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Automotive Communication Technology Industry Expansion: How the Market Size Has Grown Over the Last 5 Years?
In recent times, the market for automotive communication technology has been expanding rapidly. It is projected to rise from $12.86 billion in 2024 to $14.84 billion in 2025, achieving a compound annual growth rate (CAGR) of 15.4%.
This significant growth during the historic period is due to several factors such as the establishment of CAN (controller area network) as a universal communication protocol, the initiation of LIN (local interconnect network) to ensure affordable communication in budget vehicles, the invention of FlexRay for high-speed data transfer in sophisticated automotive systems, the integration of Ethernet to enhance bandwidth and connectivity in current vehicles, and the implementation of MOST (media oriented systems transport) for superior quality multimedia streaming in premium vehicles.
The market size for automotive communication technology is predicted to experience substantial growth in the upcoming years, potentially reaching a value of $25.52 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 14.5%. Such expansion during the projected period is ostensibly due to elements such as the expansion of connected and autonomous vehicles, rising demand for communication technology, seamless integration of 5G connectivity for efficient and dependable vehicle-infrastructure communication, development of edge computing abilities for instant data processing in automotive applications, increasing focus on cybersecurity solutions to safeguard connected vehicles against digital threats and the escalating usage of electric vehicles (EVs) which necessitates communication tech for battery regulation and charging system.
The forecast period is likely to see shifting towards unified vehicle architectures to simplify communication and cut down complexity, escalating use of OTA (over-the-air) for updates of software and firmware in autos, V2X (vehicle-to-everything) communication gaining popularity for improved safety and efficiency on roads, AI (artificial intelligence) and machine learning utilized for predictive upkeep and individualized driving experiences, and the incorporation of blockchain technology for safe and transparent data exchange in automotive ecosystems.
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What Growth Drivers Are Responsible for Accelerating Automotive Communication Technology Market Growth?
The expansion of the automotive communication technology market is anticipated to be fueled by the growing demand for connected cars. Connected cars are essentially vehicles equipped with internet connectivity and communication technologies.
These high-tech features allow them to interact with other vehicles, infrastructure, and external networks. Factors like innovative safety enhancements, consumer interest, worth, and ecological worries are boosting the demand for these connected cars.
Automotive communication technology is implemented in these vehicles to facilitate smooth connectivity, data transfer, and integration of different functions, thereby improving the driving experience, safety, and comfort. For example, data from the Otonomo Report of March 2022, released by an Israel-based firm offering cloud-based SaaS solutions for car manufacturers, indicates that the number of connected vehicles on the road could surge from approximately 237 million in 2021 to over 400 million by 2025.
Consequently, the surge in demand for connected cars is accelerating the expansion of the automotive communication technology market.
Performance of Leading Segments in the Automotive Communication Technology Global Market
The automotive communication technologymarket 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
Subsegments:
1) By Controller Area Network (CAN): High-Speed CAN (CAN HS), Low-Speed CAN (CAN LS), Fault-Tolerant CAN
2) By Local Interconnect Network (LIN): LIN 2.x, LIN 1.x
3) By Media-Oriented Systems Transport (MOST): MOST150, MOST25, MOST50
4) By FlexRay: FlexRay Standard (High-Speed), FlexRay Low-Speed
5) By Ethernet: Automotive Ethernet 100BASE-T1, Automotive Ethernet 1000BASE-T1, Time-Sensitive Networking (TSN) Ethernet
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What are the upcoming Trends Poised to Transform the Future of the Automotive Communication Technology Market?
Leading corporations in the realm of automotive communication technology are prioritizing the creation of novel amenities such as centers of excellence. This stride aims to keep them viable, competitive, and adaptable to the ever-changing demands of both consumers and the regulatory terrain.
These centers serve as the new standard for innovation and customer satisfaction, revolutionizing smart communications within the automotive industry. For instance, the US-based software firm, CallRevu LLC, unveiled a center of excellence (COE) in February 2024, dedicated to the automotive communication technology sphere.
Their goal was to set new paradigms for innovation and customer contentment. This avant-garde technology incorporates an AI training model, sophisticated security measures, boosts operational efficiency, fosters innovations, ensures access and inclusion, and harnesses data analytics.
It underscores CallRevu’s dedication to amalgamating cutting-edge technology and strategic collaborations, all while advocating a tech-neutral outlook that favors top-tier, flexible and pertinent solutions.
What Are the Regional Hotspots for Automotive Communication Technology Market Growth?
Asia-Pacific was the largest region in the automotive communication technology market in 2024. 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.
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Which Companies Hold the Largest Market Share in the Automotive Communication Technology Industry?
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 Enterprises (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.
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