Latest News- Automotive Technologies Market: Passenger cars is expected to lead the End-user segment during 2025-2029

The Automotive Technologies Market is being driven by Rising adoption of ADAS features in vehicles

The Automotive Technologies Market is expected to grow at a CAGR of 13.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 263.5 billion. The autonomous vehicle market, also referred to as self-driving or driverless cars, represents a significant advancement in automation and connectivity technologies. These vehicles are equipped with advanced sensors and algorithms that enable them to read and interpret their environment, reducing or eliminating the need for human intervention. The integration of computers, the internet, smartphones, and other advanced technologies into vehicles is revolutionizing the automotive industry. Key drivers of growth in this market include the rapid advancement of sensor-processing technologies, high-definition mapping, and adaptive algorithms, as well as the deployment of infrastructure-to-vehicle and vehicle-to-vehicle communication systems. The increasing adoption of autonomous vehicles is expected to result in reduced operating costs, enhanced travel convenience and comfort, and the encouragement of longer-distance commutes. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Passenger cars
  • Commercial vehicles
• Component
  • Hardware
  • Software
  • Services
• ICE Application
  • ADAS
  • AutonomousDriving
  • Infotainment
  • BodyControl&Comfort
  • Telematics
• Software Layer
  • OS
  • Middleware
  • Application
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising adoption of ADAS features in vehicles
• Integration of advanced safety technologies in luxury cars
• Rise in technological advances in automobiles

However, the market also witnesses some limitations, which are as follows:

• Lack of standard protocols in automotive sector
• Hacking and data security issues in automotive software space
• High maintenance costs for service providers

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Market Scope in Automotive Technologies Market Research Report

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Research Analysis Overview

The Automotive Technologies Market is witnessing significant advancements with the integration of luxury vehicle features, autonomous and semi-autonomous capabilities, and mobile phone technologies. Technology providers are developing advanced automotive software, including ML (Machine Learning), robotics, computer vision, and deep learning, for vehicle owners. Autonomous vehicles, connected cars, sensor fusion, foresight technology, and cybersecurity are key trends. AI and ML are essential components, while cybersecurity threats loom large. Mobile technology and ML are merging, enhancing the driving experience.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size is determined by the consolidated revenue of automotive component and equipment manufacturers. Key growth drivers in this sector include the rising integration of electronic components in automobiles, such as electronic control units (ECUs), and the escalating sales of electric vehicles, motorcycles, and passenger cars over the past decade. Additionally, advancements in technology, such as autonomous and semi-autonomous vehicles, mobile phone features integration, remote diagnostics, 3D printing automotive, and advanced head-up displays, will further fuel market expansion. Technology providers play a pivotal role in this dynamic industry, offering innovative solutions to meet evolving consumer demands and regulatory requirements.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/