Automotive Ethernet Market to Generate $8.8 Billion, by 2031 with 14.4% CAGR: Allied Market Research
The global automotive ethernet market is expanding rapidly due to high usage of ethernet technology in automotive vehicles like commercial automotive and passenger cars.
Wilmington, Delaware, Nov. 05, 2023 (GLOBE NEWSWIRE) — Allied Market Research recently published a report, titled, “Automotive Ethernet Market by Component (Hardware, Software, and Services), by Application (Chassis, Infotainment, Powertrain, Driver Assistance, Body and Comfort, and Others), by Vehicle Type (Passenger Cars, Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2021-2031.” The report states that the global automotive ethernet industry is projected to value at $8.8 billion by 2031, having grabbed the share of $2.1 billion in 2021, with a noteworthy CAGR of 14.4% during the forecast period of 2022 to 2031. The report discusses the top segments, value chains, competitive landscapes, key investment pockets, changing market trends, and regional analysis.
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Key Players in Automotive Ethernet Industry:
- Texas Instruments Incorporated
- Cadence Design Systems, Inc.
- Keysight Technologies
- Aukua Systems, Inc.
- Microchip Technology Inc.
- Broadcom Inc.
- Molex LLC
- Marvell Semiconductor, Inc.
- NXP Semiconductors N. V.
- Vector Informatik GmbH
The report examines prominent players in the global automotive ethernet market. These stakeholders have employed various business strategies, including the introduction of new products, strategic expansion, forming alliances, and engaging in joint ventures, all with the aim of augmenting their market presence and strengthen their position within the industry. The report serves as a valuable resource for the target audience to assess segment-specific achievements, market performance, product portfolio evolution in the market, and the individual contributions made by each player to drive market expansion.
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Prime determinants of growth:
The global automotive ethernet market is expanding rapidly due to high usage of ethernet technology in automotive vehicles like commercial automotive and passenger cars. Additionally, the large-scale usage of ADAS (Advanced Driver Assistant System) will offer remunerative growth opportunities for the market in forthcoming years. On the contrary, the increase in cybercrime incidences restricts the market growth to some extent.
The purchasing and inventory management segment to maintain its dominance by 2031
Under the component category, the purchasing and inventory management segment held the highest market share in 2021 contributing to around two-thirds of the global automotive ethernet market revenue and is set to dominate the market during the forecast period. A growing demand for ADAS and infotainment led to the substantial use of ethernet hardware components like bridges routers, gateway, repeaters and many more by automotive OEMs for manufacturing vehicles. The services segment, on the other hand, is anticipated to manifest the fastest growth with 15.8% CAGR from 2022 to 2031, owing to the services such as implementation, consulting, and training & support with high throughput rate.
The driver assistance segment held the highest share in 2021
By application, the driver assistance segment grabbed the highest market share in 2021, contributing to nearly two-fifths of the total automotive ethernet market revenue and is estimated to rule the roost during the forecast period. The same segment would register the fastest CAGR of 15.3% throughout the forecast timeframe, owing to consumer shift towards fuel-efficient and safe vehicles. The report also analyzes body and comfort, powertrain, infotainment, chassis, and others segment.
The passenger cars segment to lead the trail by 2031
Based on vehicle type, the passenger cars segment held the highest market share of more than two-thirds in 2021 and is projected to grab the lion’s share during the forecast period. The growth is attributed to the surge in disposable income, integration of advanced technologies in passenger cars, and enhanced economic conditions. The commercial segment, on the other hand, would display the fastest of 16.0% from 2022 to 2031. The surge in investments for developing powerful automotive infrastructure across the globe and digitization contributed to the expansion of the segment.
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Asia-Pacific to dominate the market by 2031
The regional analysis in the report indicates that the Asia-Pacific region accounted for the largest market share of around one-third of the total market revenue in 2021 and is expected to continue its supremacy from 2022 to 2031. The same region is anticipated to register the fastest growth with 14.9% CAGR throughout the forecast timeframe. The market across the region is driven by huge economic growth leading to high vehicle production, secure socio-political condition, and technological innovations. The report also analyzes the markets across Europe, LAMEA, and North America regions.
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