The Global Automotive Communication Technology Market was worth US$ 12.96 billion in 2022 and is anticipated to reach a valuation of US$ 28.05 billion by 2028 and is predicted to register a CAGR of 16.70% during 2023-2028.
The sales of automobiles are rising and are expected to grow in the coming years across all nations. Rapid urbanization and growing disposable income have increased automobile production and sales. Increased demand for comfort and measures for safety from consumers is increasing the need for the implementation of novel technologies like automotive communication technology. The augment in purchases of premium cars and the advent of autonomous vehicles can build new revenue opportunities for the players in automotive communication technology. Also, the expanding number of electronic systems in passenger vehicles, government regulations, and norms to curb gas emissions and enhance safety is the reason for the growth of the automotive communication technological industry.
Market Growth:
The increasing use of electrical systems in automobiles and the growing demand for automotive systems owing to the increasing government mandates are two significant factors that increase the market growth in the automotive communication technology industry.
Market Drivers:
It is expected that the global automotive communication technology market will grow at a rapid rate in a few years. The primary factor that is driving the automotive communication technology market is the increasing demand for the automotive system owing to the growing government mandates.
Another factor that is driving the growth of the automotive communication technology market is increasing the use of electrical systems in automobiles. The government has imposed various norms and regulations to improve the safety measures in cars and to reduce emissions.
Market Restraints:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
16.70% |
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Segments Covered |
By Bus Module, Application, Vehicle Class, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
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Market Segmentation:
The CAN segment takes the most considerable portion of the overall market, which is propelled by various aspects like the augmenting electronic content for applications like powertrain, body control, and comfort in automobiles.
The safety & ADAS segment is determined to account for the fastest-growing automotive communication technology business. Due to the increasing government mandates for safety norms in the automotive industry.
6.3.1 Economy
6.3.2 Luxury
6.3.3 Mid-Sized
The economy vehicle class segment of the market is anticipated to grow at the most notable CAGR over the calculated period. It is trailed by other variants like luxury and mid-size vehicle classes. The luxury vehicle class portion is relied upon to record the largest share of the market, following its extensive application in vehicle electronics.
Market Reginal Analysis:
The Global Automotive Communication Technology Market Report includes the segmentation of regions:
The Asia-Pacific market is taking the largest market share, and it is estimated to grow at a significant CAGR during the outlook period. The market growth in this area is due to vehicle production and government mandates regarding the active and passive safety of vehicles. In addition to that, the increasing investment in infrastructure, construction activity, and increasing sales of luxury vehicles are also driving the growth of this business in this region. After Asia-Pacific, Europe is anticipated that the market will grow at a reasonable growth rate in the coming years in this region. The expansion in the global automotive communication technology market can be credited to the mounting awareness among consumers in European nations regarding the benefits of advanced vehicle electronics and the significance of the safety features in the vehicles.
Leading Company:
Robert Bosch GmbH is registering the most outstanding share in the global automotive communication technology market.
Market Key Players:
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