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Automotive Communication Technology Market Size

Report ID: GMI3008
Published Date: Jun 2023
Report Format: PDF

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Automotive Communication Technology Market Size

Automotive Communication Technology Market was worth USD 18 billion in 2022 and is projected to expand at over 15% CAGR from 2023 to 2032.

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The industry growth is driven by the increasing demand for connected vehicles with advanced features and emphasis on vehicle safety & ADAS, which are augmenting the need for robust communication technologies. The rising focus on electric & autonomous vehicles also necessitates efficient communication for power management and coordinated operations. Additionally, advancements in connected infrastructure and smart cities require communication technologies to enable efficient traffic flow and incorporate intelligent transportation systems (ITS). All these factors will drive the automotive communication technology industry development.

Automotive Communication Technology Market Report Attributes
Report Attribute	Details
Base Year:	2022
Automotive Communication Technology Market Size in 2022:	USD 18 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	15%
2032 Value Projection:	USD 68.6 Billion
Historical Data for:	2018 to 2022
No. of Pages:	300
Tables, Charts & Figures:	363
Segments covered:	Bus Module, Vehicle Class, Distribution Channel, Application and Region
Growth Drivers:	Increasing demand for connected vehicles Emphasis on vehicle safety and driver assistance Growing focus on electric & autonomous vehicles Advancements in connected infrastructure and smart cities
Pitfalls & Challenges:	Increasing cybersecurity risks Data privacy concerns

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Automotive cybersecurity risks pose a significant challenge as connected vehicles become increasingly vulnerable to hacking, which can compromise safety & privacy. The emergence of data privacy concerns also arises during the collection and transmission of personal & sensitive information. It is essential to address these risks with the help of robust cybersecurity measures and responsible data handling to maintain consumer trust and product adoption in the automotive communication technology market.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automotive communication technology reached USD 18 billion in 2022 and is anticipated to register over 15% CAGR during 2023 to 2032 due to the surging demand for connected vehicles with advanced features and emphasis on vehicle safety & ADAS

The safety & ADAS application segment held 15.5% of the industry share in 2022 owing to the surging need for real-time communication between vehicle components, sensors, and control units to enhance road safety

Asia Pacific industry is expected to witness around 17.5% growth rate from 2032-2032 driven by the booming automotive industry, rapid urbanization, and the rising consumer demand for connected vehicles.

Some of the main automotive communication technology industry players include Robert Bosch, Broadcom Inc, Continental AG, Intel Corporation, NXP Semiconductor, Toshiba Corporation, STMicroelectronics, Denso Corporation, Aptiv PLC, and Harman International Industries, Inc.