New York, USA, Dec. 20, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s latest report, the global automotive ethernet market is anticipated to rise at a stunning CAGR of 14.4%, thereby garnering a revenue of $8,765.8 million by 2031. This latest report by Research Dive provides a brief outlook of the contemporary architecture of the automotive ethernet market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the important market statistics are also provided in this report to help new market players gain insights about the market easily.
Dynamics of the Market
Drivers: Increasing number of vehicles across the globe is predicted to be the primary growth driver of the automotive ethernet market in the forecast period. Additionally, the rise in the adoption of advanced technologies in the automotive industry is predicted to push the market forward.
Opportunities: Increasing emphasis on the reduction of carbon footprint by the automobile industry is expected to offer numerous growth opportunities to the market in the analysis period. Moreover, growth in the number of manufactured vehicles is anticipated to augment the growth rate of the market.
Restraints: Increasing number of potential attackers, however, may restrain the growth of the automotive ethernet market.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The automotive ethernet market, too, faced a similar fate. The pandemic saw a steep decline in the production of vehicles and also a decline in the sales of vehicles. This, in turn, brought down the growth rate of the automotive ethernet market during the pandemic years.
Segments of the Market
The report has fragmented the automotive ethernet market into certain segments based on component, application, vehicle type, and region.
Component: Hardware Sub-segment to Have the Highest Market Share
By component, the hardware sub-segment is expected to have a dominant market share by 2031. Growth in the demand for advanced driver-assistance system (ADAS) has encouraged automotive manufacturers to use ethernet hardware components such as gateways, repeaters, etc., which is expected to propel the growth of this sub-segment.
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Application: Driver Assistance Sub-segment to be the Most Profitable
By application, the driver assistance sub-segment is predicted to have the highest CAGR in the forecast period. Wide usage of driver assistance systems to assist the driver in the driving process and increase safety for the driver, passengers, and pedestrians is expected to help in the growth of this sub-segment.
Vehicle Type: Commercial Vehicle Sub-segment to be the Most Lucrative
By vehicle type, the commercial vehicle sub-segment is expected to have the fastest growth rate by 2031. Increasing infrastructural investments and digitization have led to an overall increase in the number of commercial vehicles across the globe which is anticipated to push the sub-segment forward.
Market in Asia-Pacific Region to be Most Lucrative
By regional analysis, the automotive ethernet market in the Asia-Pacific region is projected to be the most profitable in the forecast period. The exponentially increasing automotive sector and technological innovations are expected to be the primary growth drivers of the market in this region.
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Prominent Market Players
Some leading market players in the automotive ethernet market are
- Vector Informatik GmbH
- Broadcom
- Keysight Technologies
- NXP Semiconductors
- Microchip Technology Inc.
- Cadence Design Systems
- Inc, Marvell
- Aukua Systems Inc.
- Texas Instruments Incorporated
- Molex
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in September 2021, KPIT, a leading automotive software development company, announced that it was acquiring Technica Engineering, a company specializing in network system architecture, automotive ethernet products, etc. This acquisition by KPIT is expected to help the company to cater to the demands of the automotive sector in a much better way and ultimately expand its foothold in the market.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including financial performance of the key players, SWOT analysis, latest strategic developments, and product portfolio.
More about Automotive Ethernet Market:
- A Brief Survey on the Utility of Automotive Ethernet Systems
- What are the 7 Technologies Essential for Automotive Ethernet?
- Global Automotive Ethernet Market to Observe Enormous Growth Due to Growing Demand for High-End Vehicular Functions
