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Cellular Vehicle-To-Everything (C-V2X) Market worth over $6 Bn by 2030
- Published Date: September 6, 2022
Cellular Vehicle-To-Everything (C-V2X) Market size is anticipated to cross USD 6 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies the surging demand for vehicles telematics and rising road safety concerns stimulate the chief cellular vehicle-to-everything (C-V2X) industry. Manufacturers are adopting autonomous vehicles that are enabling them to use telematics. As per TransUnion Survey 2022, 40% of respondents were offered a telematics program, which was up from 32% in November 2021. The percentage of those who were offered a telematics program and opted in also rose from 49% to 65%.
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Beneficial services to increase vehicle-to-infrastructure (V2I) industry share
The vehicle-to-infrastructure (V2I) C-V2X market size valued at USD 180 million in 2021. The roadside infrastructure offered by V2I communication, including sensors, intersections, traffic signals, corridors, and security cameras, which provide information regarding traffic conditions, road conditions, and weather conditions, will fuel the demand for cellular vehicle-to-everything (C-V2X).
Widespread applicability of C-V2X platforms to accelerate the demand for software segment
The software segment is set to register a growth rate of around 32% through 2030 due to surging demand for autonomous and connected vehicles. Application of C-V2X chipsets and modules for V2P, V2N, V2V, and V2I is supported by C-V2X application platforms, which will drive segmental growth.
Browse key industry insights spread across 275 pages with 298 market data tables and 37 figures & charts from the report “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” in detail along with the table of contents
Rising instances of road accidents to push passenger vehicle sales
The adoption of C-V2X communication technology in passenger vehicles will rise with the demand for passenger road safety. The passenger vehicles segment accounted for more than 60% share in the C-V2X industry in 2021 and will depict substantial growth trends through 2030.
Misjudgment and congestion to augment parking management systems
The deployment of C-V2X technology for parking management systems will showcase high demand in the coming years. The C-V2X market size from the parking management systems application segment will reach over USD 780 million by 2030. Congestion and tight spots in parking arrangements for connected vehicles require more precision. Tiny missteps during parking may lead to vehicle collisions or accidents, which C-V2X communication technology can prevent with sensors. The tech provides information regarding the distance between the vehicle and helps park efficiently. Moreover, substantial government expenditure on road refurbishment projects will boost segmental growth.
Asia Pacific emerges as a prominent revenue pocket
The Asia Pacific cellular vehicle-to-everything (C-V2X) market is estimated to exhibit approximately 33% CAGR between 2022 and 2030. C-V2X technology adoption is high in the APAC region due to favorable government initiatives for carrying out large-scale digitalization of urban infrastructure in nations including South Korea, China, and India. Growing awareness related to modern vehicle communication with a rise in smartphone penetration in the region will further enhance the market growth.
Innovation of modern technology to remain a key growth strategy
The strategic landscape of the market is foreseen to witness product range expansion and strategic mergers and collaborations by industry players. Some of the key C-V2X market players profiled in the report include 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.
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