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(IT-NEWSWIRE.COM, July 15, 2019 ) According to a new market research report "Automotive Ethernet Market by Component (Hardware, Software, and Services), Bandwidth, Application, Vehicle Type (Passenger Cars, Commercial Vehicles, and Farming and Off-highway Vehicles), and Region - Global Forecast to 2024" published by MarketsandMarkets™, the Automotive Ethernet Market to grow from USD 1.6 billion in 2019 to USD 4.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period.
Browse in-depth TOC on "Automotive Ethernet Market”
51- Tables
33- Figures
122- Pages
Major factors expected to drive the growth of the Automotive Ethernet Market include low-cost Ethernet technology, rise in demand for Advanced Driver Assistance Systems (ADAS) and infotainment systems and advancement in Ethernet technology.
Based on component, services segment to record the highest growth during the forecast period
Base on component, the services segment is expected to grow at a higher rate during the forecast period. The services segment has a major influence on the Automotive Ethernet Market’s growth. The demand for services is increasing with the growing adoption of automotive Ethernet by passenger car as well as commercial vehicle segment. These services assist end users in reducing costs, increasing overall revenues, and improving business performance. With the help of these services, automotive Original Equipment Manufacturers (OEMs) can track, evaluate, and analyze the requirements of their business to make better-informed decisions.
Among vehicle type, the farming and off-highway vehicles segment to grow at the highest CAGR during the forecast period
In the Automotive Ethernet Market by vehicle type, the farming and off-highway segment is expected to grow at the higher CAGR during the forecast period. Currently, the Ethernet adoption across farming and off-highway OEMs is emerging and expected to grow during the forecast period. Rapid technology adoption in farming and off-highway segment is expected to drive the Automotive Ethernet Market. OEMs are looking to Ethernet as an alternative technology to Controller Area Network (CAN). As per industry experts, farming and off-highway is one of the growing segments in the Automotive Ethernet Market. This segment will carry significant opportunities for Ethernet vendors during the forecast period.
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APAC to account for the largest market size during the forecast period
APAC is expected to hold the largest market size during the forecast period owing to the rising vehicle production across China, Japan, India, and South Korea. The APAC region promises massive opportunities for automotive vendors. The growth of the automotive sector in the APAC region is also driving the Automotive Ethernet Market. The global automotive OEMs are investing in the APAC region to increase their customer base and drive business revenue. In a nutshell, APAC is one of the promising and highest growing markets for automotive Ethernet vendors.
Key and emerging market players include Broadcom (US), NXP (Netherlands), Marvell (US), Microchip (US), Vector Informatik (Germany), Dryv.io (US), System-on-Chip Engineering S.L. (SoC-E) (Spain), Molex (US), Texas Instruments (US), Cadence (US), TTTech Auto (Austria), AllGo Embedded Systems Pvt. Ltd (India), DASAN Networks (South Korea), NEXCOM International Co., Ltd (Taiwan), ACTIA (France), Excelfore (US), and Xilinx (US). These players have adopted various strategies to grow in the Automotive Ethernet Market.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
MarketsandMarkets™
Mr. Shelly Singh
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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