Vehicle-to-everything (V2X) Test Equipment Market Size, Share, Growth, and Industry Analysis, By Type (DSRC Connectivity, Cellular Connectivity and Others), By Application (System Integration, Support & Maintenance, Consulting and Others.), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Vehicle-To-Everything (V2X) Test Equipment Market Report Overview

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The global vehicle-to-everything (V2X) test equipment market size is USD 4242.2 million in 2022 and is projected to touch USD 16035.69 million by 2031, exhibiting a CAGR of 15.9% during the forecast period.

Vehicle-to-everything (V2X) technology enables communication between moving and stationary items in the immediate vicinity of a vehicle. This technology serves to lessen traffic congestion, accidents, and pollution. Additionally, evaluating V2X technology is crucial for ensuring the security and safety of the vehicle. The devices used to evaluate RF measurements, transmitter accuracy, compliance, C-V2X protocol testing, and GNSS simulation of the devices installed in the vehicle known as the on-board unit and the devices installed in the surrounding area known as the road side unit are known as V2X test equipment. Additionally, V2X testing is crucial in ensuring the safety of the vehicle and its occupants because linked vehicles are a new technology.

COVID-19 Impact: The COVID-19 Underlying Condition Disrupted the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the vehicle-to-everything (V2X) test equipment market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The automotive V2X business is expected to suffer from COVID-19's effects on the semiconductor and automobile manufacturing industries. The lack of raw materials, components, and finished items in the semiconductor sector is affecting suppliers one by one. Furthermore, the automotive sector is experiencing decreased worldwide car sales and the closure of production sites, both of which have a significant impact on the supply chains. However, in order to deliver medical equipment and personal protective equipment in the fight against the COVID-19 pandemic, OEMs and suppliers are rearranging their plant capacities worldwide (PPE). Mahindra, for instance, plans to manufacture personal ventilators with a $100 price point. Additionally, Ford and General Motors are working together to produce ventilators and PPE surgical equipment in the U.S.A.

LATEST TRENDS

"The Government Initiative and Product Innovation to Attract the Market Share"

Vehicle-to-everything (V2X) test equipment demand is increasing as a result of government efforts to commercialize the technology and build out the infrastructure for vehicles to enhance performance, safety, and environmental benefits. For instance, the National Highway Traffic Safety Administration (NHTSA) and Federal Motor Carrier Safety Administration (FMCSA) of the U.S. Department of Transportation issued a notice in May 2019 to remove unneeded regulatory obstacles to the safe introduction of automated driving systems (ADS) vehicles in the United States. Before being implemented in V2X technology, the development of 5G technology is another important element that is anticipated to drive the global vehicle-to-everything (V2X) test equipment market growth.

Vehicle-To-Everything (V2X) Test Equipment Market Segmentation

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• By Type

Based on type the vehicle-to-everything (v2x) test equipment market is classified as DSRC connectivity, cellular connectivity and others.

DSRC connectivity are the leading part of the type segment.

• By Application

Based on application the vehicle-to-everything (v2x) test equipment market is classified as system integration, support & maintenance, consulting and others.

System integration is the leading part of the application segment.

DRIVING FACTORS

"The Intelligent Transportation System to Boost the Market Share"

V2X technology incorporates a number of functions, including automated driving, linked and intelligent transportation. In order to improve the security protection capabilities of vehicles and assist in the installation of vehicle security systems, a variety of V2X tests must be carried out to identify specification faults, design errors, and implementation defects. All these features require different levels of latency, reliability, throughput, user density, and safety of the V2X environment. In order to lessen traffic congestion and traffic accidents, governments from different nations and automakers are working on deploying 5G technology for vehicle applications. These corporations are also testing V2X technology. This is anticipated to increase demands for V2X testing equipment over the anticipated time-frame.

"Growing Vehicle Safety and Initiative In Reducing Environmental Damage to Drive the Market"

The market for Vehicle-to-everything (V2X) test equipment is anticipated to grow at a faster rate than average during the forecast period due to the rising demand for intelligent transportation systems to reduce environmental damage and improve vehicle safety. Research and development of intelligent transportation systems require laboratory testing to identify and resolve signal-related problems, improve the efficiency of post-production field evaluations, and help save time and money.

RESTRAINING FACTORS

"The High Cost Incurred to Restrain the Market from Product Utilization"

The high cost of doing V2X testing is a major restraint on the global market for vehicle-to-everything (V2X) test equipment. Before this technology is made available to the general public, V2X testing is conducted in both virtual and physical situations. Companies prefer performing V2X testing utilizing virtual function testing systems, which entail testing using software simulators, because performing V2X testing in a real environment requires a lot of time and money. Over the course of the projection period, these issues are anticipated to hamper the vehicle-to-everything (V2X) test equipment the market.

Vehicle-To-Everything (V2X) Test Equipment Market Regional Insights

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"The Asia Pacific region to Lead the Market With  Rising Demand and Investment"

Due to the quick development and testing of V2X vehicles and rising investment in connected vehicles, there is an increase in the demand for vehicle-to-everything (V2X) test equipment in emerging economies in the Asia-Pacific region. In the Asia Pacific Region, the market is anticipated to develop primarily due to infrastructure. In terms of the global market for vehicle-to-everything (V2X) test equipment, Asia Pacific had a leading position in 2018, and it is anticipated that it will continue to do so during the forecast period. This is linked to the expanding C-V2X and V2X vehicle markets in Asia Pacific as well as rising investments in the automotive sector. Over the course of the forecast period in Asia Pacific, these factors are anticipated to propel expansion of the global vehicle-to-everything (V2X) test equipment market share.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

LIST OF TOP VEHICLE-TO-EVERYTHING (V2X) TEST EQUIPMENT COMPANIES

• Danlaw (U.S.A)
• ROHDE & SCHWARZ (Germany)
• Spirent Communications (U.K)
• TATA ELXI (India)
• Autotalks (Israel)
• Science & Engineering Applications Datentechnik GmbH (Germany)
• OnBoard Security (U.S.A)
• ADAS iiT (Germany)
• Anritsu (Japan).

INDUSTRY DEVELOPMENT

• "November 2019:" The first radio frequency (RF) conformance test for C-V2X communications was validated by the 3rd Generation Partnership Project (3GPP) for Keysight Technologies Inc., a producer of electronics test and measurement equipment.

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.