Global Automotive Communication Technology market size revenue was about $7 billion in 2019 and will grow over17% from 2020 to 2026.
Automotive Communication Technology Market
The global Automotive Communication Technology market amassed revenue worth nearly 7 (USD Billion) in 2019 and will register a CAGR of over 17% during the period from 2020 to 2026. The report offers an assessment and analysis of the Automotive Communication Technology market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
2017 and 2018
Earnings provided in terms of USD Billion and CAGR estimated from 2020 to 2026
By Bus Module, By Application, By Vehicle Class, and By Region
North America, Asia Pacific, Latin America, Europe, the Middle East, and Africa
Automotive sector has emerged swiftly as a result of growing utilization of electronic control units that has favorably impacted the myriad vehicle subsystem communications. This is anticipated to fuel the inception of new automotive communication technologies. Moreover, the vehicles possess a huge number of circuits, sensors, and wires resulting in complicated & expensive wiring harnesses and this has created the need for automotive communication systems requiring higher bandwidth, fault tolerance ability, and determinism. The automotive communication technologies assist in minimizing the complexities arising in the circuits. Precisely, demand for automotive electronics has favorably impacted the need for automotive communication systems and is directly proportional to it.
The massive need for reducing fuel emissions from vehicles and the requirement for enhancing the safety of vehicles will impel business growth over the forecast timeline. In addition to this, humongous sales of luxury cars will proliferate the expansion of automotive communication technology business over the forthcoming years. In addition to this, a paradigm shift witnessed in the automotive sector resulting in the launching of self-driven vehicles will boost the market size in the foreseeable future. Moreover, escalating popularity of automotive electronic has contributed notably towards the market growth over the forecast timeline.
Apparently, large-scale funding of research & development activities pertaining to automotive technologies will impel the expansion of the automotive communication technology market during the forecast timeline. Surge in the deployment of electronic systems in passenger vehicles will contribute lucratively towards the overall market growth over the period from 2020 to 2026.
The Asia Pacific To Account Remarkably Towards Market Share By 2026
The regional market growth over the forecast timeline is due to a surge in vehicle production and the enforcement of strict laws by the government for ensuring vehicle safety. Apparently, a rise in infrastructural funding and a surge in construction activities will embellish the regional market expansion over the forecast timeline. Furthermore, growing trend towards premium vehicles will catalyze the regional industry trends.
Key players influencing the market growth include Toshiba, Texas Instruments, Broadcom, Robert Bosch, and NXP.
The global automotive communication technology market is segmented as follows:
Massive need for reducing fuel emissions from vehicles and requirement for enhancing safety of the vehicles will steer the market growth over the coming years.
The CAGR of the industry is expected to be nearly over 17% during the forecast timeline.
Asia Pacific will contribute remarkably towards the global market share over the estimated timeline.
The key market players include Texas Instruments, Robert Bosch, Broadcom, Toshiba, and NXP.