Worldwide automotive communication technology market is anticipated to cross US $18 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Rapid economic growth and rise in purchasing power have made customers habituated to seamless, intuitive and personalized experiences, mostly during the interaction with digital technologies. Advanced autonomous vehicles provide real-time information about weather & traffic condition, offer route optimization, and reduce time and fuel consumption. All these factors, along with the development of technology to enable driverless vehicles will augment the automotive communication technology (ACT) market growth.
Considering the bus module segmentation, CAN bus segment led the ACT market with 40% share in 2017. It reduces the wiring in the vehicle by establishing an automotive communication between central locking system, gear control, active suspension, and other electronic systems. This minimizes the complexity and lessens bulkiness of vehicle. The CAN bus acts as the backbone of automotive communication technology and is utilized for many applications, thereby stimulating the market growth.
Based on the vehicle class, the ACT market from mid-sized car segment is predicted to grow with a CAGR of 14% by the year 2024. The conventional heavy wiring in mid-sized cars is compelling the automotive manufacturers to adopt bus networking technology in their cars to lower the cost and electronics system complexity, hence fostering the segmental growth.
On the basis of distribution channel, OEMs segment dominated the ACT market in 2017 and was valued at US $5 billion, owing to increasing consumer expectation for enhanced experiences and extensive adoption of ACT by various OEMs.
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Based on the application spectrum, powertrain segment is presumed to grow with a CAGR of 13% over the forecast timespan. The utilization of communication sensors in powertrains provide important information for engine management and transmission.
Speaking of regional outlook, Latin America automotive communication technology market is estimated to surpass US $1 billion by the year 2024, pertaining to surge in car sales in the region.
The prominent companies operating in ACT market include STMicroelectronics, Robert Bosch, Intel, NXP Semiconductors, Qualcomm, Microchip, Rohm Semiconductors, Texas Instruments, Toshiba, and Broadcom.