The automotive connectivity control unit market has seen exponential growth, rising from $66.02 billion in 2023 to $80.32 billion in 2024, achieving a CAGR of 21.7%. This historic growth is driven by preference for in-vehicle connectivity solutions, rise of 5G technology, cloud-based automotive services, vehicle-to-infrastructure communication, and focus on energy efficiency. The market is expected to surge to $176.72 billion by 2028, with a CAGR of 21.8%. Future growth is fueled by rising consumer demand for connected car features, adoption of autonomous and electric vehicles, government regulations on connectivity, and growth of vehicle-to-everything communication. Key trends include IoT and smart device integration, demand for advanced driver assistance systems (ADAS), infotainment and telematics integration, real-time data transmission, and incorporation of AI and machine learning in automotive systems.
Major Driver In The Automotive Connectivity Control Unit Market
The growing penetration of the internet is set to propel the automotive e-tailing market. As internet connectivity improves, more consumers are shopping online for automotive parts and services, benefiting e-tailers through expanded reach and customer engagement. The International Telecommunication Union reported in February 2024 that 5.4 billion people, or 67% of the global population, used the Internet in 2023, reflecting a 45% increase over two years. This digital growth is fueling the automotive e-tailing market’s expansion.
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Automotive Connectivity Control Unit Market Competitive Landscape
Robert Bosch GmbH, LG Electronics, Panasonic Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., AISIN SEIKI Co. Ltd., Mitsubishi Electric Corporation, Valeo SA, Aptiv PLC, STMicroelectronics, Infineon Technologies AG, Magneti Marelli S.p.A., HARMAN International Industries Inc., Garmin Ltd., Visteon Corporation, TomTom International B.V., Alpine Electronics Inc., Clarion USA, Pioneer Corporation, NVIDIA Corporation, Wind River, Hyundai Autron
Key Automotive Connectivity Control Unit Market Trend
Companies in the automotive connectivity control unit market are developing telematics control units to provide advanced features and enhance user experiences. Telematics control units manage telematics services by collecting and transmitting vehicle data. For instance, in February 2024, Harman of the US, in collaboration with Qualcomm Technologies, launched the Harman Ready Connect 5G Telematics Control Unit (TCU). This unit offers advanced connectivity and performance, integrating Qualcomm’s Snapdragon Modem-RF Gen 2 system for superior features and usability.
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Automotive Connectivity Control Unit Market Segmentation
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
By Geography:The regions covered in the automotive connectivity control unit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Automotive Connectivity Control Unit Global Market Report 2024 furnishes information about the global automotive connectivity control unit market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
