Automotive V2X Market Will Reach USD 10,225.5 Million By 2030

In 2023, the automotive V2X market yielded revenue of USD 633.8 million and is projected to experience a remarkable CAGR of 49.9% between 2024 and 2030, reaching a total of USD 10,225.5 million by 2030. This can be credited to the increasing need for enhanced technology concerning vehicle security, rising ecological anxieties, and cost aids.

Moreover, the need is growing for automatic cars, which requires makers to include advanced V2X systems in the cars. Additionally, government guidelines are also being combined for road infrastructure and vehicle protection which act as a strong development driver of the industry.

There has been a dramatic increase in the number of fatal crashes on the road in recent years, which brought about the adoption of high-tech technologies made to solve and obliterate road safety problems globally. Based on the World Health Organization (WHO) estimate, around the figure of 1.19 million deaths occur globally every year, for 20–50 million cases of non-lethal injuries are endured, annually.

Automotive V2X Market

V2X makes the whole communication process among vehicles, road infrastructure, users in the form of pedestrians, etc. more convenient as it just involves just the exchange of data in real-time. V2X technology also gives the cars a chance to exchange vital information like vehicle speeds, locations, and danger forewarning, thereby improving hazard proneness and collision avoidance abilities.

The 5G and AI immensely influence the future of the auto industry, as targeted capabilities are the most vital factor for fine-tuning drivers’ experience. Besides, in the combination of 5G and AI, the stability of V2X communication is reinforced so that the driving tends to be more effective and secure.

Also, the cellular V2X technology is important as it is engineered to interact and facilitate connections among roadside infrastructure and vehicles and pedestrians as well.

On the basis of offering, the software category is projected to advance at 55% CAGR, during the projection period. This is mainly because of the combination of 5G technology and the improvement of features in cars. Furthermore, V2X technology is being extensively accepted and this movement is growing the need for V2X software.

In 2023, on the basis of communication, vehicle-to-vehicle had the largest industry share, of 90%. V2V aids offer other vehicle info to drivers like location, direction, and speed, and signal them of any thinkable threats such as intersections, heavy traffic, blind spots, and terrain problems.

In 2023, APAC is the largest industry, with an income share of 60%. APAC has been a developing region for the making of vehicles in recent years. The need for V2X tech in this region has augmented as a result of the populace’s rising buying power and rising concerns regarding the atmosphere.

SOURCE: P&S Intelligence