CHICAGO, June 28, 2019 /PRNewswire/ -- According to a new market research report "Automotive Ethernet Market by Component (Hardware, Software, and Services), Bandwidth, Application, Vehicle Type (Passenger Cars, Commercial Vehicles, and Farming and Off-highway Vehicles), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Automotive Ethernet Market 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.
Browse in-depth TOC on "Automotive Ethernet Market"
51 – Tables
33 – Figures
122 – Pages
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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Based on component, services segment to record the highest growth during the forecast period
Base on component, the services segment is expected to grow at a higher rate during the forecast period. The services segment has a major influence on the Automotive Ethernet Market's growth. The demand for services is increasing with the growing adoption of automotive Ethernet by passenger car as well as commercial vehicle segment. These services assist end users in reducing costs, increasing overall revenues, and improving business performance. With the help of these services, automotive Original Equipment Manufacturers (OEMs) can track, evaluate, and analyze the requirements of their business to make better-informed decisions.
Among vehicle type, the farming and off-highway vehicles segment to grow at the highest CAGR during the forecast period
In the Automotive Ethernet Market by vehicle type, the farming and off-highway segment is expected to grow at the higher CAGR during the forecast period. Currently, the Ethernet adoption across farming and off-highway OEMs is emerging and expected to grow during the forecast period. Rapid technology adoption in farming and off-highway segment is expected to drive the Automotive Ethernet Market. OEMs are looking to Ethernet as an alternative technology to Controller Area Network (CAN). As per industry experts, farming and off-highway is one of the growing segments in the Automotive Ethernet Market. This segment will carry significant opportunities for Ethernet vendors during the forecast period.
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APAC to account for the largest market size during the forecast period
APAC is expected to hold the largest market size during the forecast period owing to the rising vehicle production across China, Japan, India, and South Korea. The APAC region promises massive opportunities for automotive vendors. The growth of the automotive sector in the APAC region is also driving the Automotive Ethernet Market. The global automotive OEMs are investing in the APAC region to increase their customer base and drive business revenue. In a nutshell, APAC is one of the promising and highest growing markets for automotive Ethernet vendors.
Key and emerging market players include Broadcom (US), NXP (Netherlands), Marvell (US), Microchip (US), Vector Informatik (Germany), Dryv.io (US), System-on-Chip Engineering S.L. (SoC-E) (Spain), Molex (US), Texas Instruments (US), Cadence (US), TTTech Auto (Austria), AllGo Embedded Systems Pvt. Ltd (India), DASAN Networks (South Korea), NEXCOM International Co., Ltd (Taiwan), ACTIA (France), Excelfore (US), and Xilinx (US). These players have adopted various strategies to grow in the Automotive Ethernet Market.
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