Global Automotive Communication Technology market amassed revenue worth nearly 7 (USD Billion) in 2019 and will register a CAGR of over 17% during the period from 2020 to 2026.
New York, United States - October 29, 2020 /MarketersMedia/ —
As per Zion Market Research, the global market was valued at USD 7 billion in 2019 and is expected to develop with a CAGR of more than 17% by 2026 Some of the major boosters for the market are the increasing number of electronic systems in passenger vehicles, sector norms & government mandates to lower emission, and enhanced safety of cars. The elevation in sales of premium cars and the rise of autonomous cars can make new income creation opportunities for automotive communication tech suppliers. On the other hand, rise in cybersecurity dangers for connected cars can act as a hindering factor for automotive communication technology suppliers.
Some of the key firms in the global market for automotive communication technology are Texas Instruments, Robert Bosch, Broadcom, Toshiba, and NXP.
The global market is divided by application, bus module, region, and vehicle class. Zion Market Research discusses five automotive communication tech bus modules, such as, CAN (controller area network), LIN (local interconnect network), MOST (media oriented systems transport), FlexRay, and ethernet. CAN category is predicted to add up for the biggest market share. This section is powered by factors such as rising electronic content for applications such as body comfort & control, powertrain, and communication & infotainment.
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Safety & ADAS Category Predicted To Be The Quickest Developing Market For Automotive Communication Tech, Based On Application
The safety & ADAS category is predicted to be the quickest developing market for automotive communication tech, based on application. It is followed by body comfort & control, communication & infotainment, and powertrain. The development of the safety & ADAS category can be credited to the rising government obligation for security norms in the automotive sector.
Economy Vehicle Class Section Of The Global Market Predicted To Develop At The Max CAGR In The Coming Period
The economy vehicle class section of the global market is predicted to develop at the max CAGR in the coming period. It is followed by mid-size and luxury vehicle class sections. The luxury vehicle class section is predicted to add up for the biggest share of the market.
Asia Pacific Predicted To Have The Biggest Share Of The Market And Develop At A Noteworthy Rate In The Years To Come
The Asia Pacific is predicted to have the biggest share of the market and is predicted to develop at a noteworthy rate in the years to come. The market development in the area can be credited to the rise in vehicle manufacturing and government obligations related to the passive and active security of vehicles. Moreover, the rising spending in construction activities & infrastructure and rising sales of luxury cars are also expected to power the market development in this region.
The global automotive communication technology market is segmented as follows:
By bus module
Local Interconnect Network (LIN)
Controller Area Network (CAN)
Media-Oriented Systems Transport (MOST)
Body Control & Comfort
Infotainment & Communication
Safety & ADAS
By vehicle class
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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