Automotive Communication Technology Market to Hit US$ 36.3 Bn by 2030

According to Precedence Research, the automotive communication technology market size is predicted to hit around US$ 36.3 billion by 2030, growing at a CAGR of 15.4%.

Pune, INDIA


Ottawa, Aug. 20, 2021 (GLOBE NEWSWIRE) -- Ottawa, Aug 20, 2021 (GLOBE NEWSWIRE) – The global automotive communication technology market size was valued at USD 7.63 billion in 2020. Automotive Communication Technology consists of computer networks that permit vehicles as well as roadside units for sharing information and data for example traffic information and safety warnings. It is very beneficial in avoiding accidents and small traffic jams. It is a part of intelligent transportation system that allows buyer for being a part of more reliable transport network.

Various communication protocols are used in a vehicle to provide real-time information of surrounding systems such as traffic congestion, position of surrounding vehicle, and safety warnings. There are various types of communication protocols that include CAN, LIN, MOST, FlexRay, and ethernet that are used for establishing smooth communication between various parts of an automobile. CAN is the oldest protocol that has wide application owing to its higher level of safety, whereas automotive ethernet seems to grow at rapid rate because of higher data transmission speed. However, both the technologies have its own advantage and disadvantage depending on the requirement and purpose in the vehicle.

Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1261

Growth Factors

Rise in the air pollution with an alarming rate mainly because of carbon emission particularly from the transportation sector is one of the prime factors that drives the market growth for automotive communication technology. To control the emission rate from vehicles government of various regions are significantly switching their transportation sector into green mobility that includes zero-emission vehicles, shared mobility, electric & solar powered vehicles, and so on. These modern renewable sourced vehicles are equipped with new and advanced technologies and hence increase complexity within vehicles. This all triggers the need for better and advanced communication protocol for automobiles.

In addition, rising concern for safety and security spurs the sales growth of luxury vehicles along with vehicles equipped with advanced safety & comfort features. This is primarily attributed to the rising disposable income in developing nations coupled with increase in the road fatality rate. According to World Health Organization (WHO), every year 1.35 million people die because of road accidents and 90% of these deaths are in developing or under-developed regions. This is because of bad health condition of national highways and city roads.

Report Highlights

  • The Asia Pacific leads the global automotive communication technology market because of the largest semiconductor market across the globe
  • MEA is the fastest growing region in the global market owing to high disposable income and prominent growth of infrastructure in the region
  • By bus module, CAN bus dominated the global automotive communication technology market owing to more secure communication between internal ECUs
  • Ethernet is the fastest growing bus module due to its high data transmission rate
  • Body control & comfort leads the global automotive communication technology market because of increasing demand for intelligent body control modules
  • Powertrain is the fastest growing application segment due to rising demand for safe and smooth driving experience
  • Mid-size vehicle class is the front-runner in terms of both revenue as well as growth rate owing to 50% of the world’s population is middle class and is highly affordable for them

Get Customization on this Research Report@ https://www.precedenceresearch.com/customization/1261

Regional Snapshots

The Asia Pacific emerged as the global in automotive communication technology market as is one of the most significant automotive market and accounts for prominent revenue share on the global scale. The region held 44.7% of revenue share in the year 2020 and expected to continue its dominance with a growth rate of 11.8% during the analysis period. It accounts for more than three-fifth of the global automobile sales and the share is increasing every year at a significant rate. China and India are the front-runners in the Asian automotive industry and expected to be the most promising regions for the automotive sales growth in the forthcoming years. The prime reason accounting for the growth of these countries is advanced semiconductor market coupled with large consumer base.

On the contrary, Middle East and Africa is the fastest growing market and registers a CAGR of 22.8% during the forecast period of 2021 to 2031. Automotive industry is highly receptive to advanced technologies and MEA is one of the fastest growing regions in terms of technology development. The region is a hotspot for various smart upcoming technologies such as smart home, smart communication devices, smartphones, and smart cars as well.

Further, Automotive industry has been transformed to a greater extent by the influence of these new technologies and hence the approach for forerunner players and new comers to the market also varies. New entrants are adopting different approaches for jumping directly to the new technology penetration while forerunners in the market are focusing on inorganic approaches for their growth such as merger & acquisition, collaboration, investment in research & development. For instance, in 2020, a Dubai-based automotive manufacturer, W Motors plans to move its luxury hypercar centre for production to UAE from its facility in Italy. Therefore, MEA is a promising region for the automotive industry growth.

Related Reports

  • Intelligent Transportation System Market - The global market size was valued at USD 29.69 billion in 2020 and is expected to reach US$ 47.89 Bn by 2030, growing at a compound annual growth rate (CAGR) of 6.3% from 2020 to 2030.
  • Third-party Logistics Market - The global market was valued at USD 919.12 billion in 2020 and is projected to hit US$ 1710.58 Bn by 2027, expected to grow at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2027.
  • Electric Powertrain Market - The global market is expected to reach at a compound annual growth rate (CAGR) 13.8% during forecast period and predicted to hit over USD 200 billion by 2027.

Key Players & Strategies

The market for automotive communication technology is highly fragmented because of the presence of large number of industry participants. Further, several automotive communication technology market players are investing prominently for the advancement and development in automotive ethernet. For instance, in March 2020, Argus Cyber Security, a leading cyber security solution provider for automotive sector and NXP Semiconductor, an automotive semiconductor supplier, announced a new integrated solution that protects the ethernet network communications that are based on the NXP S32G vehicle processor. The solution will upgrade the security of ethernet ports by using Argus’ Ethernet Intrusion Detection System (IDS). Similarly, other market players are also investing significantly for the product advancement.

Some of the key players in the global automotive communication technology market are 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., Elmos Semiconductor SE, Analog Devices, Vector Informatik GmbH, and Intel Corporation among others.

Market Segmentation

By Bus Module Outlook

  • Controller Area Network (CAN)
  • Local Interconnect Network (LIN)
  • Media-Oriented Systems Transport (MOST)
  • FlexRay
  • Ethernet

By Application Outlook

  • Powertrain
  • Infotainment & Communication
  • Body Control & Comfort
  • Safety & ADAS

By Vehicle Class Outlook

  • Luxury
  • Mid-Size
  • Economy

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1261

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R