Dublin, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The "Global Automotive Ethernet Market Report and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global automotive ethernet market attained a value of USD 1231.8 million in 2020. The market is further expected to grow at a CAGR of 22.9% in the forecast period of 2021-2026. The industry is expected to reach a value of USD 4199.4 million by 2026 owing to an increasing global demand for automobiles.
Physical networking, often known as automotive ethernet, is used to connect components within a car using a wired network. Smartphone connectivity, navigation, high-powered entertainment systems, driver safety systems, and other modern features are all enabled by ethernet in automobiles. Automotive ethernet was created expressly to fulfil the needs of the automotive sector, allowing for speedier data transmission.
With the rising need for advanced driver assistance systems and entertainment in passenger cars, the automotive ethernet market is expected to rise fast over the projected period. Moreover, the automotive ethernet market is predicted to develop due to increased acceptance of low-cost ethernet technology by automakers and advancements in the area. The increase in production can be attributed to a reduced cost and continuous miniaturisation of hardware components, which is helping the market to increase.
The increase in demand for personal vehicles across the globe has affected the air quality drastically in the world. The carbon emission by vehicles is severely affecting the environment. Therefore, governments across the globe are promoting green transportation and providing subsidies for the purchase of electric vehicles. Hence, the rise in demand for electric vehicles is expected to drive the growth of the automotive ethernet switches market.
Technology advancements, government policies, growth in the consumer economy, and OEM's investments are the key drivers boosting EV production. The growing adoption of Internet of Things (IoT) solutions in automotive is providing growth opportunities to a wide range of highly connected modern ADAS and autonomous driving functions. The global demand for automotive Ethernet is growing as disposable income rises. The rise in demand for premium vehicles will drive up demand for automotive ethernet switches.
Market Segmentation
The market report analyses the market based on segmentations such as component, bandwidth, vehicle type, application, and major regions.
Market Breakup by Component