Vehicle-to-Infrastructure (V2I) Communication Market size was valued at USD 309.7 million in 2023 and is set to cross USD 18.37 billion by 2036, expanding at more than 36.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of vehicle-to-infrastructure communication is evaluated at USD 401.12 million.
The growth of the market can be attributed to factors such as the growing number of automobile thefts, rising technological advancements in the automotive industry, and increasing usage of internet of things (IoT) integrated systems, chips and sensors in the automotive sector. According to the Federal Bureau of Investigation (FBI), more than USD 6.4 billion was lost to motor vehicle theft in 2019. The average dollar loss per theft amounted to be USD 8,886. Furthermore, high fuel consumption and time wastage as a result of traffic congestion are giving rise to increasing government emphasis on enhanced traffic management. This is expected to offer ample growth opportunities to the market in the upcoming years.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
36.9% |
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Base Year Market Size (2023) |
USD 309.7 million |
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Forecast Year Market Size (2036) |
USD 18.37 billion |
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Regional Scope |
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The market is segmented by end user into cellular, WiFi, DSRC, WiMax, and Bluetooth, out of which, the cellular segment is anticipated to hold the largest share in the vehicle-to-infrastructure (V2I) communication market on account of the ability of cellular applications to manage large number of messages in heavily congested environments and perform better in terms of cybersecurity. Along with this, low costs associated with hardware components is also projected to drive growth to the vehicle-to-infrastructure (V2I) communication market segment in the near future. Additionally, on the basis of component, the segment for hardware is assessed to occupy the largest share, which can be credited to the growing requirement for advanced road markings and smart signs for the implementation of V2I technologies.
Our in-depth analysis of the global vehicle-to-infrastructure (V2I) communication market includes the following segments
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By End User
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By Component
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On the basis of geographical analysis, the vehicle-to-infrastructure (V2I) communication market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Europe region is estimated to witness noteworthy growth over the forecast period on the back of surge in the number of smart automotive projects undertaken by the government, high car production and strong presence of market players in the region. For instance, the largest number of cars in Europe were produced in Germany in 2020. The number was calculated to be almost 3.6 million. In addition, escalating number of collaboration projects among companies to reform smart transportation services is also assessed to boost market growth in the region.
North America Market Analysis
Moreover, North America acquires the largest share during the forecast period owing to favorable government initiatives supporting V2I communication standards and hike in demand for connected car technology.
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Author Credits: Abhishek Verma
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