Automotive Communication Technology Market Share 2021 In-Depth Analysis of Industry Growth Trends & Forecast up to 2024
The size of automotive communication technology market was registered at USD 7 billion in the year 2017 and is anticipated to cross USD 18 billion by 2024. Between the period 2018-2024, the market is expected to register a CAGR of 14%.
The global automotive communication technology market has lately been emerging as a highly pivotal vertical of the overall automotive space, primarily owing to the robust innovations pertaining to automotive electronics. Incidentally, post the introduction of electronic control units (ECUs) in the automotive industry, vehicles had begun to come equipped with numerous wires, circuits with enormous dedicated wiring, which led to complex, bulky and expensive wiring equipment.
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The new auto chipset encompasses two transmission modes viz. network-based communications and direct communications. Needless to mention, the introduction of such highly advanced automotive electronics is certain to provide an exceptional impetus to the automotive communication technology market trends in the near future.
Amongst all the advanced technologies being unveiled in the automotive communication technology market, the Media Oriented Systems Transport (MOST) technology has been gaining exceptional traction in the recent times. As per a research report put together by Global Market Insights, Inc., the MOST bus segment apportioned a revenue share of more than USD 1 billion in 2017 and has been growing at a commendable pace.
The latest versions of this technology are capable to transport control, packet, audio, and video information throughout the vehicle much efficiently and predictably without time-synchronization protocols, utilizing dedicated channels for minimum processor overhead in the major infotainment control systems. Moreover, the upgraded versions MOST150 offer a speed of about 150 Mbps, enabling its utilization in different automotive communication applications.
The vehicle-to-everything (V2X) communicates directly with nearby cars, which includes vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P) and vehicle-to-vehicle (V2V). Qualcomm’s product launch bears testimony to the fact that vehicles integrated with advanced technologies are likely to reduce automobile fatalities, which would further encourage automotive communication technology market players to work on their existing product portfolios.
Such efforts taken for increasing safety of the automotive systems would further drive their adoption paving way for the expansion of the automotive communication technology market. As of now, the circuit manufacturers are trying to make the infotainment systems more flexible to transport packet, stream and control content. Implementations that already exist are either complicated and costly, or quite limited in bandwidth with packet data capabilities for supporting internetworking requirements and system updates.
In terms of geographical trends, Europe has been emerging rapidly as one of the most lucrative growth terrains for the automotive communication technology market in the recent past. In fact, as per a research report compiled by Global Market Insights, Inc., Europe automotive communication technology industry apportioned more than 26 percent of the total revenue share in the year 2017. The increasing product demand can be attributed to the gradually rising public awareness regarding automotive safety and strict government regulations.
In this regard, it would prudent to take note of the fact that Poland has been at the forefront in terms of incorporating the newly launched and high-grade automotive communication technology. In addition to this, Poland is set to become the second largest automotive hub in the continent after Germany in the upcoming years, paving the way for more automotive communication technology market participants to establish their base in the nation. The region is already home for prominent automotive semiconductor providers such as Vector Informatik, STMicroelectronics, NXP Semiconductor, and Elmos Semiconductor, impelling the growth prospects of the automotive communication technology industry.
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Data Tables
TABLE 1 Automotive communication technology industry 360º synopsis, 2013 - 2024
TABLE 2 Automotive communication technology market estimates and forecast by region, 2013 - 2017 (USD Billion)
TABLE 3 Automotive communication technology industry estimates and forecast by region, 2018 - 2024 (USD Billion)
TABLE 4 Automotive communication technology industry estimates and forecast by bus module, 2013 - 2017 (USD Billion)
TABLE 5 Automotive communication technology industry estimates and forecast by bus module, 2018 - 2024 (USD Billion)
TABLE 6 Automotive communication technology industry estimates and forecast by vehicle class, 2013 - 2017 (USD Billion)
TABLE 7 Automotive communication technology market estimates and forecast by vehicle class, 2018 - 2024 (USD Billion)
TABLE 8 Automotive communication technology industry estimates and forecast by distribution channel, 2013 - 2017 (USD Billion)
TABLE 9 Automotive communication technology industry estimates and forecast by distribution channel, 2018 - 2024 (USD Billion)
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