What Is The Overview Of The Global Automotive Connectivity Control Unit Market?
An automotive connectivity control unit is an electronic component in modern vehicles that manages and coordinates communication between various vehicle systems and external networks. It serves as a central hub for in-vehicle connectivity, enabling data exchange between the vehicle, other vehicles (V2V), infrastructure (V2I), and cloud services (V2C).
Automotive Connectivity Control Unit Global Market Report 2024 provides data on the global automotive connectivity control unit market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive connectivity control unit market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Automotive Connectivity Control Unit Market?
The automotive connectivity control unit market has experienced exponential growth, rising from $66.02 billion in 2023 to $80.32 billion in 2024 at a CAGR of 21.7%. This growth is driven by increasing demand for in-vehicle connectivity, 5G advancements in the automotive sector, cloud-based automotive applications, vehicle-to-infrastructure communication, and energy efficiency priorities. The market is projected to grow to $176.72 billion in 2028 at a CAGR of 21.8%, fueled by demand for connected car features, autonomous and electric vehicle adoption, government regulations, vehicle-to-everything communication, and safety enhancements. Emerging trends include IoT integration, advanced driver assistance systems (ADAS), infotainment and telematics convergence, real-time data analysis, and AI-powered automotive systems.
What Are The Core Factors Supporting Growth In The Automotive Connectivity Control Unit Market?
The increasing global demand for automobiles is bolstering the automotive connectivity control unit market. Factors like population growth, economic development, and regulatory changes drive this demand. Connectivity control units enable seamless communication and integration between in-car systems and external networks, enhancing safety, efficiency, and user experience. For example, the UK Department for Transport noted that by December 2022, licensed plug-in vehicles in the UK increased by 49% to 1.114 million from 0.748 million in December 2021. The total number of licensed vehicles also rose to 40.7 million, reflecting a 1% increase. Such growth underscores the expanding market for automotive connectivity control units.
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What Are The Major Segments Within The Global Automotive Connectivity Control Unit Market?
The automotive connectivity control unit market covered in this report is segmented –
1) By Product Type: External Vehicle Communication Control, In-Vehicle Communication Control
2) By Vehicle Type: Passenger Vehicle Automotive Connectivity Control Unit, Light Commercial Vehicle Automotive Connectivity Control Unit, Heavy Commercial Vehicle Automotive Connectivity Control Unit
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Which Trends Are Expected To Transform The Automotive Connectivity Control Unit Market?
Companies in the automotive connectivity control unit market are enhancing their offerings with advanced telematics control units to provide customers with cutting-edge features. A telematics control unit is a device that oversees telematics services by collecting, storing, and transmitting vehicle data to external servers. For instance, in February 2024, Harman, a US-based electronics company, collaborated with Qualcomm Technologies to introduce the Harman Ready Connect 5G Telematics Control Unit (TCU). This innovation delivers rich in-cabin experiences, reduces development time for automakers, and offers unparalleled connectivity, upgradability, and performance through Qualcomm's Snapdragon Modem-RF Gen 2 system.
What Is The Fastest Growing Region In The Automotive Connectivity Control Unit Market?
North America was the largest region in the automotive connectivity control unit market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive connectivity control unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
