PUBLISHER: Verified Market Research | PRODUCT CODE: 1628435
PUBLISHER: Verified Market Research | PRODUCT CODE: 1628435
Automotive Communication Technology Market size was valued at USD 11.72 Billion by 2022 and is projected to reach USD 38.52 Billion in 2030, growing at a CAGR of 16.03% from 2023 to 2030.
The growing demand for comfort and safety measures from consumers led to stimulating the growth of the market. The improvement in technology owing to the installation of electronic systems in the automotive systems and its approval propel the market growth. Furthermore, stringent government regulations to lessen emission and vehicle safety tends to impose an assertive outlook on the market. The Global Automotive Communication Technology Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Automotive Communication Technology Market Definition
Automotive Communication Technology comprises the computer networks which permit the vehicles and the roadside units to share information and data such as safety warnings and traffic information. It is the very beneficiary in presenting the small print about traffic jam and avoids accidents. It is a component of intelligent transportation, which allows the buyer to be a part of a more reliable transportation network. It is broadly applicable in the powertrain with improved safety and reducing excessive traffic collision. Automotive communication technologies are used to give vehicles information, such as the position of surrounding vehicles, traffic congestion, and safety warnings.
This information is gathered through various bis modules like Controller Area Network (CAN), Ethernet, Flexray, Local Interconnect Network (LIN), Media-Oriented Systems Transport (MOST). These are predominately used in Powertrain, Body Control & Comfort, Infotainment & Communication, and Safety & ADAS. The global automotive communication technology market encompasses a wide range of stakeholders, including automotive manufacturers, suppliers, technology providers, and service providers. It is driven by the increasing complexity of vehicle electronics, the growing demand for advanced driver assistance systems (ADAS), connected car services, and the development of autonomous vehicles.
Factors influencing the market include government regulations for vehicle safety and emissions, consumer demand for advanced features and connectivity, technological advancements in communication protocols, and the need for efficient data transmission and processing in next-generation vehicles. Overall, the global automotive communication technology market plays a crucial role in enabling advanced vehicle functionality, enhancing safety, improving vehicle performance, and providing a seamless and connected driving experience.
Global Automotive Communication Technology Market Overview
Extensive need for reducing fuel emissions from vehicles and demand for enhancing the safety of the vehicles will impel the growth over the forecast period. In addition to this, humongous sales of luxury cars will proliferate the enlargement of the automotive communication technology business. Moreover, a paradigm shift observed in the automotive sector resulting in the launching of self-driven vehicles will boost the market size. Furthermore, the accelerating popularity of automotive electronics has contributed notably towards the growth of the Global Automotive Communication Technology Market over the forecast period.
There are certain constraints and obstacles faced that will limit the overall market growth. The factors such as huge costs related to communication nodes and complexity associated with electronic designs are limiting the market growth. Further, more complexity and less reliability of electronics architecture are estimated to impede growth during the forecast period. Nevertheless, the progressions in technologies, Rise in sales of premium vehicles, and untapped potential in emerging markets offer promising growth opportunities.
The deployment of 5G networks offers immense potential for the automotive communication technology market. 5G provides ultra-high-speed, low-latency, and high-reliability communication, making it suitable for applications in connected cars, autonomous vehicles, and V2X communication. Opportunities exist for technologies that enable seamless integration of automotive systems with 5G networks, enabling enhanced connectivity, data exchange, and new services. increasing volume of data generated by automotive communication systems creates opportunities for data analytics and artificial intelligence (AI) applications.
Analyzing the data can provide valuable insights for vehicle performance optimization, predictive maintenance, personalized services, and improved overall driving experience. Companies focusing on data analytics, machine learning, and AI algorithms can leverage the automotive communication technology market to provide innovative solutions. Overall, the automotive communication technology market offers numerous opportunities for companies to develop and provide advanced communication solutions that cater to the evolving needs of the automotive industry, driving innovation, safety, and connectivity in vehicles.
The Global Automotive Communication Technology Market is Segmented on the basis of Bus Module, Vehicle Class, Application, And Geography.
Based on Bus Module, the market is bifurcated into Controller Area Network (CAN), Ethernet, Flexray, Local Interconnect Network (LIN), Media-Oriented Systems Transport (MOST). The Ethernet segment accounts for the largest market share during the forecast period. Automation and connectivity are boosting the automotive industry. Increasing luxury car purchasing power and decreasing maintenance costs. Ethernet is emerging as a preferred choice.
Based on Vehicle Class, the market is bifurcated into Economy, Mid-Size, Luxury. The luxury vehicle class segment holds the largest market share whereas the economy vehicle class is estimated to witness the highest CAGR during the forecast period. The factors that can be attributed to its wide application in-vehicle electronics are driving the demand for this segment.
Based on Application, the market is bifurcated into Powertrain, Body Control & Comfort, Infotainment & Communication, and Safety & ADAS. The safety & ADAS segment holds the largest market share during the forecast period followed by infotainment & communication. The factors that can be attributed to the increasing government mandates for safety norms in the automotive industry are fueling the demand for this segment.
The "Global Automotive Communication Technology Market" study report will provide valuable insight with an emphasis on the global market including some of the major players such as Robert Bosch, Broadcom Inc., NXP Semiconductors N.V., Infineon Technologies AG, ON Semiconductor, Continental AG, Toshiba Corporation, Texas Instruments, Renesas Electronics Corporation, STMicroelectronics.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.