Next Generation In-vehicle Networking (IVN) Market is Estimated to Witness High Growth Owing to Enhancement of Connected and Autonomous Vehicles
Next Generation In-vehicle Networking (IVN) is a network of sensors, computing devices, and applications inside vehicles that enable advanced connectivity and autonomous capabilities. Key features of Next Generation IVN include high-speed data transmission, improved noise immunity, reduced wiring complexity, and support for advanced applications like infotainment, telematics, advanced driver assistance systems, autonomous driving.
The global Next Generation IVN Market is estimated to be valued at US$ 1553.42 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the Next Generation In-vehicle Networking (IVN) Market is driven by the enhancement of connected and autonomous vehicles globally. Advanced IVN solutions allow vehicles to accommodate increasing electronic content required for autonomous driving capabilities as well as offer enhanced connectivity features. Continuous technological advancements in areas such as 5G network connectivity and vehicle-to-everything (V2X) communication are also augmenting the adoption of more sophisticated onboard network infrastructure inside vehicles. For instance, 5G-connected vehicles are expected to significantly improve beyond visual line-of-sight perception capabilities of autonomous vehicles due to high-speed ultra-reliable low latency communication enabled by 5G networks. Further, growing demand for advanced driver-assistance systems (ADAS) such as adaptive cruise control, automatic emergency braking, and lane keeping assist is fueling the requirement for faster and more robust in-vehicle networks that can support high-bandwidth safety applications.
SWOT Analysis
Strength: Next Generation In-vehicle Networking (IVN) Market helps in providing enhanced connectivity features inside vehicles. The advanced networking abilities aid in safety, entertainment and personalization. It supports high-speed data transmission through gateways and switches.
Weakness: Initial development and integration costs for Next Generation In-vehicle Networking (IVN) solutions are quite high. Troubleshooting any network errors or issues becomes difficult. Dependence onsemiconductor vendors poses supply chain challenges.
Opportunity: Growing demand for advanced driver-assistance systems and self-driving vehicles will drive the Next Generation In-vehicle Networking (IVN) Market. Emerging technologies like 5G, AI and IoT can be integrated to develop innovative solutions. Connected vehicles require robust networking platforms for V2V and V2I communication.
Threats: Compatibility issues may arise while integrating various components into complex vehicle networks. Stringent regulatory frameworks around cyber security and data privacy pose compliance challenges. Alternative cheaper and simpler connectivity options can impact market growth to some extent.
Key Takeaways
The Global Next Generation In-Vehicle Networking Market Size is expected to witness high growth. The global Next Generation IVN Market is estimated to be valued at US$ 1553.42 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region dominates the global market and is expected to maintain its leading position during the forecast period. Growing middle-class population, rising disposable incomes and increasing automotive production make Asia Pacific an attractive market for IVN solutions. China, Japan and South Korea are major countries contributing to regional market growth.
Key players: Key players operating in the Next Generation In-vehicle Networking (IVN) market are 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. The market is highly competitive with continuous innovations and new product launches.
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