New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vehicle Networking Global Market Report 2023" - https://www.reportlinker.com/p06464047/?utm_source=GNW
, Renesas Electronics, Broadcom Inc., Continental AG, Sierra Wireless Inc., and Nvidia Corporation.
The global vehicle networking market is expected to grow from $0.99 billion in 2022 to $1.07 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The vehicle networking market is expected to reach $1.47 billion in 2027 at a CAGR of 8.1%.
The vehicle networking includes revenues earned by entities by providing services through engine control, navigation systems, vehicle-to-vehicle communication (V2V), Vehicle-to infrastructure communication (V2I), telematics, and remote vehicle control.The market value includes the value of related goods sold by the service provider or included within the service offering.
The vehicle networking market also includes sales of powertrain, chassis, automotive ethernet, transceivers which are used in providing vehicle networking services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Vehicle networking is the exchange of data and information between various electronic systems within a vehicle. This is used to improve the functionality, safety, and efficiency of vehicles by allowing different systems to communicate and share information.
North America was the largest region in the vehicle networking market in 2022. The regions covered in vehicle networking report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main connectivity types of vehicle networking are controller area network [can], local interconnect network [lin], radio frequency [rf], flexray, ethernet, and media oriented systems transport [most].Controller area network(CAN) is a communication protocol used for serial communication between electronic devices.
The various vehicles include passenger vehicles [pv], light commercial vehicles [lcv], heavy commercial vehicles [hcv], and automated guided vehicles [agv]. These are used in various applications such as powertrain safety, body electronics, chassis, infotainment, and others.
The increase in demand for autonomous vehicles is expected to propel the growth of the vehicle networking market going forward.Autonomous vehicles, also known as self-driving cars, or vehicles that can navigate and operate without the assistance of a human.
Autonomous vehicles are gaining popularity in the vehicle networking market due to their ability to improve driver and passenger safety, efficiency, and convenience.For instance, in October 2020, according to data published by Capgemini, a France-based information technology services company, autonomous cars are expected to be 15% of the total global car sales, and 95 million autonomous cars are expected to be sold annually by 2035.
Therefore, the increase in demand for autonomous vehicles drives the vehicle networking market.
Technological advancements are a key trend gaining popularity in the vehicle networking market.Major companies operating in the market are frequently focusing on technological advancements to stay competitive by adopting new technologies.
For instance, in December 2021, Marvell Technology, Inc., a US-based semiconductor and technology company, launched a multi-gig Ethernet camera bridge solution, 88QB5224, to distribute uncompressed video through in-vehicle networks. The new Ethernet device enables autonomous driving and brings in the next generation of automotive architectures providing standardization for in-vehicle video distribution in multiple areas including an innovative portfolio of data infrastructure semiconductor solutions spanning computing, networking, security, and storage.
In August 2022, Nexar, a US-based company that creates powered dash cams acquired Veniam for an undisclosed amount.With this acquisition, Nexar aims to offer OEMs, an enhanced platform that would allow accelerated adoption of data-rich mobility applications.
Veniam is a US-based software company that provides vehicle networking services.
The countries covered in the vehicle networking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The vehicle networking market research report is one of a series of new reports that provides vehicle networking market statistics, including vehicle networking industry global market size, regional shares, competitors with a vehicle networking market share, detailed vehicle networking market segments, market trends and opportunities, and any further data you may need to thrive in the vehicle networking industry. This vehicle networking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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