Cellular Vehicle-to-Everything (C-V2X) Market Size By Communication Type (Vehicle-to-Person (V2P), Vehicle-to-Infrastructure (V2I), Vehicle-to-Network (V2N), Vehicle-to-Vehicle (V2V)), By Component (Software, Hardware), By Application (Autonomous Driving, Fleet Management, Collision Avoidance, Parking Management System, Intelligent Traffic System), By Vehicle Type (Commercial Vehicle, Passenger Vehicle), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

Industry Trends

Cellular Vehicle-to-Everything (C-V2X) Market size valued at USD 600 million in 2021 and is expected to grow at around 30% CAGR from 2022 to 2030.
 

The recent rise in accidents has pushed vehicle manufacturers to integrate cellular vehicle-to-everything (C-V2X) technology in autonomous vehicles to improve road safety by providing real-time information regarding internal and external factors. For instance, in January 2022, automotive giant Hyundai invested USD 4 million in Zendar to develop autonomous vehicle technology. Through this investment, the company is aiming to develop an imaging radar optimized for level 4 autonomous vehicle technology.
 

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The allocation of 5.9 GHz Spectrum Band to C-V2X technologies will augment the technology diffusion. Moreover, companies are investing heavily in vehicular communication technologies, such as 4G LTE and upcoming 5G technology, to enable their products to support cellular communications.
 

Network security and privacy issues may restrain business progression

Data theft and network security issues are major factors restraining the C-V2X market growth. Dependence of C-V2X on existing LTE-AKA for network security mechanism often results in delay in action and cause road accidents in V2V communication. Nonetheless, ongoing efforts to implement security protocols in order to lessen the computational overhead caused by time constraints to deliver low computation complexity exchange and reliable & safe information will subdue the issue in coming years.
 

Wireless transfer of information among vehicles

The U.S. vehicle-to-vehicle (V2V) segment is poised to register growth rate of above 31% through 2030. The V2V communication enables drivers to predict potential crashes and drive according to the data, which significantly lowers the possibility of accidents. Easy transfer of information regarding speed, location, and path via wireless technology among vehicles will boost customer interest in the V2V communication type.
 

Safety needs during onboarding to help hardware C-V2X market gain traction

The hardware segment accounted for nearly 61% of the V2X market share in 2021 and is further poised to amass considerable gains by 2030. The burgeoning adoption of autonomous and connected vehicles will create huge opportunities for chipsets to meet image and sensor data processing requirements and other onboarding processes. This is encouraging industry players to develop C-V2X chipsets to enhance vehicle connectivity.
 

Non-line-of-sight sensor technology for collision avoidance

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The C-V2X technology is majorly required for collision avoidance, which is projected to witness 29% gains through 2030. The C-V2X technology minimizes possibilities of road accidents by communicating with other vehicles and roadside infrastructure. Its non-line-of-sight sensors prevent road collisions and other dangerous situations and work in varied weather and environmental conditions, which will complement the C-V2X market penetration.
 

Large-scale government initiatives in Europe

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The European industry held more than 41% of the revenue share in 2021. Supportive initiatives by government agencies, collaborative measures by automotive industry associations, and vital involvement of the European Commission to develop and commercialize the autonomous & connected vehicles technologies will drive the regional C-V2X market size.
 

Another region that may emerge as a key revenue hub is North America. The marketspace in North America is growing significantly as a result of tremendous support for autonomous & connected car technology. Increasing progress in research & development projects and investments from government institutions such as the U.S. Department of Transportation (US-DOT) and Transport Canada will also help propel the regional industry.
 

Product innovation to strengthen the business outlook

AT&T Inc., Commsignia Ltd., Autotalks Ltd., Ficosa Internacional SA, Continental AG, Huawei Technologies Co., Ltd., GENVICT, Intel Corporation, Infineon Technologies AG, Keysight Technologies, NTT Docomo, Inc., Nokia Corporation, Qualcomm Technologies Inc., Robert Bosch GmbH, Quectel Wireless Solutions Co., Ltd., Savari, Inc., and Rohde & Schwarz are some of the key cellular vehicle-to-everything (C-V2X) market players. Companies are focusing on product innovation and business expansion through acquisitions & partnerships to accelerate their market standing.
 

Impact of COVID-19 on the c trends

The advent of the COVID-19 pandemic hampered the C-V2X industry outlook. Due to stringent lockdowns, shortage of labor, and supply chain disruptions, market participants were impacted negatively. However, with the introduction of 5G technologies in the automotive industry and the resumption of business activities, the industry is ready for mass adoption, and it will substantially improve roadway safety across the globe. Additionally, high government emphasis on road safety has fostered the business outlook.
 

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 2030, for the following segments:

Market, By Type

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

Market, By Component

• Hardware
• Software

Market, By Application

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

Market, By Vehicle Type

• Commercial Vehicle
• Passenger Vehicle

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

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