Automotive Communication Technology Market Forecast to 2024 | Companies - Broadcom, Cypress Semiconductor, Infineon Technologies, Intel Corporation, Microchip Technology, NXP Semiconductors, Qualcomm, STMicroelectronics, Texas Instruments

Global Automotive Communication Technology Market size is set to exceed USD 18 billion by 2024; according to a new research report by Global Market Insights, Inc. The automotive communication technology market growth is attributed to the increasing demand for automotive electronics. Over the last decade, the total contribution toward automotive electronics has increased from around 20% to 45%. Inventions such as automatic transmission, anti-lock brakes, telematics, and infotainment capabilities are revolutionizing the automotive industry, driving the market demand. The electronic systems also assist in meeting the safety regulations such as adaptive cruise control, blind spot detection, and lane chase assist, encouraging manufacturers to incorporate these systems into their vehicles.

Request For Sample Copy of This Report @ https://www.gminsights.com/request-sample/detail/3008

Industry Growth drivers:

1. Stringent government regulations for reduction in automotive emission and improved vehicle safety
2. Rise in the sales for luxury vehicles
3. Development of autonomous vehicles
4. Growth in the demand for automotive electronics
5. Growing investment in automotive technology

The economy car segment is growing at the fastest rate in the automotive communication technology market and is projected to grow at a CAGR of over 16% over the forecast timeline. The major factors contributing to the market growth include the rising demand for vehicular safety from the economy class vehicle consumers and stringent government regulations for emission reduction. Hence, the economy car manufacturers are working with various automotive industry standards organizations to develop efficient networking solutions thereby meeting the stringent design constraints. This has contributed to the introduction of features such as ADAS, advanced safety, and user-friendly infotainment system into the cars, driving their adoption rates. The introduction of networking technologies in these vehicles is growing rapidly, contributing to the automotive communication technology market growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Broadcom
2. Continental
3. Cypress Semiconductor
4. Elmos Semiconductor
5. Infineon
6. Intel
7. Maxim Integrated
8. Melexis
9. Microchip
10. NXP Semiconductor
11. ON Semiconductor
12. Qualcomm
13. Renesas
14. Robert Bosch
15. Rohm Semiconductor
16. STMicroelectronics
17. Texas Instruments
18. Toshiba
19. Vector Informatik
20. Xilinx

Make an Inquiry for purchasing this Report @ https://www.gminsights.com/inquiry-before-buying/3008

The distributors segment is growing rapidly with a projected CAGR of over 17% over the forecast timespan. The communication technology providers mainly align with the distributors to provide its technology to automotive manufacturers worldwide. The distributors dominate the aftermarket landscape by developing strategies to deepen their relationship with customers, driving the company sales. They also provide an insightful understanding regarding the prevailing market conditions and the changing customer requirements, which enable companies to bring about necessary transformations in its offerings, contributing to the automotive communication technology market growth.

The safety & ADAS segment dominates the automotive communication technology market with a projected market revenue of over USD 8 billion by 2024. The automotive systems have become more sophisticated as they include ADAS applications from collision avoidance, automatic emergency braking, and lane departure warning to autonomous driving, making the system bandwidth critical. To meet this high bandwidth and latency requirements, it is essential for automotive manufacturers to provide high-performance network connectivity. The use of automotive Ethernet in these systems delivers a single in-vehicle network, enabling a seamless cross-domain communication and accelerating their adoption rates in the automotive communication technology market.

The Europe automotive communication technology market held over 26% of the market share in 2017. The growth in this region is attributed to the rising awareness regarding automotive safety among citizens and stringent government regulations. The region is also the home for leading automotive semiconductor providers such as Elmos Semiconductor, NXP Semiconductor, STMicroelectronics, and Vector Informatik, which contributes to the market growth in this region. Poland is one of the fastest growing countries in this region and is anticipated to be the second largest automotive hub in Europe after Germany.

Browse Report Summery @ https://www.gminsights.com/industry-analysis/automotive-communication-technology-market

The companies operating in the global automotive communication technology market are focusing on bringing about innovations in production technologies, resulting in the development of advanced solutions for the automotive communication technology market. Major players functioning in this market include On Semiconductor, NXP Semiconductor, Microchip, Continental, Broadcom, Intel, Qualcomm, Renesas, Vector Informatik, Robert Bosch, Elmos Semiconductor, Xilinx, STMicroelectronics, Melexis, Infineon, Cypress Semiconductor, and Texas Instruments. These players are also entering into strategic partnerships with various automotive manufacturers to expand their presence and gain a competitive edge in the automotive communication technology market.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

This release was published on openPR.