Automotive Communication Technology Market Growth Analysis 2024 By Top Key Players - Robert Bosch, NXP Semiconductors, Microchip, Texas Instruments, Broadcom, Toshiba, Rohm Semiconductors, Qualcomm, Intel
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.
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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.
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.
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.
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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.
Table of Content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Automotive Communication Technology Industry Insights
Chapter 4 Competitive Landscape
Chapter 5 Automotive Communication Technology Market, By Bus Module
Chapter 6. Automotive Communication Technology Market, By Vehicle Class
Chapter 7. Automotive Communication Technology Market, By Distribution Channel
Chapter 8. Automotive Communication Technology Market, By Application
Chapter 9. Automotive Communication Technology Market, By Region
Chapter 10 Company Profiles
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Global Automotive Communication Technology Market 2018 by Manufacturers, Countries, Type and Application, Forecast to 2023
The Asia Pacific market is projected to hold the largest market share and is estimated to grow at a significant CAGR during the forecast period. The market growth in the region can be attributed to the increase in vehicle production and government mandates regarding the active and passive safety of vehicles. In addition, the increasing investment in infrastructure, construction activities, and increasing sales of luxury vehicles are also projected to drive the market growth in this region. Some of the major restraints for the global automotive communication technology market are high complexity and less reliability of electronics architecture and higher cost per node with the increase in communication nodes in a vehicle.
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