Automotive Communication Technology Industry - Regional Synopsis
Asia Pacific Market Statistics
Asia Pacific industry is anticipated to hold largest revenue share of 45% by 2037. The surge in the purchase of connected & electric vehicles owing to their benefits such as one-pedal driving, and remote starting drives the growth of automotive communication technology in this region. According to a report by the Economist Intelligence Unit in 2024, Asia will witness a growth rate of 63% in EV sales globally by 2029.
In China, there is an increasing demand for several automobile features such as ADAS, safety features, and many more, which fuel the automotive communication technology landscape. For instance, in the Shanghai Municipal People’s Government 2023, vehicle sales and production hit more than 480,000 units, with a lucrative growth rate of 46.3% every year.
Japan is a hub for markets top companies such as Mando Corp., Mitsubishi Electric Corp., and Hitachi Astemo, Ltd. This will act as an automotive hub and will grow this sector. Moreover, there has been a high demand for logistics solutions for efficient transportation as this industry is at the surge in the Japanese region. For instance, trading Economics estimated that the transportation landscape in Japan observed a growth of 153 million in 2023 from 134 million in 2021.
North America Market Analysis
North America will also encounter huge growth in the automotive communication technology market share during the forecast period with a notable size. This region will account for the second position in this landscape owing to the growth in vehicle sales and production. A recent report by Research Nester in 2024 estimated that more than 7 million automobiles were sold in the first 6 months of 2024. This registered a gain of 2.3% as compared to the previous year.
In Canada, it is mandatory to process automobiles under active and passive safety procedures to ensure the safety of passengers. The Canadian government has passed several laws propelled by the data shared by Transports Canada regarding vehicle fatalities. A report by Transports Canada in 2024 estimated that in 2022 casualties by road accidents gained a growth rate of 6% between 2021 and 2022 and crossed 1,931 deaths. Whereas, in the case of serious injuries, this data surpassed an 8% hike with 8,851 critical cases in 2022.
There is a high demand for luxury vehicles in the U.S., and this acts as a contributing factor for automotive communication technology market revenue share. World Metrics in 2024 projected that about 13% of all automobile sales in the U.S. are luxury vehicles, indicating the share of high-end, premium vehicles.
