What Fueled The Previous Growth In The Cellular Vehicle To Everything Market?
The cellular vehicle to everything market has seen considerable growth due to a variety of factors.
• The market size of cellular vehicle-to-everything has experienced rapid expansion in the past few years. It's projected to surge from $0.94 billion in 2024 to $1.25 billion in 2025, with a compound annual growth rate (CAGR) of 32.7%.
This growth during the historic period is due to rising demand for C-V2X products and services, supportive regulations, ongoing decreases in production and installation costs, proactive government measures to build smart cities, and the widespread adoption of smartphones.
What Is The Expected Growth In The Cellular Vehicle To Everything Market Size Evolve over the Forecast Period?
The cellular vehicle to everything market is expected to maintain its strong growth trajectory in upcoming years.
• The predicted expansion of the cellular vehicle-to-everything market size in the upcoming years is anticipated to be exponential, reaching $3.42 billion in 2029, accompanied by a compound annual growth rate (CAGR) of 28.5%.
The forecast period's expansion is primarily attributed to the escalating number of road mishaps worldwide, increasing acceptance of self-driving vehicles, rising demands for safer commuting, increasing popularity of vehicle telematics, and heightened consciousness about environmental sustainability. Key trends in the forecast period involve technological progress, an upsurge in worldwide smart city initiatives, the adoption of standards for road safety systems, integration of C-V2X with advanced driver assistance systems (ADAS), and incorporation of C-V2X technology in cars.
What Main Forces Are Fueling Expansion In The Cellular Vehicle To Everything Market?
Global escalation in road accidents is anticipated to fuel the expansion of the cellular vehicle-to-everything market. Road accidents are incidents where vehicles are involved in collisions with other vehicles, pedestrians, animals, or static objects on public or private roads accessible to traffic. Various contributing factors, like human errors, subpar road conditions, and vehicle malfunctions, are leading to an increase in the number of such mishaps. The incorporation of Cellular vehicle-to-everything (C-V2X) technology helps mitigate these accidents by promoting real-time interaction between vehicles and their surrounding infrastructures, thus enabling a quicker reaction to prospective dangers. Through unbroken connectivity, C-V2X strives to enhance road safety significantly, attempting to highlight collision threats ahead of time and ameliorate overall traffic control. To illustrate, in November 2023, UK's road safety charity, Brake, reported that in 2022, the UK witnessed 1,766 road fatalities, with 1,711 incidents in Britain and 55 in Northern Ireland— representing a 10% increase compared to the statistics from the preceding year. Hence, the escalating rate of road accidents worldwide is steering the growth of the cellular vehicle-to-everything market.
What Are The Primary Segments In The Global Cellular Vehicle To Everything Market?
The cellular vehicle-to-everything market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
3) By Communication Type: Vehicle-To-Person (V2P), Vehicle-To-Infrastructure (V2I), Vehicle-To-Network (V2N), Vehicle-To-Vehicle (V2V)
4) By Application: Fleet Management, Autonomous Driving, Collision Avoidance, Intelligent Traffic Systems, Parking Management Systems
Subsegments:
1) By Hardware: Antennas, Communication Modules, Processors, Sensors, Transceivers, Controllers
2) By Software: V2X Communication Software, Data Management Software, Security Software, Network Management Software
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Which Emerging Market Trends Are Altering The Cellular Vehicle To Everything Industry?
Leading firms in the cellular vehicle-to-everything marketplace are concentrating their resources on creating technologically advanced products such as next-generation cellular vehicle-to-everything (C-V2X) modules to enhance road safety and traffic flow. These C-V2X modules are sophisticated communication technologies that enable a safer and more efficient traffic system through facilitated communication. For example, Quectel Wireless Solutions Co. Ltd., a China-based company specializing in designing, developing, and selling cellular communication modules, launched the AG18 module in November 2022. The new C-V2X module emphasizes PC5 direct communications, which allow vehicles to communicate effectively with each other and their surroundings, improving traffic safety and efficiency. The versatile AG18 module allows various communication forms, including vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-pedestrian (V2P), on a uniform 5.9GHz smart cellular subscription. It is designed to function in harsh conditions, ensuring excellent electric discharge (ESD) or electric interference (EMI) protection performance.
Who Are the Key Players In The Cellular Vehicle To Everything Market?
Major companies operating in the cellular vehicle-to-everything market are:
• AT&T Inc.
• Robert Bosch GmbH
• Huawei Technologies co. Ltd.
• Audi AG
• Intel Corporation
• Daimler Truck AG
• Qualcomm Technologies Inc.
• NTT DOCOMO Inc.
• Continental AG
• Nvidia Corporation
• Nokia Corporation
• ZTE Corporation
• Aptiv PLC
• Infineon Technologies AG
• NXP Semiconductors
• Keysight Technologies
• Harman International Industries Inc.
• Rohde & Schwarz GmbH & Co. KG
• Quectel Wireless Solutions Co. Ltd.
• TomTom International BV
• Autotalks Ltd.
• Commsignia Ltd.
• Savari Inc.
• Ficosa International SA
• Cohda Wireless Pty Ltd.
• Shenzhen Genvict Technologies Co. Ltd.
• Quectel wireless co. Ltd.
• Unex Technology Corp.
• MediaTek Inc.
• Reliance Jio Infocomm Ltd.
What Is The Most Dominant Region In The Cellular Vehicle To Everything Market?
North America was the largest region in the cellular vehicle-to-everything market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cellular vehicle-to-everything market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
