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Automotive Ethernet Market Growing at a CAGR 21.7% | Key Player Broadcom, NXP, Marvell, Microchip, Molex

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Automotive Ethernet Market Growing at a CAGR 21.7% | Key Player Broadcom, NXP, Marvell, Microchip, Molex

November 18
22:53 2020
Automotive Ethernet Market Growing at a CAGR 21.7% | Key Player Broadcom, NXP, Marvell, Microchip, Molex

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
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

MarketsandMarkets expects 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. 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.

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.

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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.

Autonomous and connectivity trend is common across the automobile sector over the past few years. Automotive Original Equipment Manufacturers (OEMs) are working toward simplifying in-vehicle connectivity to support emerging trends such as connected cars and autonomous vehicles. The number of sensors and amount of data has been increased in the vehicle; hence, OEMs are in dire need of flexible connectivity, which will provide higher bandwidth and low latency. The traditional in-vehicle communication technologies, namely, Control Area Network (CAN), FlexRay, and Local Interconnect Network (LIN) operates at lower bandwidth. However, Ethernet offers gigabyte connectivity essential for ADAS and infotainment systems. Automotive Ethernet provides connectivity for various automotive applications such as powertrain, chassis, body and comfort, ADAS, and infotainment systems. It supports high bandwidth applications operating at high or low speed. Moreover, it also reduces cable and labor cost by simplifying the network complexities that includes configuration, management, and optimization aligned with in-vehicle networks.

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.

Broadcom (US) is one of the recognized vendors of semiconductor devices, communication software, and related services in the globe. Broadcom is one of the pioneer vendors in the automotive Ethernet market over the last few years and is continuing to lead the market in the upcoming years. As a founder member of BroadR-Reach technology, OPEN Alliance, and an active member of IEEE 802.3, the company is playing a vital role in the automotive ethernet market. The company is leading in-vehicle connectivity market with its turnkey Ethernet connectivity solutions. Over the last few years, Broadcom has been developing innovative solutions to address the unmet needs of the automotive sector.

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NXP (Netherlands) designs, manufactures, and supplies mixed-signal and standard product solutions. NXP has several decades of experience in the automotive semiconductor industry. The company offers innovative Ethernet solutions ranging from standalone transceivers to integrated Systems-on-Chip (SoC), associated with NXP’s automotive products. The company has positioned itself as one of the key leaders in traditional in-car connectivity technologies, such as CAN, LIN, FlexRay, and Media Oriented Systems Transport (MOST), and is expected to serve prominently in the Ethernet segment as well. With the emergence of connected cars and autonomous vehicles, demand for high-speed connectivity has increased. NXP has been working strategically on inorganic strategy with the acquisition of OmniPHY. This acquisition will accelerate NXP’s position as a leader in in-vehicle networking segment.

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