Published on August 21st, 2020 📆 | 3544 Views ⚑0
Automotive Communication Technology Market Key Players, Product and Production Information analysis and forecast to 2024
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Aug 21, 2020 (Market Insight Reports) —
Selbyville, Delaware Global Automotive Communication Technology Market Report added at Market Study Report LLC provides industry size, share, growth, trends and forecast analysis up to period. Automotive Communication Technology Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Automotive Communication Technology market and provides information regarding the revenue for the period.
The autonomous vehicles are projected to offer real-time route optimization mechanisms, enabling driverless vehicles to capture real-time information on factors such as current weather & road conditions. Adopting advanced communication technologies in these vehicles will assist in reducing the fuel & time consumption, driving the overall automotive communication market growth.
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.
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Automotive Communication Technology Market is projected to surpass USD 18 billion by 2024. The increasing purchasing power and economic growth have made consumers habituated to personalized, intuitive, and seamless experiences, mainly during the interaction with digital technologies. The growing development of autonomous vehicles assists in meeting the consumer expectations by delivering an automated experience.
The mounting investments made by automobile manufacturers for interfacing the communication technology into their systems also act as a driving force for the automotive communication technology market. Considering the technological advancements and digital trends, it is projected that the total automotive industry investment will reach USD 82 billion by 2020. This rapid investment will assist companies in meeting the growing convenience & safety requirements of customers, augmenting the automotive communication technology market demand.
As customer requirements are rapidly increasing, it is essential for auto manufacturers to incorporate a higher number of nodes for meeting their demands. With an increase in the number of nodes, the price of the automotive technology is also projected to rise, which will act as a major barrier to the automotive communication technology market growth.
The CAN bus dominates the automotive communication technology market and accounted for around 40% of the market share in 2017. CAN bus acts as a method of automotive communication between various electronic devices such as active suspension, engine management systems, advanced braking system, lighting control, gear control, and central locking system embedded in the vehicle.
The CAN bus assists in reducing the wiring of the vehicle to a large extent thereby lessening the complexity and bulkiness of the vehicle, reducing the overall vehicle cost. The CAN bus acts as a backbone of the automotive communication technology and is used for a number of applications including body comfort, powertrain, chassis, telematics, and safety, increasing its adoption rate in the automotive communication technology market.
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.
Automotive OEMs dominate the distribution channel segment in the automotive communication technology market with a revenue of over USD 5 billion by 2017. As customer requirements for receiving higher experiences increased, it became necessary for car manufacturers to improve their product offerings. Various automotive communication technology providers are partnering with OEMs to include these technologies into their systems, providing an integrated vehicle solution to their customers and driving the market demand.
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 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. For instance, in September 2018, NXP Semiconductors acquired OmniPhy, which is aimed at improving in-car networking speed to Gigabits. OmniPhy?s technology will assist the company in offering automotive ethernet with a speed over 1 Gbps, supporting the increasing need of automakers.
The Automotive Communication Technology market stands tall as one of the most proactive industry verticals, as claimed by a new research report. This research study forecasts this space to accrue substantial proceeds by the end of the projected period, aided by a plethora of driving forces that will fuel the industry trends over the forecast duration. A gist of these driving factors, in tandem with myriad other dynamics pertaining to the Automotive Communication Technology market, such as the risks that are prevalent across this industry as well as the growth opportunities existing in Automotive Communication Technology market, have also been outlined in the report.
A brief outline of the Automotive Communication Technology market scope:
- Global industry remuneration
- Individualized and overall growth rate
- Market trends
- Competitive reach
- Product spectrum
- Application terrain
- Distributor analysis
- Sales channel evaluation
- Marketing channel trends – Now and later
- Market Competition Trend
- Market Concentration Rate
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