South Korea Automotive V2X Market (2023-2028)
The South Korea Automotive V2X Market was valued at $21 Million in 2023 and projected to reach to $523 Million by 2028, representing a compound annual growth rate of CAGR 57.8%. South Korea's Automotive V2X market is poised for exceptional growth through 2028, driven by the convergence of advanced telecommunications infrastructure, supportive government policies, and aggressive investment from domestic automotive and technology leaders.
| Market Size in | USD 26.32 MN |
| Market Forecast in | |
| CAGR | |
| Forecast Period | |
| Units Considered | Value (USD MN) |
South Korea Automotive V2X Market Trends and Insights
- South Korea is positioned as a critical hub for connected vehicle technology adoption, driven by advanced telecommunications infrastructure and government support for autonomous driving initiatives.
- By 2028, South Korea's V2X market is forecast to reach $523.0 million, representing nearly 25-fold growth over the five-year period. The exceptional 57.8% compound annual growth rate reflects South Korea's commitment to smart mobility and intelligent transportation systems.
- South Korea's automotive manufacturers and technology providers are investing heavily in V2X deployment to enhance vehicle-to-vehicle and vehicle-to-infrastructure communication capabilities.
- South Korea's regulatory environment and 5G infrastructure leadership position the nation as a key market for V2X commercialization in the Asia Pacific region..
Key Market Statistics
- CAGR (2023-2028) CAGR 57.8%
- Market Size, 2023 ~USD 21 Million
- Forecast, 2028 ~USD 523 Million
- Country South Korea
South Korea Automotive V2X Market Overview
Explosive Growth Trajectory :
South Korea's V2X market is projected to grow from $21.0 million in 2023 to $523 million by 2028, representing a remarkable 57.8% CAGR, outpacing the global average of 51.9%.
Advanced Telecom Infrastructure :
South Korea's world-leading 5G and LTE networks provide an optimal foundation for V2X deployment, enabling low-latency vehicle-to-infrastructure and vehicle-to-vehicle communications essential for autonomous driving.
Government-Backed Autonomous Initiatives :
Strong government support for autonomous vehicle development and smart city projects accelerates V2X adoption, with regulatory frameworks increasingly mandating connected vehicle technologies in new vehicle models.
Leading OEM and Tech Ecosystem :
South Korea's automotive manufacturers and technology companies are actively investing in V2X solutions, positioning the country as a regional innovation hub for connected and autonomous vehicle technologies.
South Korea Automotive V2X Market Dynamics
- The country's commitment to autonomous driving development and smart city initiatives creates a compelling ecosystem for V2X technology deployment. The 57.8% CAGR reflects strong demand from both OEMs and fleet operators seeking competitive advantages through connected vehicle capabilities.
- As regulatory requirements tighten and consumer acceptance of autonomous features increases, South Korea is expected to emerge as a critical market for V2X solutions, attracting significant international investment and partnerships in the connected vehicle space..
Market Ecosystem
V2X MARKET: COMMERCIAL USE CASES ACROSS INDUSTRIES
| COMPANY | USE CASE DESCRIPTION | BENEFITS |
|---|---|---|
 |
Develops C V2X chipsets, connectivity platforms, and communication technologies that enable vehicle-to-vehicle, vehicle-to-infrastructure, and vehicle-to-pedestrian communication. | Low latency communication, improved road safety, real-time hazard alerts, and support for connected and automated vehicles. |
 |
Provides automotive connectivity solutions, connected vehicle platforms, and V2X technologies for communication between vehicles and surrounding infrastructure. | Enhanced driver awareness, improved traffic safety, real-time information sharing, and seamless vehicle connectivity. |
 |
Develops intelligent vehicle connectivity solutions, C V2X technologies, and communication infrastructure supporting connected transportation and intelligent road systems. | Improved traffic management, reduced collision risks, enhanced road efficiency, and reliable communication between vehicles and infrastructure. |
 |
Supplies automotive V2X chipsets, secure communication technologies, and semiconductor solutions for onboard vehicle units and roadside infrastructure. | Secure data exchange, low latency communication, improved intersection safety, and support for intelligent transportation systems. |
 |
The company name requires confirmation. If this refers to an automotive technology or connectivity supplier, its use case should be aligned with its specific V2X products and services. | Benefits depend on the company's actual V2X portfolio and should be verified before inclusion in the report. |
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
Related Ecosystem
Automotive Advance Technologies
- Battery Electric Vehicle (BEV)
- Light Commercial Vehicles (LCVs)
- Fuel Cell Electric Vehicle (FCEV)
- Hybrid Electric Vehicle (HEV)
- Internal Combustion Engine (ICE)
- BOSCH LIMITED
- Continental ag
- Visteon Corporation
- DENSO Corporation
- ZF FRIEDRICHSHAFEN AG
Connected Car
- Light Commercial Vehicles (LCVs)
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Cellular Network
- Sensors
- BOSCH LIMITED
- Visteon Corporation
- Jabil Inc.
