Vehicle Networking Market
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What Is the Expected CAGR for the Vehicle Networking Market Through 2025?
The vehicle networking market size has grown strongly in recent years. It will grow from $1.16 billion in 2024 to $1.25 billion in 2025 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to rising complexity of vehicle systems, rise of intelligent transportation systems (its), increased consumer demand for connectivity, 5g connectivity implementation, emergence of electric and hybrid vehicles.
What’s the Projected Size of the Global Vehicle Networking Market by 2029?
The vehicle networking market size is expected to see strong growth in the next few years. It will grow to $1.76 billion in 2029 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to 5g connectivity implementation, autonomous vehicle development, cybersecurity concerns, smart city integration, environmental sustainability initiatives. Major trends in the forecast period include expansion of over-the-air (ota) updates, growing ecosystem of connected services, shift toward electrification and autonomous vehicles, emphasis on standardization and interoperability, integration of edge computing.
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Top Growth Drivers in the Vehicle Networking Industry: What’s Accelerating the Market?
The increase in demand for autonomous vehicles is expected to propel the growth of the vehicle networking market going forward. Autonomous vehicles, also known as self-driving cars, or vehicles that can navigate and operate without the assistance of a human. Autonomous vehicles are gaining popularity in the vehicle networking market due to their ability to improve driver and passenger safety, efficiency, and convenience. For instance, in September 2022, according to Nissan Motor Co. Ltd, a Japan-based automotive manufacturer, 55% of small businesses believe that they are going to have a fully autonomous fleet in the next two decades. Therefore, the increase in demand for autonomous vehicles drives the vehicle networking market.
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What Trends Will Shape the Vehicle Networking Market Through 2029 and Beyond?
Technological advancements are a key trend gaining popularity in the vehicle networking market. Major companies operating in the market are frequently focusing on technological advancements to stay competitive by adopting new technologies For instance, in 2023, Chevrolet, a US-based automobile company, launched $30,000 Equinox EV aiming to make electric vehicles more accessible to a wider audience. This model is built on GM’s Ultium platform and offers an estimated range of up to 300 miles, combining advanced technology features with a competitive price point to appeal to budget-conscious consumers seeking sustainable transportation solutions.
What Are the Main Segments in the Vehicle Networking Market?
The vehicle networking market covered in this report is segmented –
1) By Connectivity Standard: Controller Area Network [CAN], Local Interconnect Network [LIN], Radio Frequency [RF], FlexRay, Ethernet, Media Oriented Systems Transport [MOST]
2) By Vehicle: Passenger Vehicles [PV], Light Commercial Vehicles [LCV], Heavy Commercial Vehicles [HCV], Automated Guided Vehicles [AGV]
3) By Application: Powertrain Safety, Body Electronics, Chassis, Infotainment, Other Applications
Subsegments:
1) By Controller Area Network (CAN): CAN 2.0, CAN FD (Flexible Data-Rate)
2) By Local Interconnect Network (LIN): LIN 1.3, LIN 2.0, LIN 2.1
3) By Radio Frequency (RF): RF-Based Vehicle Communication, RFID Applications In Vehicles
4) By FlexRay: FlexRay Communications Protocol, Time-Triggered And Event-Triggered Communication
5) By Ethernet: Automotive Ethernet (BroadR-Reach), IEEE 802.1 And 802.3 Standards
6) By Media Oriented Systems Transport (MOST): MOST150, MOST25, MOST50
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Which Top Companies are Driving Growth in the Vehicle Networking Market?
Major companies operating in the vehicle networking market include NXP Semiconductors NV, Texas Instruments Incorporated, Robert Bosch GmbH, Microchip Technology Inc., Xilinx Inc., Infineon Technologies AG, Melexis N.V., STMicroelectronics N.V., Spirent Communications plc, Toshiba Corporation, Renesas Electronics Corporation, Broadcom Inc., Continental AG, Sierra Wireless Inc., NVIDIA Corporation, Vector Informatik GmbH, Aptiv plc, Intel Corporation, BlackBerry Limited, Harman International Industries Incorporated, Marvell Technology Group Ltd., Cypress Semiconductor Corporation, Analog Devices Inc., Maxim Integrated Products Inc., ON Semiconductor Corporation, Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., LG Electronics Inc., Huawei Technologies Co. Ltd., ZTE Corporation, Telefonaktiebolaget LM Ericsson, Nokia Corporation
Which Regions Will Dominate the Vehicle Networking Market Through 2029?
North America was the largest region in the vehicle networking market in 2024. The regions covered in the vehicle networking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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