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How Has The Automotive Wi-Fi Modules Market Progressed And What Is Its Future Growth Projection?
The automotive Wi-Fi modules market size has grown rapidly in recent years. It has surged from $2.97 billion in 2023 to a projected $3.29 billion in 2024 at a compound annual growth rate CAGR of 10.6%. The growth in the historic period can be attributed to the rise in demand for in-car infotainment systems, growth in the use of telematics, rise in investment in automotive cybersecurity measures, growth in the automotive industry, and growth in smartphone integration within vehicles.
What Is The Forecasted Growth Rate And Market Size Of The Global Automotive Wi-Fi Modules Market?
The automotive Wi-Fi modules market size is anticipated to witness an accelerated growth in the forthcoming years. It is forecasted to reach $4.94 billion in 2028 at a compound annual growth rate CAGR of 10.7%. The growth in the forecast period can be attributed to increasing demand for connected vehicles, rising adoption of advanced driver assistance systems, a surge in the number of electric vehicles, increased investment in smart traffic management solutions, and escalating demand for seamless connectivity across devices.
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What Is The Primary Growth Driver Of The Automotive Wi-Fi Modules Market?
The growing uptake of IoT devices is expected to propel the growth of the automotive Wi-Fi modules market going forward. Internet of Things devices are interconnected gadgets that communicate and exchange data through the Internet. These IoT devices owing to advancements in technology, increased connectivity and bandwidth, declining costs of sensors and hardware, and the growing need for automation and data-driven decision-making have become more prevalent. IoT devices in automotive Wi-Fi modules enhance vehicle connectivity by enabling real-time data exchange, remote diagnostics, and advanced infotainment features. For instance, in 2023, according to a report published by Ericsson, a Sweden-based telecommunications company, total IoT connections reached 15.7 billion connections in 2023 and are expected to increase by 16% to 38.8 billion connections by 2029. Therefore, the growing uptake of IoT devices is driving the growth of the automotive Wi-Fi modules market.
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Who Are The Key Players In The Automotive Wi-Fi Modules Market?
Major companies operating in the automotive Wi-Fi modules market are Verizon Communications Inc., Intel Corporation, Vodafone Group Plc, Cisco Systems Inc., Broadcom Inc., Fujitsu Limited, Hewlett Packard Enterprise Development LP, Bharti Airtel Limited, Infineon Technologies AG, Murata Manufacturing Co. Ltd., NXP Semiconductors N.V., Rogers Communications Inc., Arista Networks Inc., Tata Communications Limited, NMB Technologies Corporation, U-Blox Holding AG, Ruckus Wireless Inc., Espressif Systems Co. Ltd., Rolling Wireless SARL, LM Technologies Ltd., LG Networks Inc., DayStar Electric Technology Inc.
What Are The Recent Advancements Made By The Key Players In The Automotive Wi-Fi Modules Market?
Major companies operating in the automotive Wi-Fi modules market are focusing on developing advanced products, like the temperature variant technology, to gain a competitive edge in the market. Temperature variant technology refers to specialized design features and materials that allow the modules to operate reliably across a wide range of temperatures. Automotive environments can pose extreme heat and cold, necessitating resilience in Wi-Fi modules. For instance, in June 2023, u-blox, a Switzerland-based semiconductor company, launched its latest dual-band Wi-Fi 6 and dual-mode Bluetooth 5.3 modules. The u-blox JODY-W5 is an advanced automotive-grade module that can withstand temperatures up to 105 °C. It provides reliable and secure wireless connectivity and is suitable for a wide range of applications, including telematics, real-time vehicle diagnostics, and improved in-car entertainment.
How Are The Automotive Wi-Fi Modules Market Segmented?
The automotive Wi-Fi modules market has been segmented as follows:
1 By Type: Wi-Fi 6 Module, Wi-Fi 5 Module, Other Types
2 By Technology: Wi-Fi Direct, Dual Wi-Fi Bluetooth, Wi-Fi Bluetooth
3 By Sales Channel: Original Equipment Manufacturers, Aftermarket
4 By Application: Commercial Vehicle, Passenger Car
Which Region Emerges As The Largest And Fastest-Growing In The Automotive Wi-Fi Modules Market?
Asia-Pacific was the largest region in the automotive Wi-Fi modules market in 2023 and it is foreseen to be the fastest-growing region in the forecast period. The regions covered in the automotive Wi-Fi modules market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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