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Cellular Vehicle-to-Everything (C-V2X) Market Trends

Report ID: GMI3383
Published Date: Jan 2024
Report Format: PDF

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Cellular Vehicle-to-Everything Market Trends

Governments, globally, adopting Cellular Vehicle-to-Everything (C-V2X) as the standard for road safety systems are fostering lucrative market growth. Establishing C-V2X as a standardized communication protocol enhances interoperability and facilitates seamless integration. For instance, in December 2023, South Korea declared C-V2X direct communications as the standard for its upcoming vehicle communication system. The Ministry of Science and ICT along with the Ministry of Land, Infrastructure and Transport affirmed the country's exclusive use of LTE-V2X in constructing the Cooperative-Intelligent Transport Systems (C-ITS).

Rising smart city initiatives worldwide are a key trend propelling the C-V2X market. As cities increasingly focus on creating intelligent transportation systems, C-V2X technology becomes integral for enhancing traffic efficiency and overall urban mobility. By integrating C-V2X into urban infrastructure, cities can optimize traffic flow, reduce congestion, and improve road safety. This trend aligns with the broader goal of creating sustainable, connected, and efficient urban environments, driving the demand for C-V2X solutions in the global market.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of cellular vehicle-to-everything was worth USD 936.8 million in 2023 and is estimated to register over 30% CAGR between 2024 and 2032, owing to the increasing frequency of road accidents on highways.

The passenger vehicle segment accounted for a market share of around 65% in 2023 and is projected to grow by 2032, attributed to the integration of C-V2X with Advanced Driver Assistance Systems (ADAS) in these vehicles, enhancing the capabilities of both technologies.

Europe region dominated 40% share of the cellular vehicle-to-everything market in 2023 and will grow significantly through 2032, due to smart city initiatives across the region.

Continental AG, 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 GmbH & Co. KG, Savari, Inc., Shenzhen Genvict Technologies Co., Ltd., and ZTE Corporation.