ID: MRFR/AM/5834-HCR | February 2021 | Region: Global | 100 pages
During the historic forecast period that ended in 2019, the global automotive smart antenna market size grew at a considerable CAGR percentage and hence, reached a final market value worth USD 2.3 billion by the end of the forecast period. However, the advent of the pandemic changed the market dynamics. Hence, the experts suggest that during the ongoing forecast period of 2021-2028, the market is expected to grow at a CAGR of 14.2% and hence, reach a final market value worth USD 5.9 billion by the end of the period in 2028.
COVID 19 Analysis
The pandemic has been a trend changer and setter for new kinds of trends that can rule the market demand and supply and the preference of the target audience for a larger period. The rate of spread of the pandemic was very high and the public healthcare systems of the world were collapsing. Unavailability of proper treatment, vaccine, and new disease variants were some of the hidden reasons that were failed to be recognized at an early stage. Strict regulations and norms like lockdown, functional restrictions, and cross-border restraints were responsible for the lack of logistic support and transfer of resources. These further led to a considerable reduction in the demand and supply chain mechanism of the global market operations.
Hence, to help the automotive smart antenna market size grow and expand based on the predictions, the global governments are taking major steps that will offer positive attributes to the market. The lifting of lockdown along with other steps like investment in the research and development departments will push the market players to enhance their ability and design and produce new products and further, launch them on the international scale to help and solve the propelling needs of a variety of global target audience.
The substantial rise in the automotive smart antenna market revenue is a result of the recent developments undertaken by prominent market players. Also, the rising competition is because of the efforts by the market players. The key market players are as follows:
The growing automotive smart antenna market size can be attributed to the steady growth in light-duty vehicle production along with the increased installation process regarding the safety and convenience in the features offered by the market products and services. The introduction of autonomous vehicles in the market is likely to have a positive impact on the market size as there is an emerging need for connected and smart features in various vehicles. The demand is increasing as there are strict emission norms followed by a substantial increase in the provision of subsidies for environment-friendly cars will enhance the scope for growth of the market during the forecast period as per the predictions by the market experts.
One of the major market restraints on the path of its growth is that the lack of awareness regarding the antennas and the variation in the incomes, purchasing power, and preference of people that will challenge the market from growing during the forecast period.
The technological advancements that are on the way in the field of vehicle electronics are one of the factors that will lead to a substantial rise in the growth of the market during the forecast period that ends in 2028. There is a huge availability of advanced features like remote keyless entry and connectivity along with the availability of V2V communication that is expected to offer premium vehicles good market opportunities to dwell upon during the forecast period.
The rising automotive smart antenna market value is a result of the vibrant production methods undertaken by the market segments to meet the rising needs of a global target audience. The global market has been segmented based on the following factors:
Based on the market vehicles:
In general, the market has vehicles like commercial vehicles and light-duty vehicles. These vehicles help in solving the varied needs of the customers.
Based on the market frequency:
The market frequency includes high frequency, very high frequency, and ultra-high frequency rates.
Based on the market components:
The components of the markets are ECUs, transceivers, and others like wiring harnesses, and digital buses, along with connectors.
Based on electric vehicles:
The market deals in electric vehicles like battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles, amongst others.
Based on the prevalent market trends, the automotive smart antenna industry is likely to witness great growth in the global market scenario. However, the maximum growth is expected to be in the APAC region. The APAC region is driven by the development of strong economic growth along with population growth followed by rapid urbanization. Also, there is a huge growth in the demand for connected cars and hence, use the connectivity-based safety regulations that are a part of countries like South Korea and Japan. The demand is anticipated to rise in the upcoming 5 years. The APAC countries like China are expected to introduce various vehicles and road safety regulations. There has been a huge growth in cellular applications in combination with an increased demand for safety features that will render great results and trigger an excellent market expansion during the forecast period of 2021-2028.
The report aims to carry a detailed analysis of the market to help the market buyers and investors take their decisions. The report carries out a qualitative study that will help the market take qualitative steps for growth in both the regional and international landscape. The report discusses the impact of the pandemic on the market and the performance of the market segments in solving the rising demand needs and maintaining market equilibrium. The report highlights the competitive market factors that will help in developing the market at an excellent rate during the forecast period.
|Market Size||2027: Significant Value|
|CAGR||Substantial CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Application, By Vehicle type, By End Market,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Ficosa International, S.A.(Spain), Continental AG (Germany), Hirschmann Car Communication GmbH (Germany), West Corporation (US), Ace Technologies Corp. (Korea), Antenova M2M (UK), WORLD PRODUCTS INC.(US), KATHREIN SE (Germany), Laird (US)|
|Key Market Opportunities||Trend in the automotive industry is towards intelligent cars|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Asia Pacific is estimated to witness substantial growth in the future.
The frequency, vehicle type, sales channel are the segments of the market.
The three major regions namely North America, Europe, Asia-Pacific.
S.A.(Spain), Continental AG (Germany), Ficosa International,Hirschmann Car Communication GmbH (Germany), West Corporation (US) are the key players of the market.
The market’s forecast is till 2023.