14%+ growth for Automotive Communication Technology Market to 2024
Jan 10, 2019
The leading companies functioning in the automotive communication technology market include Robert Bosch, NXP Semiconductors, Microchip, Texas Instruments, Broadcom, Toshiba, Rohm Semiconductors, Qualcomm, Intel, and STMicroelectronics.
Selbyville, Delaware, USA - January 10, 2019 /MarketersMedia/ —
The global automotive communication technology market has lately been emerging as a highly pivotal vertical of the overall automotive space, primarily owing to the robust innovations pertaining to automotive electronics. Incidentally, post the introduction of electronic control units (ECUs) in the automotive industry, vehicles had begun to come equipped with numerous wires, circuits with enormous dedicated wiring, which led to complex, bulky and expensive wiring equipment. However, with the deployment of noteworthy advancements, the technologies used in automobiles have transformed drastically, paving the way for the expansion of automotive communication technology industry.
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The MOST bus segment is growing at a steady rate in the automotive communication technology with a market revenue of over USD 1 billion in 2017. The MOST bus is used to provide in-vehicle infotainment and multimedia systems with precise communication during the transmission of data, audio, video, and control information. The MOST bus offers data efficient communication infrastructure for interconnecting infotainment and multimedia devices such as GPS navigation, radio, video display, and active speakers. The latest version MOST150 offers a speed of around 150 Mbps, enabling its usage in various automotive communication applications.
The mid-sized car segment is projected to grow at a CAGR of over 14% over the forecast timespan. The average wiring in a mid-sized car consists of over thousand wires weighing around 45 kilos and measuring around a km in length. This has enabled automotive manufacturers to include bus networking in their vehicles to reduce the electronic system complexity and cost. Furthermore, the government has also enforced various restrictions for reducing CO2 emissions from vehicles of all sizes, driving the adoption of automotive communication technology solutions in these vehicles.
The distributors segment is growing rapidly with a projected CAGR of over 17% over the forecast timespan. The communication technology providers mainly align with the distributors to provide its technology to automotive manufacturers worldwide. The distributors dominate the aftermarket landscape by developing strategies to deepen their relationship with customers, driving the company sales. They also provide an insightful understanding regarding the prevailing market conditions and the changing customer requirements, which enable companies to bring about necessary transformations in its offerings, contributing to the automotive communication technology market growth.
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The powertrain application is anticipated to grow at a CAGR of over 13% by 2024. As automobile manufacturers are inclined toward decreasing their dependence on the gasoline engine, the adoption of powertrain application is growing further. The use of network communication in powertrain sensor provides all the relevant information for transmission control and engine management, augmenting its usage rate.
The Latin America automotive communication technology market is anticipated to cross over USD 1 billion by 2024. The growth is attributed to the rise in car sales throughout the region. In 2017, Brazil accounted for a rise of around 10% in new car sales, followed by Argentina and Mexico. Latin America is also projected to have around 8.5 million connected cars by 2023, which increases the demand for in-vehicle connectivity solution, accelerating the automotive communication technology market.
The Europe automotive communication technology market held over 26% of the market share in 2017. The growth in this region is attributed to the rising awareness regarding automotive safety among citizens and stringent government regulations. The region is also the home for leading automotive semiconductor providers such as Elmos Semiconductor, NXP Semiconductor, STMicroelectronics, and Vector Informatik, which contributes to the market growth in this region. Poland is one of the fastest growing countries in this region and is anticipated to be the second largest automotive hub in Europe after Germany.
The leading companies functioning in the automotive communication technology market include Robert Bosch, NXP Semiconductors, Microchip, Texas Instruments, Broadcom, Toshiba, Rohm Semiconductors, Qualcomm, Intel, and STMicroelectronics. The companies have adopted the strategy of mergers and acquisitions to expand their market presence and serve a larger customer base.
Browse key industry insights spread across 260 pages with 290 market data tables & 27 figures & charts from the report, “Automotive Communication Technology Market Size By Bus Module (Local Interconnect Network [LIN], Controller Area Network [CAN], FlexRay, Media-oriented Systems Transport [MOST], Ethernet), By Vehicle Class (Economy, Mid-Sized, Luxury), By Distribution Channel (OEMs, Distributors), By Application (Powertrain, Body and Comfort Electronics, Infotainment and Communication, Safety and ADAS), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Poland, China, Japan, Australia and New Zealand [ANZ], South Korea, India, Singapore, Brazil, Mexico, Argentina, South Africa, UAE, Saudi Arabia, Qatar), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-communication-technology-market
Table of Contents (ToC) of the report:
Chapter 8. Automotive Communication Technology Market, By Application
8.1. Key trends, by application
8.2. Powertrain
8.2.1. Powertrain market estimates and forecast, 2013-2024
8.3. Body and comfort electronics
8.3.1. Body and comfort electronics market estimates and forecast, 2013-2024
8.4. Infotainment and Communication
8.4.1. Infotainment and Communication market estimates and forecast, 2013-2024
8.5. Safety and ADAS
8.5.1. Safety and ADAS market estimates and forecast, 2013-2024
8.6. Others
8.6.1. Others market estimates and forecast, 2013-2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/automotive-communication-technology-market
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Source URL: https://marketersmedia.com/14-growth-for-automotive-communication-technology-market-to-2024/468410
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Release ID: 468410
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