According to a new market report by MarketsandMarkets, the global automotive smart antenna market is expected to be worth USD 5.9 billion by 2025. The market will show a CAGR of 14.2%, growing from its current size of USD 2.3 billion. The growing cellular applications for connected vehicles and increasing connectivity-based safety features are some of the key drivers fueling the growth of this market.
According to the report, the Very high frequency segment will hold the largest share in the automotive smart antenna market, by frequency. Very high frequency ranges between 800 MHz and 2000 MHz. The navigation-related feature is one of the prominent and leading applications in the automotive industry. The navigation and cellular connectivity applications include convenience and safety features. The convenience features are in a high demand from the customer-end, whereas connectivity-based safety features are being mandated by the government.
The growing concerns over traffic congestion and the rising demand for dashboard features are the primary factors supporting the very high frequency segment in the automotive smart antenna market. Hence, the very high frequency segment is estimated to contribute the largest revenue share in the automotive smart antenna market.
Based on long range communication, the Ultra-high frequency segment is expected to grow at the highest CAGR during the forecast period. The applications of ultra-high frequency are based on long range communication. Applications such as satellite radio (SDARS), digital video broadcasting (DVB), cellular connectivity, WLAN, and V2V communication fall under ultra-high frequency. The ultra-high frequency segment is estimated to be the fastest owing to an increase in the number of connected cars. The connected car concept has brought the next growth cycle for the automotive industry with loads of convenience and safety features. These features are making the ultra-high frequency segment grow at the highest CAGR during the forecast period.
The Asia Pacific Automotive Smart Antenna Market is estimated to be the largest, in terms of value, in 2018. As connectivity-based safety regulations have been established in Japan and South Korea, the demand for smart antennas in these countries is anticipated to increase during the next 5 years. The European Automotive Smart Antenna Market is estimated to be the second largest, by value, in 2018. The increasing concerns over the safety of vehicles and passengers on the road have led to the adoption of intelligent transportation systems in Europe. The European Transport Safety Council (ETSC) focuses on the adoption of intelligent transportation systems. Also, the European countries have a strong network infrastructure to provide seamless services for connected cars. Hence, Europe presents a major growth opportunity for the automotive smart antenna market.
Click here to see the full report, “Automotive Smart Antenna Market by Vehicle (Light Duty Vehicle and Commercial Vehicle), Frequency (High, Very High, and Ultra-High), Component (Transceivers, ECU, and Others), Electric Vehicle (BEV, HEV, and PHEV), and Region - Global Forecast to 2025”.