- DENSO Corporation
- VALENS SEMICONDUCTOR LTD.
Semi Autonomous And Autonomous Vehicle
- Light Commercial Vehicles (LCVs)
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Internal Combustion Engine (ICE)
- Fuel Cell
- BOSCH LIMITED
- Visteon Corporation
- Continental ag
- DENSO Corporation
- Infineon technologies ag
Key Takeaways
- South Korea's V2X market is projected to grow from $21.0M (2023) to $523.0M (2028) at a 57.8% CAGR, outpacing global growth rates.
- South Korea's advanced 5G infrastructure and government autonomous driving policies are primary catalysts for V2X market acceleration.
- South Korea's automotive OEMs are prioritizing V2X integration to enhance safety, traffic efficiency, and autonomous vehicle capabilities.
- South Korea's V2X adoption is expected to drive regional leadership in connected vehicle technology across Asia Pacific.
Automotive V2X Market Report Scope
| Report Metric | Details |
|---|---|
| Base Year | 2023 |
| Fastest Growing Segment | C-V2X (Connectivity) |
| Forecast Period | 2023-2028 |
| Growth Rate | CAGR of 51.9% from 2023 to 2028 |
| Largest Segment | PASSENGER CARS (Vehicle Type) |
| Market Size Base Year (Billions) | ~USD 0.51 (2023) |
| Revenue Forecast (Billions) | ~USD 4.12 (2028) |
| Segments Covered | Offering, Communication, Propulsion, Technology, Vehicle Type, Connectivity |
South Korea Automotive V2X Market Report Segmentation
6 segment dimensions are covered across the global market.
By Offering
- Hardware
- Software
By Communication
- V2G
- V2I
- V2P
- V2V
By Propulsion
- EV
- ICE
By Technology
- Automated Driver Assistance
- Backing
- Emergency Vehicle Notification
- Fleet & Asset Management
- Intelligent Traffic System
- Line Of Sight
- Non-Line Of Sight
- Parking Management System
- Passenger Information System
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
By Connectivity
- C-V2X
- Dsrc
Target Audience
- Automotive OEMs : South Korean and international automakers need market intelligence to prioritize V2X integration in vehicle platforms and align product roadmaps with regional regulatory requirements and consumer demand.
- Technology & Telecom Providers : 5G infrastructure companies, software developers, and connectivity solution providers require detailed market data to identify partnership opportunities and develop V2X offerings for the South Korean market.
- Investment & Private Equity Firms : Investors evaluating opportunities in South Korea's connected vehicle ecosystem need comprehensive market sizing, growth projections, and competitive analysis to support funding and M&A decisions.
- Government & Policy Makers : South Korean transportation and technology agencies benefit from market insights to inform autonomous driving policies, infrastructure investments, and regulatory frameworks supporting V2X adoption.
- Fleet Operators & Logistics Companies : Commercial vehicle operators and logistics providers need market data on V2X benefits, implementation costs, and ROI potential to evaluate technology adoption for fleet management and safety improvements.
Reasons to Buy this Report
- Market-Specific Growth Forecasts : Access detailed projections for South Korea's V2X market through 2028, enabling accurate business planning and investment decisions tailored to this high-growth regional market.
