The automotive communication technology global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Communication Technology Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The automotive communication technology market size has grown rapidly in recent years. It will grow from $11.13 billion in 2023 to $12.86 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to adoption of can (controller area network) as a standard communication protocol, introduction of LIN (local interconnect network) for cost-effective communication in entry-level vehicles, development of flex ray for high-speed data transmission in advanced automotive systems, integration of ethernet for increased bandwidth and connectivity in modern vehicles, implementation of most (media oriented systems transport) for high-quality multimedia streaming in luxury vehicles.
The automotive communication technology market size is expected to see rapid growth in the next few years. It will grow to $23.09 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to proliferation of connected and autonomous vehicles, increasing demand for communication technology, integration of 5g connectivity for faster and more reliable communication between vehicles and infrastructure, expansion of edge computing capabilities to support real-time data processing in automotive applications, growing emphasis on cybersecurity solutions to protect connected vehicles from cyber threats, rise of electric vehicles (EVS) driving demand for communication technology to support battery management and charging infrastructure. Major trends in the forecast period include shift towards centralized vehicle architectures to streamline communication and reduce complexity, increasing use of OTA (over-the-air) updates for software and firmware upgrades in vehicles, emergence of vehicle-to-everything (v2x) communication for enhanced safety and efficiency on the road, adoption of ai (artificial intelligence) and machine learning for predictive maintenance and personalized driving experiences, integration of blockchain technology for secure and transparent data sharing in automotive ecosystems.
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Scope Of Automotive Communication Technology Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Communication Technology Market Overview
Market Drivers –
The increased demand for connected cars is expected to propel the growth of the automotive communication technology market going forward. Connected cars refer to vehicles equipped with internet connectivity and communication technologies that enable them to interact with other vehicles, infrastructure, and external networks. The demand for connected cars is rising due to innovative enhanced safety features, consumer interest, value, and environmental concerns. Automotive communication technology is used in connected cars to enable seamless connectivity, data exchange, and functionality integration to enhance the driving experience, safety, and convenience. For instance, in March 2022, according to the Otonomo Report, an Israel-based company that provides a cloud-based SaaS solution for car manufacturers, the number of connected vehicles on the road is expected to increase from around 237 million in 2021 to over 400 million by 2025. Therefore, the increase in demand for connected cars is driving the growth of the automotive communication technology market.
Market Trends —
Major companies operating in the automotive electronic logging device market are focusing on advanced products, such as Vehicle Link ELD, to gain a competitive edge in the market. The Vehicle Link ELD is a compact device that provides hours of service (HOS) reporting, driver vehicle inspection report (DVIR) logs, and more. For instance, in May 2022, Rand McNally, a US-based company that provides commercial transportation technology solutions, launched the Vehicle Link ELD, a new ELD designed to enable managers to check truck location and vehicle status in fleets with several trucks. It is simple, reliable, and readily hidden within the vehicle. It is a small electronic logging device that plugs into a truck’s diagnostic port and pairs with the Rand VL app on an Android phone or tablet, transmitting HOS information to the app for reporting. It enables drivers to complete vehicle inspection reports electronically, improving safety and compliance measures. Tracking spending on fuel is vital for International Fuel Tax Agreement (IFTA) reporting.
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
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Regional Insights —
Asia-Pacific was the largest region in the automotive communication technology market in 2023. 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.
Key Companies —
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 Enterprices (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.
Table of Contents
1. Executive Summary
2. Automotive Communication Technology Market Report Structure
3. Automotive Communication Technology Market Trends And Strategies
4. Automotive Communication Technology Market — Macro Economic Scenario
5. Automotive Communication Technology Market Size And Growth
…..
27. Automotive Communication Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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