Cellular Vehicle-to-Everything (C-V2X) Market Size By Communication Type (Vehicle-to-Network (V2N), Vehicle-to-Infrastructure (V2I), Vehicle-to-Vehicle (V2V), Vehicle-to-Person (V2P)), By Component (Hardware, Software), By Application (Fleet Management, Autonomous Driving, Collision Avoidance, Intelligent Traffic System, Parking Management System), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Cellular Vehicle-to-Everything (C-V2X) Market size exceeded USD 450 million in 2019 and is expected to grow at 10% CAGR from 2020 to 2026. Increasing number of road accidents and the growing demand for safer roads with intelligent systems to avoid road fatalities is likely to fuel the C-V2X industry growth.
 

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According to the World Health Organization’s Global Status Report on Road Safety 2018, the number of annual road traffic deaths reached 1.35 million in 2019 globally. The increase in road accidents is enabling vehicle manufacturers to integrate C-V2X technology into their vehicles to make road transport safer. This technology helps in improving road safety by providing real-time information regarding connected vehicles, road conditions, and weather conditions.
 

The recent COVID-19 outbreak is causing a severe threat to C-V2X providers as they have to temporarily halt R&D funding and focus on crucial financial requirements to sustain their business. Many IT and other companies have provided work from home options. The increase in remote working options has declined the use of passenger vehicles and the market demand for modern connected vehicle technologies.
 

Growing emphasis on safer roads is driving the U.S. market growth

The U.S. C-V2X market from V2V communication type held a share of over 40% in 2019 due to the growing emphasis on improving on-road safety. V2V communication provides drivers the tools required to anticipate potential crashes and significantly reduce the number of accidents. V2V communication enables vehicles to wirelessly exchange information with each other about their speed, location, and path. Vehicles equipped with appropriate safety applications can use the messages from surrounding vehicles to determine potential crash threats provided in visual, audible, and text formats to warn drivers. These alerts allow drivers to take necessary actions during hazardous situations to avoid accidents or collisions.
 

Software segment in Germany is forecast to witness significant demand

Germany software segment is projected to expand at a CAGR of around 10% through 2026 driven by the rising market demand for connected and autonomous vehicles. Germany has a well-established automotive market, which also aids the connected vehicle technology market growth. The C-V2X application platform supports C-V2X chipsets and modules for a variety of applications such as V2P, V2N, V2V, and V2I. These application platforms are compatible with 3GPP Release 14 C-V2X standards. Initiatives for the commercial deployment of 5G technology are enabling technology companies to develop the C-V2X platform, supporting the 5G network.
 

Increasing advancements in the automotive industry will drive the Brazil C-V2X market demand

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The Brazil autonomous driving application is estimated to achieve more than 10% CAGR during 2020 to 2026 propelled by rising advancements in the automotive industry. Autonomous driving requires more precision and accuracy while path planning. C-V2X helps autonomous vehicles in reducing the risk associated with accidents and collisions by communicating with each other and roadside infrastructure. The connected vehicle technology improves non-line-of-sight visibility, enabling autonomous vehicles to avoid obstructions in their paths. The greatest barrier for an autonomous vehicle is predicting the human driver’s behavior on the road.
 

Growing demand for safe passenger vehicles is driving the Saudi Arabia C-V2X market revenue

The Saudi Arabia passenger vehicle segment held over 50% market share in 2019 impelled by the increasing number of passenger vehicles in the country. According to the International Organization of Motor Vehicle Manufacturers, the total number of passenger vehicles sold in 2019 in Saudi Arabia was 456,311 units compared to 340,218 in 2018. Passengers demand safe road transportation. C-V2X communication technology helps in providing safe transportation by reducing the risk associated with vehicle collisions and accidents. It communicates with other vehicles and maintains a safe distance between them.
 

Asia Pacific is predicted to be a highly lucrative market for the adoption of C-V2X technology

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Asia Pacific C-V2X market is set to register growth rate of above 15% till 2026 towing to numerous government initiatives for the large-scale digitalization of urban infrastructure in countries including China, South Korea, and India. Consistently increasing smartphone penetration in the region is also another critical factor, facilitating the growing awareness related to modern vehicle communication technologies. According to the GSMA Intelligence’s Mobile Economy Report 2020, in 2019, Asia Pacific had 1.62 billion unique mobile subscribers. The Greater China region reported 1.20 billion unique mobile subscribers by the end of 2019.
 

The development of advanced C-V2X solutions is the key market strategy adopted by leading industry players

The major players in the C-V2X industry are emphasizing on the development of advanced used cases of C-V2X technology to gain traction in the market. For instance, in September 2020, Keysight Technologies, Inc. partnered with SGS and Qualcomm Technologies Inc. for the advanced testing of C-V2X technology. The companies collaboratively focused on testing diverse use cases including radio resource management and radio frequency testing. This helped the company to strengthen its technical expertise and gain a competitive advantage in the market.
 

Some of the players operating in the C-V2X market are AT&T Inc., Autotalks Ltd., Commsignia Ltd., Continental AG, Ficosa Internacional SA, GENVICT, Huawei Technologies Co., Ltd., Infineon Technologies AG, Intel Corporation, Keysight Technologies, Nokia Corporation, NTT Docomo, Inc., Qualcomm Technologies Inc., Quectel Wireless Solutions Co., Ltd., Robert Bosch GmbH, Rohde & Schwarz, and Savari, Inc.
 

This C-V2X market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2026 for the following segments:

Market, By Type

• Vehicle-to-Network (V2N)
• Vehicle-to-Infrastructure (V2I)
• Vehicle-to-Vehicle (V2V)
• Vehicle-to-Person (V2P)

Market, By Component

• Hardware
• Software

Market, By Application

• Fleet Management
• Autonomous Driving
• Collision Avoidance
• Intelligent Traffic System
• Parking Management System
• Others

Market, By Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Netherlands
• APAC
  • China
  • Japan
  • India
  • ANZ
  • South Korea
  • Singapore
• Latin A
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE