Global Vehicle to everything V2X Equipment Market Size By Type (V2V, V2I), By Application (Passenger Car, Commercial Vehicle), By Region, And Segment Forecasts, 2023 to 2032

The Global Vehicle-to-Everything (V2X) Equipment Market was valued at USD 1.8 billion in 2023 and is projected to reach USD 5.7 billion by 2031, registering a CAGR of 15.7% during the forecast period of 2023-2031. The market growth is primarily driven by the increasing adoption of connected vehicle technologies, government regulations on vehicular safety, and advancements in 5G and communication infrastructure.

V2X technology enables vehicles to communicate with each other (V2V), infrastructure (V2I), pedestrians (V2P), and networks (V2N) to improve traffic efficiency, safety, and overall driving experience. The growing trend of autonomous vehicles and smart city developments is further propelling the demand for V2X equipment globally.

Drivers:

Regulatory Support for Vehicular Safety: Governments worldwide are implementing regulations mandating the integration of V2X systems to reduce road accidents and enhance vehicular safety.

Advancements in Communication Technologies: The roll-out of 5G networks and advancements in edge computing are significantly enhancing V2X communication capabilities, driving market adoption.

Growth of Autonomous and Connected Vehicles: Increasing investments in autonomous vehicle technologies are bolstering the demand for V2X systems to ensure seamless communication and safety.

Restraints:

High Implementation Costs: The deployment of V2X infrastructure, including hardware and communication networks, is capital-intensive, which could limit adoption in developing regions.

Cybersecurity Concerns: The risk of cyberattacks and data breaches in V2X systems poses a significant challenge to market growth.

Opportunity:

Smart City Developments: The integration of V2X technology with smart city initiatives offers significant opportunities for market expansion.

Expansion in Emerging Markets: Emerging economies are investing heavily in transportation infrastructure, creating lucrative opportunities for V2X adoption.

Market by System Type Insights:

The Dedicated Short-Range Communication (DSRC) segment led the market in 2023, driven by its reliability and low latency. However, the Cellular-V2X (C-V2X) segment is expected to grow at the fastest rate due to its compatibility with 5G networks and broader range.

Market by End-Use Insights:

The Passenger Vehicles segment emerged as the largest end-use category, accounting for over 60% of the market share in 2023, as automakers increasingly integrate V2X technology into passenger cars to enhance safety and convenience.

Market by Regional Insights:

North America dominated the market in 2023, owing to the presence of key automakers, advanced communication infrastructure, and strong regulatory support.

The Asia-Pacific region is anticipated to witness the highest growth rate during the forecast period, fueled by rapid urbanization, increasing vehicle ownership, and government initiatives promoting smart transportation.

Competitive Scenario:

Key players in the Global V2X Equipment Market include Qualcomm Technologies, Inc., Autotalks Ltd., Continental AG, NXP Semiconductors N.V., Robert Bosch GmbH, and Denso Corporation. Companies are focusing on strategic collaborations, technological innovations, and geographic expansions to strengthen their market positions.

Scope of Work – Global Vehicle-to-Everything (V2X) Equipment Market

Key Market Developments:

In 2023, Qualcomm launched a new C-V2X chipset designed to enhance the safety and efficiency of autonomous vehicles.

In 2024, Continental AG partnered with a leading automaker to integrate V2X systems into their next-generation vehicles.

In 2025, NXP Semiconductors introduced a secure V2X platform, addressing cybersecurity challenges in connected vehicles.

FAQs:

What is the current market size of the Global Vehicle-to-Everything (V2X) Equipment Market?

The market was valued at USD 1.8 billion in 2023.

What is the major growth driver of the Global Vehicle-to-Everything (V2X) Equipment Market?

The primary driver is regulatory support for vehicular safety and advancements in 5G technology.

Which is the largest region during the forecast period in the Global Vehicle-to-Everything (V2X) Equipment Market?

North America is the largest region, while Asia-Pacific is expected to grow the fastest.

Which segment accounted for the largest market share in the Global Vehicle-to-Everything (V2X) Equipment Market?

The Passenger Vehicles segment held the largest market share in 2023.

Who are the key market players in the Global Vehicle-to-Everything (V2X) Equipment Market?

Major players include Qualcomm Technologies, Continental AG, NXP Semiconductors, and Robert Bosch GmbH.

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