pUNE, May 17, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider's report, "the Automotive Communication Technology Market had a worth of USD 7.10 billion in 2022 and is anticipated to expand at a CAGR of 15.57% during the forecast period of 2023-2030, eventually reaching USD 22.61 billion by 2030".
Market Report Scope
Automotive communication technology refers to the various methods and systems that enable communication between different components of a vehicle or between vehicles themselves. These technologies are essential for the functioning of modern cars, and they play a critical role in enhancing safety, improving performance, and increasing efficiency. One of the key applications of automotive communication technology is in the area of advanced driver assistance systems (ADAS).
Market Analysis
The automotive industry has seen significant growth in recent years due to increased urbanization and rising disposable income, leading to a surge in demand for passenger and commercial vehicles. This has led to an expansion of automotive production levels globally, resulting in the growth of the automotive communication technology market. In addition to this, major players in the industry are investing heavily in research and development activities to develop cost-effective products, which is expected to create new opportunities for the market. The market has also been boosted by the increasing adoption of intelligent transport systems, which provide drivers with real-time traffic updates, toll information, and optimal routes, leading to increased safety and efficiency on the roads.
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Automotive Communication Technology Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 7.10 Bn |
| Market Size by 2030 | US$ 22.61 Bn |
| CAGR | CAGR of 15.57% From 2023 to 2030 |
| Key Segments | • By Application (Powertrain, Body Control & Comfort, Infotainment & Communication, Safety & ADAS) • By Bus Module (Local Interconnect Network (LIN), Media-Oriented Systems Transport (MOST), Controller Area Network (CAN), FlexRay, Ethernet) • By Vehicle Class (Economy, Luxury, Mid-Size) |
| Company Profiles | Robert Bosch, Broadcom Inc., NXP Semiconductors N.V., Continental AG, ON Semiconductor, Toshiba Corporation, Texas Instruments, Infineon Technologies AG, Renesas Electronics Corporation, and STMicroelectronics |
| Key Drivers | • Government laws require stricter emission reductions and enhanced vehicle safety • Luxury automobile sales are on the rise • Autonomous vehicle development |
Impact of Recession
A recession can have a significant impact on the automotive communication technology market, with both challenges and opportunities. However, it is important to note that the industry has proven to be resilient and adaptable in the face of economic downturns in the past, and there is no reason to suggest that this will not continue to be the case in the future.
Key Regional Development
The Asia-Pacific region has seen a surge in the number of local automakers and Tier 1 suppliers operating in the region. This growth is driven by an increasing awareness of green vehicles and new ideas from new players that are giving inspiration to the traditional automotive industry. The region is home to some of the world's largest automakers, including Toyota, Hyundai, and Honda, and is a hub for research and development in the automotive sector. Furthermore, the enormous projected population growth in the Asia-Pacific region has important implications in terms of economic development. As more people enter the middle class, the demand for automotive communication technology market is expected to increase, creating new opportunities for automotive companies.
Key Takeaway from Automotive Communication Technology Market Study
- The powertrain segment is expected to dominate the market in the coming years, driven by the growing demand for electric vehicles, hybrid vehicles, and fuel cell vehicles. Advanced communication technologies play a critical role in optimizing the performance of powertrain systems, leading to better fuel efficiency and reduced emissions.
- The Local Interconnect Network (LIN) segment is poised to take a leading role in the market. Its low cost, simplicity, and reliability make it an attractive option for a wide range of applications, from entry-level vehicles to high-end models.
Recent Developments Related to Automotive Communication Technology Market
- MediaTek, a leading semiconductor company, has announced the launch of Dimensity Auto, a new family of chipsets designed specifically for the automotive industry. The new chipsets will provide advanced computing power and connectivity, enabling smart vehicle technology innovation.
- Cerence, a global leader in artificial intelligence and voice recognition technology, is expanding its reach beyond the car with its innovative Cerence Exterior Vehicle Communication (EVC) system. This groundbreaking technology allows drivers to interact with their vehicle and communicate with pedestrians using natural language voice commands.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive Communication Technology Market Segmentation, by Application
9. Global Automotive Communication Technology Market Segmentation, by Bus Module
10. Global Automotive Communication Technology Market Segmentation, by Vehicle Class
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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