Cellular Vehicle-to-Everything (C-V2X) Market size is set to surpass USD 1 billion by 2026, according to a new research report by Global Market Insights Inc.
The C-V2X market is expected to grow considerably over the forecast period due to a major industrial shift toward connected & autonomous vehicles. The need to reduce traffic congestion, improve road safety, and lower environmental impacts is contributing to the demand for cellular vehicle-to-everything (C-V2X) solutions and equipment. Companies are integrating modern vehicles with advanced information & communication technologies to develop advanced connected vehicles.
Growing demand from transport authorities to improve road infrastructure
Government agencies are identifying advanced capabilities and benefits of C-V2X technology. For instance, the U.S. National Highway Traffic Safety Administration (NHTSA) estimated an average reduction of 13% in traffic accidents if the C-V2X technology were implemented. Similarly, transport authorities are collaborating with private enterprises in the market for connected vehicle technology development and implementation. These collaborative initiatives between public and private enterprises are contributing to market growth.
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Phasing out of legacy transport systems and transition to modern transport infrastructure will augment Vehicle-to-Infrastructure (V2I)
The Vehicle-to-Infrastructure (V2I) segment is projected to register over 10% CAGR from 2020 to 2026. With technology & market evolution, the demand for improved traffic infrastructure has increased considerably. The V2I communication allows roadside infrastructure including traffic signals, intersections, corridors, sensors. and security cameras to provide information regarding traffic conditions, road conditions, and weather conditions. The development of advanced roadside traffic infrastructure is supporting the implementation of C-V2X technology.
Extensive adoption of autonomous and connected vehicles is expected to propel the demand for hardware components
The hardware component segment held a market share of around 60% in 2019 driven by the demand for chipsets to deal with onboard processes such as image and sensor data processing. Companies are developing advanced chipset modules to support C-V2X technology. They are also manufacturing On-Board Units (OBUs), Roadside Units (RSUs), and devices that support C-V2X communication.
Browse key industry insights spread across 265 pages with 290 market data tables and 27 figures & charts from the report, “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” in detail along with the table of contents:
The growing number of road fatalities and incidents is expected to support the collision avoidance application development
The increasing use of C-V2X technology to reduce road accidents is expected to support the cellular Vehicle-to-Everything market growth. According to the statistics from the National Safety Council, in 2019, approximately 38,000 individuals lost their lives in motor accidents in the U.S. Government authorities use C-V2X technology embedded with advanced collision avoidance systems to provide safe &reliable transportation systems. The collaborative development initiatives by public & private enterprises are fueling market growth.
Extensive penetration of commercial vehicles is anticipated to support C-V2X technology development
The commercial vehicle segment is set to witness gains of above 10% through 2026. The sales of commercial vehicles across the globe are increasing significantly. According to the International Organization of Motor Vehicle Manufacturers, in 2019, 24,637,665 commercial vehicles were produced globally. Companies engaged in the transport & logistics market are looking for cost-effective solutions to manage their fleet operations efficiently. C-V2X communication technology helps in reducing accidents and collisions by communicating with other vehicles and roadside infrastructures.
Europe is expected to dominate the global market
Europe captured more than 40% of the cellular Vehicle-to-Everything (C-V2X) market in 2019 and is expected to dominate till 2026. The market growth is attributed to the extensive research and development in vehicle communication technologies and collaborative developments. For instance, in July 2020, Qualcomm Technologies, Inc. partnered with Audi AG, SWARCO Traffic Systems GmbH, and the University of Kaiserslautern to successfully trial the C-V2X project.
The companies collaboratively completed the ConVeX C-V2X Project. The project was co-funded by the German Federal Ministry of Transport and Digital Infrastructure with a funding of approximately USD 2 million. This enabled the regional automotive & transport industry to emphasize on the cellular Vehicle-to-Everything (C-V2X) technology.
Focus on inorganic growth strategies by key players to augment cellular Vehicle-to-Everything market share
Industry players are emphasizing on the collaborative development and testing of C-V2X technology solutions. For instance, in December 2018, Huawei partnered with Continental to conduct C-V2X trials in China. These successful trials highlighted the potential benefits of C-V2X technology to improve road safety.
Some of the key players operating in the C-V2X market include 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.
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