Market Size –
The cellular vehicle-to-everything market size has grown exponentially in recent years. It will grow from $0.71 billion in 2023 to $0.94 billion in 2024 at a compound annual growth rate (CAGR) of 33.1%. The growth in the historic period can be attributed to increasing demand for cellular vehicle-to-everything (C-V2X) products and services, regulatory support, continuous cost reductions in the production and installation, growing initiatives of the governments in making smart cities, increased penetration of smartphones.
The cellular vehicle-to-everything market size is expected to see exponential growth in the next few years. It will grow to $2.68 billion in 2028 at a compound annual growth rate (CAGR) of 29.8%. The growth in the forecast period can be attributed to rising number road accidents across the globe, growing adoption of autonomous vehicles, rising demand for safer road travel, growing popularity of vehicle telematics, rising awareness about environmental sustainability. Major trends in the forecast period include technological advancements, rising smart city initiatives worldwide, adopting the standard for road safety systems, integration of C-V2X with advanced driver assistance systems (ADAS), integration of C-V2X technology in automobiles.
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Scope Of Cellular Vehicle-To-Everything Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cellular Vehicle-To-Everything Market Overview
Market Drivers –
The rising number of road accidents across the globe is expected to propel the growth of the cellular vehicle-to-everything market going forward. A road accident is an event that occurs when a vehicle collides with another vehicle, pedestrian, animal, or fixed object on a public road or private road open to public traffic. The number of road accidents is increasing due to several factors, including human error, poor road conditions, and vehicle defects. Cellular vehicle-to-everything (C-V2X) technology mitigates road accidents by facilitating real-time communication between vehicles and infrastructure, enabling swift response to potential hazards. Through its seamless connectivity, C-V2X aims to significantly enhance road safety by pre-emptively addressing collision risks and improving overall traffic management. For instance, in May 2022, according to the National Highway Traffic Safety Administration, a US-based federal agency that works to keep people safe on the roads, there were 42,915 people killed in motor vehicle traffic crashes last year, a 10.5% increase from the 38,824 fatalities in 2020. Therefore, the rising number of road accidents across the globe is driving the growth of the cellular vehicle-to-everything market.
Market Trends –
Major companies operating in the cellular vehicle-to-everything market are integrating their efforts into developing technologically advanced products, such as the next-generation cellular vehicle-to-everything (C-V2X) module, to improve road safety and traffic flow. Next-generation cellular vehicle-to-everything (C-V2X) modules are advanced communication technologies used to facilitate communication, ensuring a safer and more efficient traffic system. For instance, in November 2022, Quectel Wireless Solutions Co. Ltd., a China-based company that designs, develops, and sells cellular communication modules, introduced the AG18 module, a next-generation cellular vehicle-to-everything (C-V2X) module that features PC5 direct communications to allow vehicles to communicate effectively with each other and their surroundings, thereby enhancing safety and traffic efficiency. The AG18 module supports various types of communications, including vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-pedestrian (V2P) on the unified 5.9GHz intelligent cellular subscription. The module is designed for use in harsh environments, providing superior ESD (electric discharge) or EMI (electric interference) protection performance.
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
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Regional Insights –
North America was the largest region in the cellular vehicle-to-everything market in 2023. 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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Cellular Vehicle-To-Everything Market Characteristics
3. Cellular Vehicle-To-Everything Market Trends And Strategies
4. Cellular Vehicle-To-Everything Market – Macro Economic Scenario
5. Global Cellular Vehicle-To-Everything Market Size and Growth
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31. Cellular Vehicle-To-Everything Market Other Major And Innovative Companies
32. Global Cellular Vehicle-To-Everything Market Competitive Benchmarking
33. Global Cellular Vehicle-To-Everything Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cellular Vehicle-To-Everything Market
35. Cellular Vehicle-To-Everything Market Future Outlook and Potential Analysis
36.Appendix
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