The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Vehicle Networking Global Market Report 2024, the vehicle networking market is expected to show significant growth in the forecast period.

Introduction

The vehicle networking market has witnessed substantial growth in recent years, driven by various factors such as technological advancements, increasing consumer demand for connectivity, and the emergence of autonomous vehicles. This blog explores the growth trajectory of the market, major trends, and key players shaping its landscape.

Market Overview

• The vehicle networking market size has experienced robust growth, reaching $1.08 billion in 2023 and projected to grow to $1.18 billion in 2024, with a compound annual growth rate (CAGR) of 9.2%.
• Forecasted to further expand, reaching $1.61 billion in 2028, with a CAGR of 8.0%.
• Factors driving growth include the rise of intelligent transportation systems (ITS), increased consumer demand for connectivity, 5G implementation, and the emergence of electric and hybrid vehicles.

Surge in Demand for Autonomous Vehicles Propels Market Growth

• Autonomous vehicles are gaining traction due to their potential to enhance safety, efficiency, and convenience.
• According to Nissan Motor Co. Ltd., 55% of small businesses foresee having fully autonomous fleets within the next two decades.
• This surge in demand for autonomous vehicles is a significant driver for the vehicle networking market.

View More On The Vehicle Networking Market Report 2024 – https://www.thebusinessresearchcompany.com/report/vehicle-networking-global-market-report

Key Players in the Market

• Major companies operating in the vehicle networking market include NXP Semiconductors NV, Texas Instruments Incorporated, Robert Bosch GmbH, and others.
• These companies play a pivotal role in driving technological advancements and innovation within the industry.

Technological Advancements in Vehicle Networking

• Technological innovations are driving market growth, with companies focusing on staying competitive through the adoption of new technologies.
• Marvell Technology, Inc. introduced a multi-gig Ethernet camera bridge solution, facilitating uncompressed video distribution in vehicle networks.
• Continuous technological advancements are crucial for meeting the evolving demands of the market.

Nexar’s Acquisition of Veniam

• In August 2022, Nexar acquired Veniam to accelerate the adoption of data-rich mobility applications.
• Nexar aims to offer enhanced platforms for OEMs, leveraging Veniam’s expertise in vehicle networking services.
• This acquisition underscores the importance of data-rich applications in shaping the future of vehicle networking.

Market Segmentation

• The vehicle networking market is segmented by connectivity standard, including CAN, LIN, RF, FlexRay, Ethernet, and MOST.
• Segmentation by vehicle type encompasses passenger vehicles, light commercial vehicles, heavy commercial vehicles, and automated guided vehicles.
• Applications of vehicle networking span powertrain safety, body electronics, chassis, infotainment, and others.

Regional Insights

• North America dominated the vehicle networking market in 2023, highlighting the region’s significance in driving market growth.
• However, the market’s expansion is not limited to North America, with other regions also witnessing substantial growth opportunities.

Conclusion

The vehicle networking market is poised for significant growth driven by technological advancements, increasing demand for connectivity, and the rise of autonomous vehicles. As the market continues to evolve, collaboration among industry players, investment in research and development, and a focus on addressing cybersecurity concerns will be crucial for sustaining growth and innovation within the sector.

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The Vehicle Networking Global Market Report 2024  provides an in-depth analysis on the vehicle networking market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the vehicle networking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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