The Business Research Company recently released a comprehensive report on the Global Automotive Communication Technology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company’s, The automotive communication technology market size has grown rapidly in recent years. It will grow from $11.13 billion in 2023 to $12.86 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to adoption of can (controller area network) as a standard communication protocol, introduction of LIN (local interconnect network) for cost-effective communication in entry-level vehicles, development of flex ray for high-speed data transmission in advanced automotive systems, integration of ethernet for increased bandwidth and connectivity in modern vehicles, implementation of most (media oriented systems transport) for high-quality multimedia streaming in luxury vehicles.

The automotive communication technology market size is expected to see rapid growth in the next few years. It will grow to $23.09 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to proliferation of connected and autonomous vehicles, increasing demand for communication technology, integration of 5g connectivity for faster and more reliable communication between vehicles and infrastructure, expansion of edge computing capabilities to support real-time data processing in automotive applications, growing emphasis on cybersecurity solutions to protect connected vehicles from cyber threats, rise of electric vehicles (EVS) driving demand for communication technology to support battery management and charging infrastructure. Major trends in the forecast period include shift towards centralized vehicle architectures to streamline communication and reduce complexity, increasing use of OTA (over-the-air) updates for software and firmware upgrades in vehicles, emergence of vehicle-to-everything (v2x) communication for enhanced safety and efficiency on the road, adoption of ai (artificial intelligence) and machine learning for predictive maintenance and personalized driving experiences, integration of blockchain technology for secure and transparent data sharing in automotive ecosystems.

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Market Drivers and Trends:

The increased demand for connected cars is expected to propel the growth of the automotive communication technology market going forward. Connected cars refer to vehicles equipped with internet connectivity and communication technologies that enable them to interact with other vehicles, infrastructure, and external networks. The demand for connected cars is rising due to innovative enhanced safety features, consumer interest, value, and environmental concerns. Automotive communication technology is used in connected cars to enable seamless connectivity, data exchange, and functionality integration to enhance the driving experience, safety, and convenience. For instance, in March 2022, according to the Otonomo Report, an Israel-based company that provides a cloud-based SaaS solution for car manufacturers, the number of connected vehicles on the road is expected to increase from around 237 million in 2021 to over 400 million by 2025. Therefore, the increase in demand for connected cars is driving the growth of the automotive communication technology market.

Major companies operating in the automotive communication technology market are focused on developing innovative facilities, such as centers of excellence, to stay relevant, competitive, and responsive to the evolving needs of consumers and the regulatory environment. This facility redefines innovation and customer satisfaction benchmarks, transforming the benchmark for intelligent communications in the automotive field. For instance, in February 2024, CallRevu LLC, a US-based software company, launched a center of excellence (COE) in the automotive communication technology sector to redefine innovation and customer satisfaction benchmarks. This initiative technology features an AI training prototype, enhanced security, operational efficiency, innovations, accessibility and inclusivity, and data analytics. and it reflects CallRevu’s commitment to integrating advanced technology with strategic partnerships, emphasizing a tech-agnostic philosophy that prioritizes top-quality, scalable, and relevant solutions.

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Major Key Players of the Market:

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 Enterprices (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.

Automotive Communication Technology Market 2024 Key Insights:

• The automotive communication technology market size is expected to see rapid growth in the next few years. It will grow to $23.09 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.
• Increase In Demand For Connected Cars Driving Growth Of Automotive Communication Technology Market
• Callrevu LLC Launches Center Of Excellence In Automotive Communication Technology Sector
• Asia-Pacific was the largest region in the automotive communication technology market in 2023

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