 

The continuous rise in smartphone invasion advances the spurring awareness associated with the modern vehicle communication technologies stimulate the region's growth. China is dominating the market with increasing 5G deployments. 

North America has experienced a quick rise in adopting an advanced drive-assist system (ADAS) that boosts the cellular vehicle-to-everything market. 

The United States C-V2X held a share of more than 40% in 2022. The rising significance of developing on-road safety. Vehicles are equipped with suitable safety applications that can use messages from surrounding vehicles to govern potential crash threats, audible and text formats to caution the drivers. 

Europe is developing at a quicker pace as the cellular vehicle-to-everything is improved based on 3GPP-based V2X technologies that use LTE technology in V2X systems. The growing adoption of advanced technologies like low-delay vehicle-to-everything (V2X) communications for safe and protected communication and precise positioning helps vehicles to communicate suitable positions and speed escalate the market growth in Europe. 

Latin America and the Middle East and African regions are likely to witness considerable growth in the C-V2X market. The Middle East and African region are expected to view generous business inclination due to the rising advancements of smart city projects. 

In MEA, Saudi Arabia, the passenger vehicle segment accounted for more than 50% of the share in 2022. Passengers demand more safe road transportation. C-V2X communication technology aids in supplying safe transportation by decreasing the threat linked to vehicle collisions and accidents. The number of passenger vehicles sold in 2022 was 456,311 in Saudi Arabia compared to 340,218 units in 2018. 

In Brazil, the autonomous driving application segment leads the C-V2X market due to the growing upgrades across the automotive industry. The connected vehicle technology develops non-line-of-sight visibility, allowing autonomous vehicles to prevent restrictions over their paths.

Major players in the market

1. Qualcomm Incorporated

2. Unex Technology Corp

3. MediaTek, Inc

4. Quectel Wireless Solutions

5. Savari, Inc.

6. Delphi Automotive PLC

7. Robert Bosch GmbH. and Others

COVID-19 Impact On Cellular Vehicle-To-Everything (C-V2X)

The world has come to a standstill due to the sudden emergence of the novel coronavirus (COVID-19) pandemic crisis. The SARS-CoV-2 reagent has caused the new COVID. With the quick increase of the COVID cases, millions of people lost their lives and almost all the business sectors were adversely affected. 

The impact of the COVID-19 pandemic on the global economy has adversely affected the automotive and service sector restricting the market growth during the forecasted period. The recent outbreak of the COVID-19 pandemic is causing serious extortion to cellular- vehicle-to-everything providers as funds for research and developmental activities have given a sudden break. Moreover, the key players focus on critical financial requirements to maintain their businesses. 

Due to the lockdown, many IT and other organizations have been permitted to work from home and the rise in remote working options has reduced the use of passenger vehicles and the demand for the latest connected vehicle technologies has also been decreased. 

Recent Happenings

• On August 12, 2022, Qualcomm partnered with Spoke for introducing cellular vehicle-to-everything for cyclists. 

• On January 07, 2022, Savari, Inc. circulated the continuous momentum in developing cellular vehicle-to-everything (C- V2X) direct communication technology via the StreetWAVE 2000 RSU along with SavariMobiWAVE C-V2X software stack.