Automotive Communication Technology Market 2023 With 18.6% CAGR, Automotive Communication Technology Market Size to Reach USD 20.12 billion by 2029
Exactitude Consultancy
Updated 6 min read
According to Exactitude Consultancy the Global Automotive Communication Technology Market value is expected to reach USD 20.12 billion by 2028, growing at a CAGR of 18.6% Between Forecast Period 2023 and 2029.
Luton, Bedfordshire, United Kingdom, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Communication Technology Market.
The global automotive communication technology market is expected to grow at 18.6% CAGR from 2023 to 2028. It is expected to reach above USD 20.12 billion by 2028 from USD 11.89 Billion in 2022. The automotive communication technology market refers to the various communication technologies and systems used in the automotive industry to improve safety, enhance connectivity and infotainment, and optimize performance. These technologies include in-car infotainment systems, telematics, advanced driver-assistance systems (ADAS), Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication systems and connected car platforms.
The market is expected to grow rapidly in the coming years due to the increasing demand for advanced in-car infotainment systems, connected vehicles, and safety features. The rise of electric and autonomous vehicles is also expected to drive the demand for automotive communication technologies. The growth of the market is also being driven by the increasing adoption of IoT (Internet of Things) and 5G technologies. However, factors such as high costs, data privacy and security concerns, and technical challenges are expected to pose challenges for the growth of the market.
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The increasing demand for connected and advanced in-car infotainment systems is one of the main growth drivers of the market.
The growth of IoT and 5G technologies is driving the adoption of connected vehicles, which in turn, is driving the demand for automotive communication technologies
The growth of the automotive communication technology market is being driven by several factors, including:
Increased demand for advanced in-car infotainment systems: The increasing demand for connected and advanced in-car infotainment systems is one of the main growth drivers of the automotive communication technology market.
Rising adoption of electric and autonomous vehicles: The growth of the electric and autonomous vehicle market is expected to drive the demand for automotive communication technologies, such as V2V and V2I communication systems, as these technologies play a critical role in the functioning of these vehicles.
Growth of IoT and 5G technologies: The growth of IoT and 5G technologies is driving the adoption of connected vehicles, which in turn, is driving the demand for automotive communication technologies.
Government initiatives and regulations: Government initiatives and regulations aimed at promoting the use of connected and autonomous vehicles are also driving the growth of the automotive communication technology market.
Growing demand for safety features: The increasing demand for safety features, such as advanced driver-assistance systems (ADAS), is also driving the growth of the automotive communication technology market.
Growth Factor
At present, the global automotive communication technology market is growing due to the many popularizations associated with the miniaturization of electronic devices, such as the Internet of Things (IoT), big data, face recognition, artificial intelligence, machine learning, etc., to improve the functions of automobiles. an amazing growth that requires easy integration into vehicles. Additionally, automakers and dealers see compelling opportunities to integrate advanced technologies into their latest vehicles. These automaker initiatives are increasing the number of electronic control units (ECUs) per vehicle. For example, the latest vehicle has nearly 70 of his ECUs, and the number is expected to grow to 500 in the near future, more than rockets and space shuttles.
Manufacturers and dealers aside, consumer purchasing trends are also shifting from older large cars to smaller cars with more advanced features. Car buyers also prefer quality vehicles as they are concerned with both safety and comfort. In addition, falling prices for advanced technologies will also favor increased integration of new technologies into vehicles. For example, IoT chip prices have dropped significantly from $10 per chip to almost $6 per chip. The total market for IoT chips is estimated to be around US$12 billion in 2020, showing double-digit growth over the projected time frame. As a result, IoT chip prices may continue to fall.
Companies Profiled in Automotive Communication Technology Market Report
Toshiba Corporation
Robert Bosch
Texas Instruments
Broadcom Inc.
NXP Semiconductors
Infineon Technologies AG
STMicroelectronics
Renesas Electronics Corporation
Microchip Technology Inc
ON Semiconductor
Rohm Semiconductor
Maxim Integrated
Melexis NV
Xilinx Inc.
Analog Devices
Vector Informatik GmbH
Elmos Semiconductor SE
Regional Insights
Based on geography, the global automotive communication technology market was analyzed for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is the front-runner with holding 44.7% of market share in 2020 and anticipated to forecast its dominance during the analyzed timeframe. This is mainly attributed to the region being hub for automobile manufacturers as well as the fastest growing region in automotive market.
Moreover, increasing investments from international manufacturers in the Asian automotive market owing to its high vulnerability for the advanced and upcoming technologies makes the region more lucrative. For instance, in October 2020, Autohome Inc. announced to invest in TTP Car Inc., one of the leading auction platforms in China. This investment helps in the robust development of used cars market in China. Similarly, other auto manufacturing companies mainly among the top automotive giants found Asia as the most opportunistic region because of low labour cost and increasing sales value.
Key Market Segments: Automotive Communication Technology Market
By Type
Economy
Mid-Size
Luxury
By Application
Powertrain
Body Control & Comfort
Infotainment & Communication
Safety & ADAS
By Module
Local Interconnect Network (LIN)
Controller Area Network (CAN)
Flexray
Media-Oriented Systems Transport (MOST)
Ethernet
By Region
North America
Europe
Asia Pacific
South America
Middle East and Africa
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