Automotive Communication Technology Market Set to Reach USD 26.11 Billion by 2031 with Increased Electronic Integration
Chapter 1: Automotive Communication Technology Market Analysis
Automotive Communication Technology Market Size, Share, Growth Factors, Industry Analysis and Forecast 2024 to 2031
The Automotive Communication Technology Market is set for significant growth. The market, valued at USD 8.20 billion in 2023, is expected to hit USD 26.11 billion by 2031 with an impressive CAGR of 15.57% from 2024 to 2031.
Why is This Market Booming?
The automotive communications technology market is growing fast because modern cars need advanced features. More electronic systems in passenger cars mean more need for high-tech communication technology. On top of that, industry standards and government laws are pushing for safer and greener vehicles, which boosts the demand even more. With the rise of autonomous vehicles, opportunities for suppliers are expanding. Luxury car sales are also climbing, and these high-end vehicles are equipped with sophisticated communication systems.
As connected cars and self-driving technologies become common, the demand for reliable communication systems is increasing. The introduction of 5G technology is making the connection between devices faster and more reliable.
Key Players in the Market
- Robert Bosch
- Broadcom Inc.
- NXP Semiconductors N.V.
- Continental AG
- ON Semiconductor
- Toshiba Corporation
- Texas Instruments
- Infineon Technologies AG
- Renesas Electronics Corporation
- STMicroelectronics
Recent Developments
In March 2024, ORAXXIO Telecom Solutions partnered with Stanley Robotics to support the use of private 5G technology on robots for automated parking solutions at Lyon Saint Exupéry airport.
Market Analysis by Segments
By Application:
- Powertrain
- Body Control & Comfort
- Infotainment & Communication
- Safety & ADAS
The infotainment and communication segment leads, primarily using CAN and MOST networks for efficient data transfer of audio, video, navigation, and other infotainment features.
By Bus Module:
- Local Interconnect Network (LIN)
- Media-Oriented Systems Transport (MOST)
- Controller Area Network (CAN)
- FlexRay
- Ethernet
Ethernet technology is gaining popularity due to its low cost, increased bandwidth, and scalability. It is suitable for the complex functionalities of modern vehicles.
By Vehicle Class:
- Economy
- Luxury
- Mid-Size
Luxury vehicles are the frontrunners in adopting advanced communication technologies, focusing on features like adaptive cruise control, ADAS, and advanced infotainment systems.
Regional Analysis
The Asia Pacific region is leading the global market share with rapid growth. This is driven by increasing vehicle production, strict safety regulations, and infrastructure investments. Major automotive hubs like China, Japan, and South Korea are pushing the demand for advanced vehicle communication technologies.
Key Takeaways
- Integration with ADAS and V2X communication are key drivers for market growth.
- Ethernet technology is changing in-vehicle networking, supporting advanced automotive applications.
- The luxury vehicle segment is leading in integrating advanced communication technologies for better safety and comfort.
- Asia Pacific dominates the market, thanks to rising vehicle production and stringent safety regulations, creating lucrative opportunities for market players.
Table of Contents – Analysis of Key Points
- Chapter 1. Executive Summary
- Chapter 2. Global Market Definition and Scope
- Chapter 3. Global Market Dynamics
- Chapter 4. Automotive Communication Technology Market Impact Analysis
- Chapter 4.1 COVID-19 Impact Analysis
- Chapter 4.2 Impact of Ukraine-Russia war
- Chapter 4.3 Impact of ongoing Recession
- Chapter 5. Value Chain Analysis
- Chapter 6. Porter’s 5 forces model
- Chapter 7. PEST Analysis
- Chapter 8. Automotive Communication Technology Global Market, By Application
- Chapter 9. Automotive Communication Technology Global Market, By Bus Module
- Chapter 10. Regional Outlook
- Chapter 11. Competitive Intelligence
- Chapter 12. Key Companies Analysis
- Chapter 13. Research Process
The Automotive Communication Technology Market is speeding towards formidable growth with more vehicles becoming electronically sophisticated.
