V2X Chipset Market

Global V2X Chipset Market is valued at US$ 1.74 Billion in 2022 and it is expected to reach US$ 14.06 Billion by 2029 with a CAGR of 34.8% over the forecast period.

Global V2X Chipset Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029- Increasing demand for connected and autonomous vehicles, stringent government regulations and policies mandating the integration of V2X technology for enhanced road safety and the growing focus on smart transportation infrastructure and the need for real-time traffic management and efficient vehicle-to-infrastructure communication systems are some of the major factors driving the market growth.

Scope of Global V2X Chipset Market Report-

The V2X (Vehicle-to-Everything) chipset is a communication technology that enables vehicles to communicate with other vehicles (V2V), infrastructure (V2I), pedestrians (V2P), and other devices (V2D) in their surroundings. It facilitates real-time data exchange and enables advanced safety, efficiency, and mobility features in connected vehicles.

The development of V2X technology started in the early 2000s, with efforts by automotive manufacturers, research institutions, and standardization bodies to establish communication standards for intelligent transportation systems. Various wireless communication technologies, such as Dedicated Short-Range Communication (DSRC) and cellular vehicle-to-everything (C-V2X), have been developed to support V2X communications.

The V2X chipset finds application in the automotive industry for connected and autonomous vehicles. It enables vehicles to exchange information related to safety, traffic conditions, road hazards, and more with other vehicles and the surrounding infrastructure. This technology is essential for advanced driver assistance systems (ADAS), collision avoidance systems, traffic management, and future mobility solutions.

V2X chipsets are used by automotive manufacturers, government agencies, transportation authorities, and infrastructure providers to enable communication with vehicles, improving road safety, reducing traffic congestion, and creating an efficient transportation ecosystem.

Covid-19 Impact on the Global V2X Chipset Market:

While the pandemic initially caused disruptions in the automotive industry, it also highlighted the importance of connected technologies for safer and more efficient transportation systems. The pandemic has accelerated the adoption of digital technologies in various sectors, including transportation. This has increased the focus on connected and intelligent solutions like V2X Chipsets, which enable vehicle-to-vehicle and vehicle-to-infrastructure communication for enhanced safety and traffic management.

The need for contactless interactions and services has grown due to health and safety concerns during the pandemic. V2X Chipsets support contactless communication and enable features like collision avoidance and emergency vehicle notifications, contributing to safer and more efficient transportation systems.

Key Players of Global V2X Chipset Market Report-

• Qualcomm Technologies Inc.
• NXP Semiconductors
• Autotalks Ltd.
• Cohda Wireless
• Savari Inc.
• u-blox AG
• Renesas
• Electronics Corporation
• Intel Corporation
• STMicroelectronics
• Infineon Technologies AG
• Huawei Technologies Co. Ltd.
• Samsung Electronics Co. Ltd.
• Garmin Ltd.
• Harman International Industries Inc.
• Commsignia Ltd.
• Analog Devices Inc.
• Marvell Technology Group Ltd.
• Veoneer Inc.
• Texas Instruments Incorporated
• Toshiba Corporation
• others

Global V2X Chipset Market Segmentation:-

By Type

• V2V
• V2I
• V2P
• V2N

By Component

• Hardware
• Software

By Vehicle Type

• Commercial Vehicle
• Passenger Vehicle

By Manufacturer

• Huawei Technologies
• Qualcomm
• Autotalks
• NX
• Datang GohighSe
• Quectel Wireless Solutions
• ZTE Corporation
• ST

By Application

• Road Safety Service
• Automatic Parking System
• Auto Car Service
• Fleet Management

Revenue Generation Model:

The revenue generation model in the V2X chipset market is primarily based on the sale of V2X chipsets to automotive manufacturers and suppliers. Additional revenue streams include licensing intellectual property rights, providing software updates, and offering aftermarket solutions and services.

Supply Chain Analysis:

The supply chain model in the V2X chipset market involves multiple stages, starting from semiconductor manufacturers that produce V2X chipsets. These chipsets are then supplied to automotive OEMs or suppliers, who integrate them into vehicles or aftermarket devices before reaching end-users or customers.

Value Chain Analysis:

The value chain model in the V2X chipset market includes various stages, starting from research and development of chipsets by semiconductor companies. This is followed by manufacturing, distribution, integration by automotive OEMs or suppliers, and ultimately reaching end-users or customers who utilize the V2X chipset-enabled applications and services.

 

Market Drivers:

Increasing focus on road safety and the adoption of connected vehicle technologies: V2X (Vehicle-to-Everything) communication enables vehicles to exchange real-time information with other vehicles, infrastructure, pedestrians, and the cloud, enhancing road safety and efficiency. The demand for V2X Chipsets is expected to be fueled by the growing number of connected vehicles and the need to reduce road accidents. The increasing regulatory initiatives and government mandates for vehicle safety and communication systems are driving the adoption of V2X technology.

V2X Chipsets enable vehicles to communicate and share critical information such as location, speed, and road conditions, facilitating advanced driver-assistance systems (ADAS), collision avoidance, and autonomous driving. The technology enables vehicles to exchange information in real time, providing drivers with alerts and warnings to enhance situational awareness and prevent accidents.

The accelerated process of autonomous driving drives the development of V2X chipsets: Self-driving cars, which represent the future development path of the automotive industry, rely on the cooperation of Internet of Vehicles, 5G, artificial intelligence, visual computing, radar, monitoring devices, and global positioning systems to autonomously and safely drive motor vehicles. The V2X chipset is a crucial component of the vehicle-road coordination in the autonomous driving system.