- Competitive Landscape Analysis : Understand the competitive positioning of South Korean OEMs, technology providers, and infrastructure companies in the V2X ecosystem to identify partnership and acquisition opportunities.
- Regulatory & Policy Insights : Gain comprehensive understanding of South Korea's autonomous driving regulations, government incentives, and mandates that directly influence V2X market adoption and technology requirements.
- Infrastructure & Technology Assessment : Evaluate South Korea's 5G/LTE capabilities and smart city initiatives that create unique advantages for V2X deployment compared to other regional markets.
- Strategic Market Entry Planning : Develop informed go-to-market strategies for South Korea with data on key stakeholders, adoption drivers, and market barriers specific to this high-potential automotive technology hub.
Frequently asked questions
What is the current size of South Korea's Automotive V2X market?
South Korea's Automotive V2X market was valued at $21.0 million in 2023 and is forecast to reach $523.0 million by 2028.
What is the projected growth rate for South Korea's V2X market?
South Korea's V2X market is expected to grow at a compound annual growth rate (CAGR) of 57.8% from 2023 to 2028.
What factors are driving V2X adoption in South Korea?
South Korea's V2X growth is driven by advanced 5G infrastructure, government support for autonomous vehicles, and automotive manufacturer investments in connected vehicle technologies.
How does South Korea's V2X market compare to global trends?
South Korea's 57.8% CAGR significantly exceeds the global average of 51.9%, reflecting the nation's leadership in connected vehicle technology adoption.
Which industries benefit from V2X technology in South Korea?
South Korea's automotive manufacturers, telecommunications providers, smart city developers, and transportation authorities all benefit from V2X deployment for enhanced safety and efficiency.
RESEARCH METHODOLOGY
Various secondary sources, directories, and databases were used to identify and collect information for an extensive V2X market study. The study involved four main activities in estimating the current size of the V2X market: secondary research, validation through primary research, assumptions, and market analysis. The research study involved various secondary sources, such as company annual reports/presentations, industry association publications, automotive wiring harness magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, technical articles, and databases, which were used to identify and collect information for an extensive study of the V2X market. Primary sources like experts from automotive OEMs, Tier 1 suppliers, and V2X providers were interviewed to obtain and verify critical information and assess prospects and market estimations.
Secondary Research
Secondary sources referred to for this research study included automotive V2X industry organizations; corporate filings such as annual reports, investor presentations, and financial statements; trade and business whitepapers and databases; and articles from recognized associations and government publishing sources. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated by primary research.
Primary Research
Extensive primary research was conducted after acquiring an understanding of this market scenario through secondary research. Several primary interviews were conducted with market experts from the demand- and supply-side OEMs (in terms of component supply, country-level government associations, and trade associations) and component manufacturers across four major regions, namely, Asia Pacific- 35%, Europe- 25%, North America- 25%, and the Rest of the World-5%. Approximately 60% and 40% of primary interviews were conducted from the demand and supply sides, respectively. Primary data was collected through questionnaires, emails, LinkedIn, and telephonic interviews. In the canvassing of primary data, various departments within organizations, such as sales, operations, and administration, were consulted to provide a holistic viewpoint in our report.
Brief sessions with highly experienced independent consultants were conducted to reinforce findings from primaries after interacting with industry experts. This, along with the in-house subject matter experts’ opinions, led to the findings described in the remainder of this report.
In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations. The primary sources from the demand side included end users, such as Chief Information Officers (CIOs), consultants, service professionals, technicians and technologists, and managers at public and investor-owned utilities.
Breakdown of Primary Interviews
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The V2X market was estimated and validated using both top-down and bottom-up approaches. In the top-down approach, the global V2X market value was derived through revenue analysis of key market players. V2X penetration rates are estimated using secondary research, industry databases, and primary interviews. Country-level market values were allocated to individual segments based on their respective shares, aggregated to derive regional market values, and consolidated to estimate the global market by communication type. The same approach was followed for other segments, including vehicle type, propulsion, connectivity, offering, communication unit, and fitment. In the bottom-up approach, country-level V2X-enabled vehicle volumes were identified using paid databases, vehicle production data, secondary research, and OEM model mapping. Vehicle production volumes are multiplied by the average selling price of V2X communication systems to estimate market size by communication type in terms of volume (thousand units) and value (USD million). Country-level estimates were aggregated to derive regional market values. Both approaches were cross-validated through primary interviews with OEMs, Tier 1 suppliers, V2X module manufacturers, and industry experts to establish the final V2X market estimate.
