The global next generation in-vehicle networking (IVN) market was valued at US$ 992.1 million in 2017 and is expected to surpass US$ 2,222.4 million by 2027, registering a CAGR of 8.4% over the forecast period (2019-2027), according to Global Next Generation In-vehicle Networking (IVN) Market Report, by Vehicle Type (Passenger Car, LCV, HCV, and AGV), by Connectivity Standards (CAN, LIN, FlexRay, RF, Ethernet, and MOST), by Application (Powertrain, Safety, Body Electronics, Chassis, and Infotainment), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Electric components of cars such as electric power steering reduces the fuel consumption and increases maneuverability of vehicle. Due to the advancements in electronic components, automakers are shifting from mechanical components to electronic components. For instance, according to Coherent Market Insights’ analysis, the global vehicle electrification market accounted for US$ 60.5 billion in 2017 and is expected to exhibit a CAGR of 8.4% during the forecast period. All the electronic components in cars should be connected to each other through a common platform. In-vehicle networking standards such as Ethernet connects all these components through a single platform and increases the transparency in communication or networking system of automobile.
Furthermore, the high initial cost of in-vehicle networking system, especially for low-end cars, is a major restraining factor affecting growth of the market. The adoption of in-vehicle networking solutions in low-end cars increases the cost of cars. Automobile manufacturers can lose some revenue due to increased cost of the car.
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Key Trends and Analysis of the Global Next Generation In-vehicle Networking (IVN) Market: