Increasing awareness regarding power management and electric cars and growing safety concerns are expected to increase the adoption of automotive integrated antenna systems globally.
FREMONT, Calif., May 5, 2023 /PRNewswire/ — BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Automotive Integrated Antenna System Market – A Global and Regional Analysis.
According to this study, the global automotive integrated antenna system market was valued at $913.6 million in 2021 and is expected to reach $2.42 billion by 2031, growing at a CAGR of 10.28% during the forecast period 2022-2031.
The automotive integrated antenna system market is driven by several factors, such as increasing production and sales of electric cars, growing implementation of 5G networks, and increasing demand for Power Management Integrated Circuits (PMICs) in advanced driver assistance systems (ADAS).
The automotive integrated antenna system market is a multidisciplinary domain where the contribution of all the key stakeholders is particularly important for a widespread market presence.
Most of the antenna manufacturers have relied on collaborations and partnerships with OEMs as well as solution providers and content providers in order to gain significant market presence globally. The competitive landscape is highly inclined toward Asian players, especially from Japan and South Korea, as they’ve got a strong market presence globally and ties with some of the major automotive OEMs from across the globe.
Moreover, Asia-Pacific (APAC) is the largest producer as well as a market for passenger cars and commercial vehicles globally, which further strengthens the role played by Asian companies in this domain.
Telematics Control Unit (TCU) Segment Accounts for Highest Share of the Market
The telematics control unit segment accounts for the highest share of the automotive integrated antenna system market. Consumers’ increasing demand for secure, safe, and comfortable automation is expected to drive the market during the forecast period. The automobile industry is being transformed by connectivity. Cloud connectivity and cloud-based services benefit both manufacturers and tenants by providing over-the-air software updates and preventive maintenance. The growing number of electronic control units (ECUs) used for safety, engine management, motor control, tire air pressure monitoring, and entertainment must be networked, upgradeable, and secure.
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Analyst’s Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “The automotive integrated antenna system market is evolving rapidly and is anticipated to continue to spur at the same pace in the following years. Businesses are developing innovative solutions and launching new products in the market. Collaborations and product launches are the key strategies assisting the market’s growth. The massive shift in consumer preferences has provided a viable opportunity for automotive manufacturers to gain strong ground in this domain. Moreover, increasing awareness regarding power management and electric cars and growing safety concerns are expected to increase the adoption of automotive integrated antenna systems globally.”
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SOURCE BIS Research