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Jan 12, 2021 (Market Insight Reports) —
Selbyville, Delaware Automotive Communication Technology Market report provides key statistics on the market status of the Automotive Communication Technology Industry and is a valuable source of guidance and direction for companies and individuals interested in the Automotive Communication Technology Market. Automotive Communication Technology Market Report covers the companies’ data, including Growth potential analysis, Executive Summary, Data sources, Industry segmentation, Porter’s analysis, Business trends, Growth drivers, Price trend analysis, Industry pitfall and challenges, Industry impact forces, Competitive landscape
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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 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.
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 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 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.
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 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.
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.
Global Automotive Communication Technology Market: Drivers and Restraints: This section of the Automotive Communication Technology Market Analysis report we are covering various drivers and restraints that have affected the global Automotive Communication Technology market. The complete study of plentiful drivers of the market enables market professionals to get a clear viewpoint of the Automotive Communication Technology market share, which consists of Automotive Communication Technology industry environment, advancement market, product innovations, latest developments, and Automotive Communication Technology market risks.
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.
Read Full Report at: Automotive Communication Technology Market
Major Highlights from Table of contents are listed below for quick lookup into Automotive Communication Technology Market report
Chapter 1. Methodology and Scope
- Definitions & forecast parameters
- Methodology and forecast parameters
Chapter 2. Executive Summary
- Business trends of Automotive Communication Technology Market
Chapter 3. Automotive Communication Technology Industry Insights
- Automotive Communication Technology Market Industry segmentation
- Analysis of Manufacturers in the Automotive Communication Technology industry
- Distribution channel analysis
- Automotive Communication Technology Market Technology & innovation landscape
- Automotive Communication Technology Market Growth drivers
- Industry pitfalls & challenges
Chapter 4. Company Profiles
- Business Overview of Automotive Communication Technology Market Companies
- Strategic Outlook and Decisive Analysis of companies in Automotive Communication Technology Market
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