As indicated by Acumen Research and consulting, the global automotive communication technology market size is evaluated to reach around USD 18 billion by 2026 and CAGR to develop around 15% over the estimate time frame. Amplified demand for transceivers in modern vehicles, growing need for superior networking and communication, increasing adoption of advanced driver assistance system (ADAS), rising use of radar technologies in automotive applications and ever increasing safety regulations have boosted the growth of the global automotive communication technology market. The North America market is likely to expand at noteworthy CAGR due to growth in the automotive industry, expansion of driver assistance and automated mobility technologies in the automobile industry, increase in the implementation of new technologies, growing deployment of electric vehicles, and strategic initiatives adopted by the government.
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Safety and ADAS and Infotainment Segment is Expected to Contribute Significant Market Share in the Market
On the basis of application, the automotive communication technology market is bifurcated into power train, body and comfort electronics, infotainment and communication, safety and ADAS. Infotainment segment is forecasted to contribute significant market share in the global automotive communication technology market during the forecast period owing to the growth of navigation, multimedia and advanced telematics solutions. The growing focus on offering added vehicular connectivity and comfort through highly developed infotainment systems and technological advancements are some of the fundamental factors responsible for the growth of the market. Additionally, automotive manufacturers are focusing on developing the application specific ECUs, thereby increasing the demand for automotive communication technology. Market players are primarily focusing on developing new innovative technologies that will supplement growth of the automotive communication technology market. The German automotive manufacturers are rapidly utilizing the infotainment products and systems due to the innovations and expansion of luxury cars. On the other hand, powertrain segment is also anticipated to grow at significant rate due to the growing requirement of low fuel consuming engines in the modern vehicles. Escalating demand for high capacity and low-emission engines across the global automobile industry is also boosting the growth of the segment. Furthermore, the increasing need for more proficient inter-network communication in electronics systems is helping the growth of the powertrain segment.
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Europe to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global automotive communication technology market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is anticipated to grow at highest growth rate during the forecast period owing rising initiatives taken by governments and escalating demand for electronic vehicles. Rapid growth in the automotive industry is the primary factor influencing the growth of the regional automotive communication technology market. Emission Regulations in the region is also expected to increase the growth of the regional market. Rising initiatives taken by governments and escalating demand for fuel-efficient vehicles are supplementing the overall market growth. The expansion of driver assistance and automated mobility technologies in the automobile industry are fueling the growth of the regional market. Owing to the stringent fuel economy and emission standards implemented by regulatory bodies such as the U.S. Environmental Protection Agency (EPA) and growing technological advancements in the region are some of the factors responsible for the growth of the regional market. Due to the improved vehicle safety in order to help road fatalities reduction, growing popularity of connected and advanced mobility solutions and strict carbon dioxide emission policies in the region, North America is expected to be the topmost revenue generating region in the global automotive communication technology market. Asia Pacific is also expected to witness a considerable growth during the forecast period owing to the increasing usage of electric vehicles, presence of large number of electronic systems and automobile manufacturers and growing emission regulations. Developing regions are also anticipated to witness substantial growth during the forecast period.
NXP Semiconductors, Renesas Electronics Corporation, Texas Instruments and Broadcom are Likely to Continue to Lead the Global Automotive Communication Technology Market
The global automotive communication technology market is characterized by the presence of experienced and established players. Some of the key players include NXP Semiconductor, Intel, Vector Informatik, Continental, On Semiconductor, Broadcom, Qualcomm, Microchip, Robert Bosch, Renesas,Elmos Semiconductor, STMicroelectronics, Xilinx, Melexis, Infineon, Texas Instruments and Cypress Semiconductor.
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