The distribution channel of automotive communication technology market is heavily dominated by automotive OEMs, achieving revenues of more than $5 billion in the year 2017.Consumer expectations for higher experiences in the automotive technological space have driven car manufacturers to enhance and improve their product features. The providers of automotive communication technology have been partnering with OEMs in order to deploy the latest technologies in their systems, providing their customers with integrated vehicle solutions and thrusting the product demand.
Rapid technological development and growing disposable incomes have driven the installation of advanced electronic components in automobiles around the world. This has enabled the expansion of automotive communication technology market significantly. Several inventions like anti-lock brakes, automatic transmission and infotainment capabilities are transforming the automotive sector and driving vehicle sales. Various benefits offered by communication systems in improving efficiency and connectivity will drive the consumption of electronic modules in cars.
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What are the major factors that will propel automotive communication technology market size?
Rapid urbanization, economic growth and rise in the per capita income have been the major reasons for augmented sales of luxury vehicles, which in turn has influenced automotive communication technology industry trends. Certain initiatives and regulations set by the government have also helped improve the fuel economy of cars and their safety, expanding the scope of communication technologies. Major investments made by manufacturing giants have also helped strengthen automotive communication technology market share and the total automotive sector investment is slated to reach $82 billion by the year 2020.
Will the promotion of safety features contribute towards automotive communication technology market share?
Automotive electronics systems are more advanced now with the integration of ADAS and other safety features like collision avoidance, lane departure warning, autonomous driving and automatic emergency braking. These functions require manufacturers to provide high-performance network connectivity. Automotive communication technology market is anticipated to accrue annual revenues of over $8 billion from the safety and ADAS segment by 2024. The systems use automotive ethernet that delivers in-vehicle network, which in turn enables a cross-domain communication and will accelerate their rate of their adoption in vehicles over the forecast duration.
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