Cellular Vehicle-To-Everything Market Report 2024: Growth, Trends, Forecast to 2033

"The Business Research Company recently released a comprehensive report on the Global Cellular Vehicle-To-Everything Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Cellular Vehicle-To-Everything Market 2024 Key Insights:

• The Cellular Vehicle-To-Everything Market is expected to grow to $2.68 billion in 2028 at a compound annual growth rate (CAGR) of 29.8%.
• Impact Of Road Accidents On The Cellular Vehicle-to-Everything (C-V2X) Market
• Introducing Next-Generation C-V2X Modules For Enhanced Traffic Safety
• 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.

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