V2X Market: Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
According to NXP Semiconductors (Netherlands), V2X technology enables cars to communicate with their surroundings and makes driving safer and more efficient for everyone. V2X is communication technology that helps connect vehicles with infrastructure and thus facilitates the implementation of an intelligent transport system. It allows vehicles to communicate with the moving traffic system in their surrounding environment. It operates at 5.9GHz frequency globally.
Key Stakeholders
- Automotive Original Equipment Manufacturers (OEMs)
- Electronic Design Automation (EDA) and Internet Protocol (IP) Core Vendors
- Navigation Devices and GPS Manufacturers
- ODM and OEM Technology Solution Providers
- Regulatory and Transportation Authorities
- Software Providers
- V2X Providers
- Organizations, Forums, Alliances, and Associations
- State & National Regulatory Authorities
-
V2X Network Providers
Report Objectives
-
To segment and forecast the V2X market in terms of value (USD million) and volume (thousand units)
- By offering (hardware and software)
- By V2X charging type (V2L, V2H, and V2G)
- By propulsion (ICE and EV)
- By V2X communication Type (V2I, V2V+V2I, V2V+V2N, and V2V+V2I+V2N)
- By region (Asia Pacific, Europe, North America, and Rest of the World)
-
To segment and forecast the V2X market in terms of volume (thousand units)
- By connectivity [dedicated short-range communications (DSRC) and cellular V2X]
- By vehicle type (passenger cars and commercial vehicles)
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To segment the V2X market qualitatively
- By unit (on-board unit and roadside unit)
- By fitment (plug and play, retrofit, integrated fitment)
- By technology (automated driver assistance, intelligent traffic system, emergency vehicle notification, passenger information system, fleet and asset management, parking management system, line of sight, non-line of sight, and backing)
- To analyze regional markets for growth trends, prospects, and their contribution to the overall market
- To define, describe, and forecast the size of the V2X market with respect to growth trends and prospects, and determine the contribution of the segments to the total market
- To provide detailed information regarding the major factors (drivers, challenges, restraints, and opportunities) influencing market growth
- To strategically analyze markets with respect to individual growth trends, prospects, and contribution to the total market
- To analyze opportunities for stakeholders and the competitive landscape for market leaders
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To study the following with respect to the market -
- Supply chain analysis
- Ecosystem analysis
- Pricing analysis
- Technology analysis
- HS code
- Case study analysis
- Patent analysis
- Impact of AI
- Impact of 2026 India-EU FTA
- Regulatory landscape
- Key stakeholders and buying criteria
- Key conferences & events
- Bill of materials
- V2X spectrum allocation
- V2X technology regulatory direction
- C-ITS & automated driving regulations
- To strategically profile key players and comprehensively analyze their market share and core competencies
- To track and analyze competitive developments such as deals (mergers & acquisitions, partnerships, collaborations), product developments, and other activities carried out by key industry participants
Available customizations:
With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.
- V2X market, by charging, at the country level (for regions covered in the report)
- V2X market, by propulsion, at the country level (for the countries, an addition of up to 3, in the report)
Company Information
- Profiling of additional market players (up to 5)
Get the Full Automotive V2X Market Report
Full forecast, segment splits, and company analysis for all Automotive V2X Market.
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- Japan Automotive V2X Market
- India Automotive V2X Market
- Germany Automotive V2X Market
- France Automotive V2X Market
- Spain Automotive V2X Market
- Italy Automotive V2X Market
- UK Automotive V2X Market
- Canada Automotive V2X Market
- Mexico Automotive V2X Market
- US Automotive V2X Market
- Brazil Automotive V2X Market
- Argentina Automotive V2X Market
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