Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "In-Car Electronics and Communications Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.
Overall world revenue for the In-Car Electronics and Communications Market, in terms of value, will surpass US$16.61 billion in 2024. This study predicts strong revenue growth through to 2034.
Market Dynamics
- Driving Factors
- Increasing Demand for Advanced Features to Improve Connectivity Within Vehicles
- Speedy Advancements in Electronics are Spurring Innovations in Vehicle Functionalities and Capabilities
- Autonomous Vehicle Development to Improve the Safety and Functionality
- Restraining Factors
- The Integration of Advanced Electronics and Communication Systems Can Increase Vehicle Costs
- The Impact of Infotainment Systems on Driving Experience
- Opportunities
- Innovations on the Rise to Enhance In-Vehicle User Experience
- Incorporating Artificial Intelligence (AI) and Internet of Things (IoT) Technologies into In-Car Electronics Opens Doors for New Features and Services
Growing Consumer Need for Enhanced Connectivity Features Inside Automobiles, Speedy Electronic Progress Triggers Advancements in Vehicle Capabilities, Autonomous Vehicle Development to Improve the Safety and Functionality Driving Market Growth
The in-car electronics and communications market is witnessing a surge in demand for advanced features as consumers increasingly expect seamless connectivity and convenience in their vehicles. This trend reflects a desire for integrated digital experiences while driving, leading to a growing need for improved in-car infotainment, communication, and navigation systems offering enhanced functionality and connectivity. Major players are capitalizing on this opportunity by focusing on a range of advanced in-vehicle-connected features, each catering to distinct consumer preferences and creating new revenue avenues.
The momentum in autonomous vehicle (AV) development is fuelled by the rising demand for full autonomy, improved driver safety, and sustainable transportation solutions. Start-ups are playing a key role in this space, developing AVs with advanced technologies such as driver-assistance systems (ADAS), LiDAR, and computer vision. These technologies, supported by deep learning algorithms and neural networks, elevate decision-making processes critical for functions like steering and braking. Moreover, connectivity tools facilitate seamless communication not just between driverless vehicles but also with infrastructure, shaping the future of smart transportation.
Industry trends also highlight the impact of the internet of things (IoT) and extended reality (XR) in AV development. IoT and sensor advancements enable precise monitoring of surroundings and obstacles, while LiDAR sensors enhance automation capabilities by penetrating challenging weather conditions. Integration of AI algorithms and neural networks further enhances safety and traffic efficiency in autonomous driving scenarios. Additionally, blockchain adoption is gaining traction, bolstering vehicle tracking, payment security, and data management. The deployment of vehicle-to-everything (V2X) technology further augments navigation and road safety for AVs, although it necessitates robust cybersecurity measures to address potential threats posed by increased connectivity. For instance, in May 2023, Commsignia Ltd. and Mitsubishi Electric Corporation announced a strategic partnership to provide Vehicle-to-Everything (V2X) technology. This collaboration will integrate Commsignia's V2X solution with Mitsubishi Electric's High-Definition Locator (HDL) technology into a unified V2X platform.
The Integration of Advanced Electronics and Communication Systems Can Increase Vehicle Costs, The Impact of Infotainment Systems on Driving Experience to Hamper Industry Growth
The in-car electronics and communications market face a significant challenge due to the high costs linked with implementing advanced electronic systems and technologies in vehicles. The integration of such systems can notably elevate the overall cost of vehicles, encompassing expenses related to components, software development, testing, and integration. This heightened cost can render vehicles more expensive for consumers, potentially limiting their affordability and adoption, particularly in markets sensitive to pricing. Consequently, this obstacle impedes the overall growth potential of the market. For instance, in January 2023, U.S. consumers spent an average of US$46,437 on a new vehicle, reflecting a 4.2% year-over-year increase. This uptick in spending can be attributed to several factors, including growing demand for vehicles with advanced infotainment features and technologies (connected mobile apps/digital key, 360-degree cameras, blind-spot view monitors, AI, and remote shut down for cars), inflationary pressures, and supply chain disruptions impacting vehicle production.
Modern car electronics are intricate. Advanced driver-assistance systems (ADAS) rely on a network of sensors, cameras, and processors, each requiring research, development, and miniaturization for efficient integration. This complexity translates to higher component costs. Features like autonomous driving and connected car services necessitate sophisticated software. Developing, testing, and ensuring the security of such software is a resource-intensive process, further adding to the vehicle's price tag. Integrating these complex electronic systems with existing vehicle architecture is no easy feat. It requires specialized engineering expertise and robust testing to ensure seamless communication and functionality. This translates to additional development costs.
Segments Covered in the Report
System Type
- Infotainment Systems
- Navigation Systems
- Telematics Systems
- Audio Systems
- Connectivity Systems
- Other Systems
Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
Vehicle Type
- Commercial Vehicle
- ICE Passenger Cars
- Hybrid Passenger Cars
- Electric Passenger Cars
- Others
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 16 leading national markets:
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
MEA
- GCC
- South Africa
- Rest of MEA
Leading Companies Profiled
- ALPS ALPINE Co. Ltd.
- Bosch
- Clarion Co. Ltd.
- Continental AG
- Delphi Technologies
- Denso Corporation
- Garmin Ltd.
- Magneti Marelli
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Pioneer Corporation
- Samsung Electronics Co. Ltd.
- Sony Corporation
- TomTom International B.V.
Other Companies Featured
- TomTom International B.V.
- Acura
- Al-Futtaim Automotive
- Apollo Global Management Inc.
- Apostera GmbH
- AUDI AG
- ATS ELGI
- BMW AG
- Cerence Inc.
- Dirac
- Dolby Laboratories, Inc.
- Elgi Equipment's Limited
- Ford Motor Company
- Foretellix
- Google Cloud
- Harman International Industries, Inc.
- Heilongjiang Tianyouwei Electronics
- Hyundai Motor Company
- Intel Corporation
- Kia Corporation
- Mahindra & Mahindra Limited
- Mazda Motor Corporation
- MediaTek Inc.
- Mercedes-Benz
- Mobileye Global Inc.
- Nuro Inc.
- Nvidia Corporation
- Limited
- Qualcomm Incorporated
- Radioplayer
- Groupe Renault
- Stellantis
- STMicroelectronics
- Tata Motors
- Teledyne FLIR
- Valeo
- Verizon Communications Inc.
- Volkswagen AG
- VTEQ
- Wistron Corporation
- Yanfeng Visteon Automotive Electronics Co. Ltd.
- ZYNC
For more information about this report visit https://www.researchandmarkets.com/r/l1yv2l
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