According to the new research report published by Premium Market Insights, titled "Automotive Transceivers Market is expected to reach US$ 9,383.65 million by 2028 from US$ 6,340.11 million in 2022; it is estimated to grow at a CAGR of 6.8% from 2022 to 2028.
The growing trend of autonomous vehicles and ADAS systems with the proliferation of the automotive sector are the key factors driving the need for faster transmission of signals, which is creating the demand for advanced transceivers in automotive vehicles. Also, the growing demand for luxurious and premium cars and the increasing sale of electric vehicles are the key factors contributing to the demand for automotive transceivers. As per the Global Electric Vehicle Outlook, electric car sales, including fully electric and plug-in hybrid vehicles, registered a new record of 6.6 million units in 2021. Further, in China, electric car sales increased significantly to 3.3 million in 2021, accounting for about half of the total global sales. EV sales also grew strongly in Europe by 65% to reach 2.3 million units in the same year, while in the US, EV sales reached 630,000 units in 2021. In addition, government initiatives supporting the adoption of electric vehicles are propelling the demand for automotive transceivers. In November 2021, the Indian government launched the "E-Amrit" web portal on electric vehicles. The E-Amrit intends to complement the government's initiatives to raise awareness of EVs and the benefits of switching to EVs.
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Broadcom, Infineon Technologies AG, Renesas Electronics Corporation, Maxim Integrated, Microchip Technology Inc., NXP Semiconductors, Robert Bosch GmbH, STMicroelectronics, Texas Instruments Incorporated, and Toshiba Corporation are a few key players profiled in the automotive transceivers market study. The market report provides detailed insights, which will help the key players strategize growth in the coming years.
The ongoing developments in automotive transceivers are driving the market growth. In 2022, the European Commission mandated the advanced safety systems in vehicles to protect passengers, pedestrians, and cyclists. The initiative was undertaken with the aim of reducing the number of fatalities and injuries on roads, as 90% of such incidents occur due to human error. Furthermore, cars, vans, trucks, and buses must be equipped with advanced safety systems such as warning of driver drowsiness, intelligent speed assistance, reversing safety with a camera or sensors, and data recorders in case of an accident. Thus, such favorable government policies for protection against fatal accidents are increasing the adoption of ADAS and V2X communication, which is creating more demand for in-vehicle communication modules that support the market growth.
The global automotive transceivers market is segmented on the basis of protocol, application, and vehicle type. Based on protocol, the market is segmented into CAN, LIN, FLEXRAY, and others. Based on application, the market is segmented into safety, body control module, chassis, powertrain, steering wheel, engine, and door/seat. Based on vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles.
The automotive transceivers market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2022, Asia Pacific led the market with the largest share, followed by Europe. Further, Asia Pacific is expected to register the highest CAGR in the market from 2022 to 2028.
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