The global Next Generation In-Vehicle Networking (IVN) Market was valued at US$ 1,332 million in 2021 and is expected to surpass US$ 2,300 million by 2030, registering a CAGR of 8.4% over the forecast period (2022-2030), according to Global Next Generation In-vehicle Networking (IVN) Market Report, by Vehicle Type (Passenger Car, LCV, HCV, and AGV), by Connectivity Standards (CAN, LIN, FlexRay, RF, Ethernet, and MOST), by Application (Powertrain, Safety, Body Electronics, Chassis, and Infotainment), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Electric components of cars such as electric power steering reduces the fuel consumption and increases maneuverability of vehicle. Due to the advancements in electronic components, automakers are shifting from mechanical components to electronic components. For instance, according to Coherent Market Insights’ analysis, the global vehicle electrification market accounted for US$ 60.5 billion in 2017 and is expected to exhibit a CAGR of 8.4% during the forecast period. All the electronic components in cars should be connected to each other through a common platform. In-vehicle networking standards such as Ethernet connects all these components through a single platform and increases the transparency in communication or networking system of automobile.
Furthermore, the high initial cost of in-vehicle networking system, especially for low-end cars, is a major restraining factor affecting growth of the market. The adoption of in-vehicle networking solutions in low-end cars increases the cost of cars. Automobile manufacturers can lose some revenue due to increased cost of the car.
The Global Next Generation In-vehicle Networking (IVN) Market was valued for US$ 1,322 Mn in 2021 is expected to exhibit a CAGR of 8.4 % during the forecast period (2022 to 2030).
Key Developments
- In December 2021, QuEST Global, an engineering services companies having variety of domains and clients, and NXP a global leader in semiconductor manufacturing Partnered together in order to deliver integrated and secure platforms for Vehicle Networking
Next Generation In-vehicle Networking (IVN) Market-Impact of Coronavirus (Covid-19) Pandemic:
Owing to the Covid-19 pandemic government imposed various rules and regulations which resulted in increased demand for Contactless supply which is indeed necessary to decrease the spread of the virus. To combat this, emerging economies have implemented autonomous vehicles for shipping applications. Furthermore, these autonomous vehicle trends are expected to increase the practice of autonomous vehicle networking solutions to help shipping and delivery operations, even in the post-pandemic world. It is sure to be the best practice in order to fulfill the demand of emerging economies with faster processing. According to coherent market research analysis, this situation will come under control in upcoming years.
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Key Trends and Analysis of the Global Next Generation In-vehicle Networking (IVN) Market:
- Asia Pacific held dominant position in the global next generation in-vehicle networking (IVN) market in 2021 and is expected to retain its dominance throughout the forecast period. This is owing to increasing demand for passenger car infotainment systems. For instance, according to Coherent Market Insights’ analysis, the Asia Pacific passenger car market accounted for US$ 6.2 billion in 2021 and expected to exhibit a CAGR of 13.45 during the forecast period.
- North America is expected to show significant growth during the forecast period, owing to countries such as the U.S. which has the highest GDP in the world. For instance, according to Internationals Monetary Fund, the GDP of the U.S. accounted for US$ 20 trillion in 2021 and is expected to hold the dominant position during the forecast period.
- Europe, Middle East, and Africa are also expected to show significant growth during the forecast period, owing to increasing demand for automobile vehicles in these regions
- Among vehicle type, the passenger car segment held dominant position in the market in 2021 and is expected to retain its dominance during the forecast period. For instance, according to Coherent Market Insights’ analysis, the global passenger cars market accounted for US$ 38.8 billion in 2021 and is expected to exhibit a CAGR of 12.2% over the forecast period.
- Major players operating in the global next generation in-vehicle networking (IVN) market include Acome, Aricent Inc, Agilent Technologies, AISIN AW Co Ltd, Analog Devices, Broadcom, Bosch, Daimler AG, Freescale, Harman, NXP, Renault SA, Renesas, Visteon, Wurth Elektronik, Yazaki Corporation, and others
