Increasing Automotive Demand: A Key Driver Transforming the Automotive Ethernet Market 2024
Automotive Ethernet Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What's driving the stellar growth of Automotive Ethernet market?
Market data reveals the automotive ethernet market size has grown massively in recent years, and it's projected to grow from $2.41 billion in 2023 to $2.91 billion in 2024 at a compound annual growth rate CAGR of 20.5%. This historic period growth can be attributed to factors such as bandwidth demand, data transmission speed, cost efficiency, standardization and interoperability, and reliability and safety needs of the industry.
Interestingly, the automotive ethernet market is estimated to witness even higher growth in the next few years. It is projected to soar to $5.81 billion in 2028 at a compound annual growth rate CAGR of 18.9%. The forecast period growth could be linked to emerging automotive use cases, R&D investments in connected cars, standardization and compatibility, demand for over-the-air OTA updates, and regulatory push for vehicle efficiency.
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What factors are contributing to the swift rise of the automotive ethernet market?
Several factors are contributing to the growth of this market. The increased demand for motor vehicles has contributed significantly to the scaling of the automotive ethernet market during the forecast period. Notably, the incorporation of advanced solutions such as connected devices, artificial intelligence AI, and other technological innovations to connected vehicles is spurring industry-wide innovations.
This, in turn, increases the demand for automotive Ethernet solutions. According to the International Organization of Motor Vehicle Manufacturers, the number of vehicles produced from January to September 2021 experienced a spike, growing from 52.1 million units in 2020 to 57.2 million units during the same period. This rising automobile demand evidently generates a high demand for automotive Ethernet, further pepping up the market during this period.
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What companies are leading the automotive ethernet market?
In this thriving market, several leading companies operate, such as Broadcom Inc., Texas Instruments Incorporated, TE Connectivity Ltd., STMicroelectronics N.V., NXP Semiconductors N.V., Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corp., Microchip Technology Inc., Marvell Technology Group, Keysight Technologies Inc., Marvell Technology Group Ltd., Visteon Corporation, Realtek Semiconductor Corp., Molex LLC, Cadence Design Systems Inc., Vector Informatik GmbH, Spirent Communications plc, ACTIA Technologies Group, TTTech Computertechnik AG, Excelfore Corp., Ruetz System Solutions GmbH, AllGo Embedded Systems Private Limited, Inova Semiconductors GmbH, KDPOF SL, System-on-Chip Engineering S.L., TSN Systems GmbH, Aukua Systems Inc., and Acome Group.
What key trends are impacting the automotive ethernet market?
Key players in the market aim at pioneering advanced and intelligent automotive ethernet solutions to develop the advanced, high-bandwidth communications systems required by the vehicles of tomorrow. For instance, in November 2021, Elektrobit, a Germany-based automotive software company, launched the first automotive ethernet switch firmware. This supports secure and high-performance in-vehicle communications necessary for EVs, sophisticated ADAS, and self-driving vehicles. This firmware enhances the scalability, safety, and security of vehicles by providing advanced network management, network security functions, routing, gateways, and firewalls.
How is the automotive ethernet market segmented?
The automotive ethernet market can be segmented based on:
1 Component: Hardware, Software, and Services
2 Application: Advanced Driver Assistance Systems ADAS, Infotainment, Powertrain, Body and Comfort, Chassis
3 Vehicle Type: Passenger Cars, Commercial Vehicles, Farming, and Off-Highway Vehicles
What are the regional insights on the automotive ethernet market?
Asia-Pacific was the largest region in the automotive Ethernet market in 2023. However, North America is expected to be the fastest-growing region during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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