Automotive Communication Technology market Focusing On Top Companies like Robert Bosch, NXP Semiconductors, Microchip, Texas Instruments, Broadcom, Toshiba
A highly compelling vertical of the automotive business space, automotive communication technology market has lately been characterized by the increasing digitization and mounting usage of Electronic Control Units in automobiles. Inventions such as anti-lock brakes, automatic transmission, telematics, and infotainment systems are transfiguring the automobile sector, which in turn is augmenting the automotive communication technology market expansion. For instance, telecommunication behemoth, Verizon, has reportedly acquired Telogis, a California-based firm which provides cloud-based solutions for mobile workforces, and particularly telematics, the compliance and navigation software employed by Volvo, Ford, GM, and other car manufacturers, as well as AT&T and Apple. This move by Verizon is anticipated to strengthen its stance in the automotive communication technology market, thereby bolstering product demand.
The leading companies functioning in the automotive communication technology market include Robert Bosch, NXP Semiconductors, Microchip, Texas Instruments, Broadcom, Toshiba, Rohm Semiconductors, Qualcomm, Intel, and STMicroelectronics. The companies have adopted the strategy of mergers and acquisitions to expand their market presence and serve a larger customer base. For instance, in September 2018, NXP Semiconductors acquired OmniPhy, which is aimed at improving in-car networking speed to Gigabits. OmniPhy?s technology will assist the company in offering automotive ethernet with a speed over 1 Gbps, supporting the increasing need of automakers.
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The introduction of connected and autonomous vehicles is projected to usher in new growth avenues for the automotive communication technology market. In a recent turn of events, LG Electronics has reportedly declared that it is joining forces with Qualcomm to conjointly fabricate the next-generation connected vehicle solutions. Reportedly, the two mobile innovation giants will establish a combined research & development center in South Korea to fabricate 5G for automobiles and C-V2X technology indispensable to the success of self-driving vehicles. This deal would combine LG’s experience in automotive communication technologies with Qualcomm’s expertise in connected solutions ranging from LTE to 5G.
Incidentally, the automotive communication technology market is also estimated to benefit from the increasing demand for luxury cars. Over the last decade, several high-end car makers have installed communication technology solutions such as active chassis stability, adaptive cruise control, infotainment, and ADAS in their vehicles.
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.
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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.
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.
Complete report for 2018-2024 on Automotive Communication Technology market is now available at https://www.marketstudyreport.com/reports/automotive-communication-technology-market
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