Press release
Automotive Communication Technology Market Poised for 15.7 % Growth, Set to Hit $26.68 Billion by 2029
Automotive Communication Technology Market
The automotive communication technology market is anticipated to expand due to the growing interest in connected cars. These vehicles feature internet connectivity and communication technologies, allowing interactions with other vehicles, infrastructure, and external networks. Factors such as innovative safety enhancements, customer interest, value, and environmental implications are driving the demand for these connected vehicles. Automotive communication technology enhances the overall driving experience by providing seamless connectivity, data exchange, and integrated functionality in these cars. Illustratively, the Otonomo Report released in March 2022 by an Israel-based firm, which offers a cloud-based SaaS solution for car companies, predicts a surge in the number of connected vehicles on the roads from roughly 237 million in 2021 to over 400 million by 2025. Consequently, the uptick in connected car demand fuels the growth of the automotive communication technology market.
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What growth opportunities are expected to drive the automotive communication technology market's CAGR through 2034?
The market size of automotive communication technology has witnessed speedy expansion over the past few years. Forecasts reveal that its size will escalate from $12.86 billion in 2024 to $14.9 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 15.8%. The historical growth of this market is a result of several factors. These include the established use of CAN (controller area network) as a standard mode of communication, the introduction of LIN (local interconnect network) for cost-effective correspondence in entry-level automobiles, the invention of flex ray for high-speed data transmission in sophisticated automotive systems, the incorporation of ethernet for expanded bandwidth and connectivity in contemporary vehicles, and the application of MOST (media oriented systems transport) for superior multimedia streaming in luxury cars.
In the coming years, swift expansion is forecasted for the automotive communication technology market, with projections indicating it will reach $26.68 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 15.7%. This growth during the forecasted period can be attributed to factors like the proliferation of autonomous and connected vehicles, escalating demand for communication technology, incorporation of 5g connectivity for improved reliability and speed in vehicle-infrastructure communication, enhancement of edge computing abilities for real-time data processing in automotive applications, heightened focus on cybersecurity solutions to safeguard connected vehicles from cyberthreats, and the emergence of electric vehicles (EVS) spurring communication technology demand for battery management and charging infrastructure. Noteworthy trends within this period highlight a shift towards centralized vehicle frameworks to simplify communication and reduce complication, rising utilization of OTA (over-the-air) updates for vehicle software and firmware upgrades, the advent of vehicle-to-everything (v2x) communication for improved efficiency and safety on roads, adoption of artificial intelligence (AI) and machine learning for customized driving experiences and predictive maintenance, and the integration of blockchain technology for secure, transparent data sharing within automotive ecosystems.
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What new trends are reshaping the automotive communication technology market and its opportunities?
Leading firms in the automotive communication technology market are concentrating on creating novel amenities such as excellence centers, in order to retain their competitiveness and relevance in response to changing consumer needs and legislative scenarios. These centers are redefining innovative standards and client contentment, setting a new standard for smart communication in the automotive field. In February 2024, as an example, CallRevu LLC, a software company based in the United States, established a center of excellence (COE) in the automotive communication technology domain to overhaul innovation and customer contentment criteria. The technology implemented in this initiative comprises an artificial intelligence training prototype, enhanced security, operational proficiency, innovative ideas, access and inclusivity, and data analysis. This mirrors CallRevu's dedication to merging cutting-edge technology with strategic partnerships, by adopting a tech-neutral stance that accentuates superior quality, adaptable, and relevant solutions.
Which growth-oriented segments of the automotive communication technology market are leading the industry's development?
The automotive communication technology market covered in this report is segmented -
1) By Bus Module: Controller Area Network (CAN), Local Interconnect Network (LIN), Media-Oriented Systems Transport (MOST), FlexRay, Ethernet
2) By Vehicle Class: Luxury, Mid-Size, Economy
3) By Application: Powertrain, Infotainment Ans Communication, Body Control And Comfort, Safety And Advanced Driver Assistance System
Subsegments"
1) By Controller Area Network (CAN): High-Speed CAN (CAN HS), Low-Speed CAN (CAN LS), Fault-Tolerant CAN
2) By Local Interconnect Network (LIN): LIN 2.x, LIN 1.x
3) By Media-Oriented Systems Transport (MOST): MOST150, MOST25, MOST50
4) By FlexRay: FlexRay Standard (High-Speed), FlexRay Low-Speed
5) By Ethernet: Automotive Ethernet 100BASE-T1, Automotive Ethernet 1000BASE-T1, Time-Sensitive Networking (TSN) Ethernet
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What regions are leading the charge in the automotive communication technology market?
Asia-Pacific was the largest region in the automotive communication technology market in 2024. The regions covered in the automotive communication technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What companies are at the forefront of innovation in the automotive communication technology market?
Major companies operating in the automotive communication technology market are Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Schneider Electric Inc., Honeywell International, Inc., ABB Ltd., Emerson Electric Co., Enbridge Inc., The Williams Companies, Inc., Wipro Enterprises (P) Ltd., Rockwell Automation Inc., Xylem Inc., Moxa Technologies, Targa Resources Corp., KROHNE Group, BRUGG Group AG, ORBCOMM, PSI Software, Optasense, Microflex, LLC, Pure Technologies Ltd., Necon Group, Sensornet, Open Access Technology International Inc.
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What Is Covered In The Automotive Communication Technology Global Market Report?
• Market Size Forecast: Examine the automotive communication technology market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automotive communication technology market for a structured understanding.
• Key Players Overview: Analyze major players in the automotive communication technology market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive communication technology market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automotive communication technology market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive communication technology market.
• Industry Challenges: Identify potential risks and obstacles affecting the automotive communication technology market.
• Competitive Landscape: Review strategic developments in the automotive communication technology market, including expansions, agreements, and new product launches.
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