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Global Automotive Communication Technology Market to Grow to $19.99 Billion by 2025
June 28, 2018 | PRNewswireEstimated reading time: 1 minute
The global automotive communication technology market is projected to grow at a CAGR of 16.7% during the forecast period, from $6.78 billion in 2018 to USD 19.99 billion by 2025. Increasing demand for automotive safety systems supported by government mandates and increasing number of electrical systems in the vehicle are driving the growth of the automotive communication technology market. However, increasing complexity and less reliability of electronics architecture can restrain the growth of the automotive communication technology market. The emergence of autonomous vehicles is expected to create opportunities for the automotive communication technology market in the coming years. On the other hand, factors such as high maintenance cost and troubleshooting for vehicle network architecture can pose challenges for the automotive communication technology market.
Ethernet segment to grow at a significant rate during the forecast period
The automotive communication technology market for ethernet is projected to grow at the highest CAGR during the forecast period.It is followed by FlexRay, local interconnect network (LIN), controller area network (CAN), and media oriented systems transport (MOST).
The growth of Ethernet segment is driven by the increasing number of nodes in various applications.
Asia Pacific to lead the automotive communication technology market during the forecast period
The Asia Pacific region is estimated to hold the largest share of the global automotive communication technology market in 2018. Government mandates regarding the installation of advanced safety technologies and increasing awareness of green vehicles among people are expected to drive the growth of the automotive communication technology market in the Asia Pacific region.
The study contains insights of various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier 1 – 65%, Tier 2 – 20%, Tier 3– 15%
• By Designation: C-level – 55%, D-level – 35%, Others – 10%
• By Region: Asia Pacific – 35%, Europe – 45%, North America – 15%, RoW – 5%
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