Market Restraints:

Lack of standardized communication protocols and interoperability: The lack of standardization poses challenges in terms of compatibility and integration of V2X Chipsets across different vehicle makes and models. It can lead to fragmentation in the market, as different manufacturers may implement proprietary communication protocols, limiting the interoperability between vehicles from different brands.

The absence of standardized protocols also creates uncertainty for stakeholders involved in the V2X ecosystem, including automakers, infrastructure providers, and technology developers. This uncertainty can slow down investments and hinder the development of V2X solutions.

Cost associated with implementing V2X technology: V2X Chipsets require significant investments, which can be a deterrent for smaller companies and regions with limited resources, and could slow market growth.

Market Opportunities:

Growing Focus on Smart Transportation Infrastructure: The increasing emphasis on developing smart transportation infrastructure, including intelligent traffic management systems and smart cities, creates opportunities for V2X chipsets to enable efficient vehicle-to-infrastructure (V2I) communication and support various smart mobility initiatives.

Integration with Electric Vehicle Charging Infrastructure: V2X chipsets offer opportunities to support vehicle-to-grid (V2G) communication, allowing electric vehicles to interact with the power grid for optimized charging, energy management, and potential revenue generation through energy trading.

Market Trend:

Product and Technology Development Trends:

Evolution of 5G Connectivity: The adoption of 5G technology is revolutionizing the V2X Chipset market. 5G networks offer ultra-low latency and high-speed connectivity, enabling seamless and real-time communication between vehicles and infrastructure. This technology advancement allows for faster and more reliable V2X communication, enhancing safety and enabling advanced applications like cooperative driving and platooning.

Integration of Artificial Intelligence (AI): AI-powered algorithms and machine learning techniques are being integrated into V2X Chipsets to enhance their capabilities. AI can analyze large volumes of V2X data, identify patterns, and make intelligent predictions, enabling advanced driver assistance systems, traffic management, and predictive maintenance. The integration of AI in V2X Chipsets enables smarter decision-making and improved efficiency in transportation systems.

Customer Trends:

Increasing Demand for Connected and Autonomous Vehicles: V2X Chipsets enable communication between vehicles and infrastructure, providing advanced safety features, improved traffic management, and enhanced convenience in connected and autonomous vehicles.

Focus on Enhanced Safety Features: V2X Chipsets are essential for enhancing safety on roads, providing real-time warnings and accident prevention.

Market Competition Nature:

Past Strategies:

Product Development and Innovation: V2X chipset market players have focused on continuous product development and innovation to introduce advanced chipsets with improved features such as higher data transfer rates, lower latency, enhanced security, and compatibility with evolving communication standards.

Strategic Partnerships and Collaborations: Companies in the V2X chipset market have formed strategic partnerships and collaborations with automakers, system integrators, and other stakeholders in the automotive industry to jointly develop V2X solutions, integrate chipsets into vehicles, and create interoperable systems.

Market Expansion and Geographic Reach: Market players have pursued strategies to expand their market presence and geographic reach by targeting new regions and establishing partnerships or local subsidiaries to cater to the specific needs of those markets.

Future Strategies:

Expansion of Partnerships and Alliances: Companies may form strategic partnerships and alliances with automakers, infrastructure providers, telecom companies, and other industry stakeholders to collaborate on the development and deployment of V2X solutions, enabling seamless integration and interoperability.

Market Diversification and Geographic Expansion: Market players may explore opportunities to diversify their offerings and expand into new geographic markets, targeting regions with increasing V2X adoption, such as North America, Europe, and Asia Pacific.

Integration with Emerging Technologies: Companies may explore the integration of V2X chipsets with emerging technologies such as artificial intelligence (AI), machine learning (ML), edge computing, and blockchain to enhance the capabilities and efficiency of V2X systems.

Geography Analysis:

North America:

In terms of revenue share in 2019, North America dominated the world market for V2X chipsets. Due to rising traffic fatalities and the expanding use of safety technologies like adaptive cruise control, automatic emergency braking, and blind-spot detection, the region is predicted to maintain its supremacy over the projected period.

Due to strict government rules on car emissions and growing consumer knowledge of vehicle safety systems, Europe accounted for a sizeable market share in 2019. The presence of important automakers like the BMW Group, Audi AG, Mercedes-Benz AG, and Volkswagen Group (Audi, Porsche), among others, is also predicted to fuel regional growth over the forecast period.

Europe:

EU Regulations and Mandates: The European Union has implemented regulations and mandates to promote the adoption of V2X technology. For example, the Cooperative Intelligent Transport Systems (C-ITS) platform has been established to facilitate V2X communication and improve road safety.

Emphasis on Smart City Initiatives: European countries are increasingly focusing on smart city initiatives, which involve integrating V2X technology into urban transportation systems. V2X Chipsets enable efficient traffic management, enhanced pedestrian safety, and optimized transportation networks in smart cities.

Asia-Pacific:

Due to the rising number of smart cars with V2X technology that can be activated by law enforcement during times of high traffic or bad weather for improved traffic management purposes, reducing vehicle congestion and improving the overall driving experience, Asia Pacific is expected to experience significant growth between 2022 and 2030.

Key Benefits of Global V2X Chipset Market Report–

• Global V2X Chipset Market report covers in-depth historical and forecast analysis.
• Global V2X Chipset Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Global V2X Chipset Market report helps to identify opportunities in the marketplace.
• Global V2X Chipset Market report covers extensive analysis of emerging trends and competitive landscape.