MarketsandMarkets projects the Automotive Ethernet Market size to grow from USD 1.6 billion in 2019 to USD 4.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period. Major factors expected to drive the growth of the automotive Ethernet market include low-cost Ethernet technology, rise in demand for Advanced Driver Assistance Systems (ADAS) and infotainment systems, and advancement in Ethernet technology.
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Over the last few years, automotive Original Equipment Manufacturers (OEMs) and car manufacturers are leveraging Ethernet technology for the in-vehicle connectivity. Ethernet has proven to be the best solution for in-vehicle connectivity owing to higher bandwidth and low latency. Moreover, it also minimizes the cost of cabling, which in turn lessen the labor cost. In the upcoming years, the dominance of Ethernet technology is expected to increase as compared to traditional in-vehicle technologies. The automotive sector is developing new technologies such as connected cars, autonomous cars, and ADAS; they will also require next-generation communication technologies in the car networking infrastructure to support those systems. The automotive Ethernet market is projected to grow with the increased number of vehicles produced, increased demand for advanced infotainment systems, and driver assistance system, among others.
Based on component, the services segment is expected to grow at the highest rate during the forecast period. With the increasing adoption of automotive Ethernet solutions, the adoption of associated services is also expected to increase among automotive OEMs. Based on services, the market has been segmented into consulting, implementation, and training and support. These services help end-users in managing and optimizing in-vehicle network infrastructure.
In the vehicle type segment, the commercial vehicle segment is one of the prominent segments in terms of growth in the automotive Ethernet market. The commercial segment has shown a positive outlook in terms of adopting advanced technologies in vehicles. Commercial auto manufacturers have planned to invest in Internet of Things (IoT) and smart mobility solution, which would drive the need for higher bandwidth. As a result, there will be an increase in demand for Ethernet technology in the commercial segment.
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Europe is expected to hold the highest share of the automotive Ethernet market in 2019. The world’s top automotive OEMs, such as Volkswagen, BMW, and Daimler Group have presence in Europe. German OEMs manufacture around 70% of worldwide premium cars. The region’s vibrant Research and Development (R&D) landscape and technological excellence with over 100 automotive electronics-related study programs every year justify the region’s dominance in the field of connectivity, vehicle electronics, and self-driving cars. Increasing privatization, reducing trade barriers, and the availability of low-cost raw materials are some of the key factors supporting the growth of the automotive Ethernet market in the region.