Bluetooth in Automotive Market Size Research Report: Information by Application (Communication, Infotainment and Telematics), Vehicle Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle), OEM Makers and Region (North America, Europe, Asia–Pacific and RoW) – Forecast till 2023
Market Research Future (MRFR)’s latest study has revealed that the global Bluetooth in Automotive Market Size is set to expand exponentially at 34.65% CAGR during the forecast period 2017 to 2023. The market is expected to grow from USD 13,800 Mn in 2016 to USD 1, 09,979 Mn by the end of 2023. Accelerated adoption of bluetooth technology into automobiles has been witnessed in the recent times. The trend is likely to perpetuate over the next couple of years and fuel demand for bluetooth in the automotive sector.
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The demand for Bluetooth technology in cars has been on the rise. The automobile manufacturers and peripheral industry leaders are investing in widening the product offerings to improve passenger experience by capitalizing on the technology. This is expected to fuel the growth of the Bluetooth in Automotive Market Size in the forthcoming years.
A shift towards smartphone feature in cars has catapulted the Bluetooth in Automotive Market Size on an upward trajectory as it helps Bluetooth based devices to connect with exact other and establish a network. The demand for bluetooth is also driven by the demand for enhanced passenger experience and entertainment on long journeys.
Bluetooth in Automotive Market Size resonates strong growth opportunities presently and is estimated to exhibit a steep rise in growth. However, factors such as limited coverage of the device, slow data transfer, etc. act as impediments to the market growth.
By connectivity, the Bluetooth in Automotive Market Size has been segmented into bluetooth, Wi-Fi and cellular.
By application, the global Bluetooth in Automotive Market Size is segmented into telematics, infotainment, and communication.
By vehicle type, the Bluetooth in Automotive Market Size has been segmented into private cars, commercial vehicles, light duty vehicles, and Heavy Goods Vehicles (HGV).
By region, the global Bluetooth in Automotive Market Size has been segmented into North America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is one of the largest producers and consumers of Bluetooth devices for automobiles. It accounted for a major share of the market which accounted for 43.1% share in 2016 and was valued at USD 5,947.8 Mn. The booming automotive industry is one of the primary factors driving growth of the Bluetooth in Automotive Market Size in the region. Furthermore, the presence of fast-developing economies such as India and China that are becoming the manufacturing hubs of national and international players is favoring the expansion of the regional market. Other factors responsible for the rapid expansion of the market are industrialization, developing economy, etc.
Europe is likely to remain highly lucrative market through the assessment period. The developed automotive sector in Germany is likely to have a positive influence on the market expansion of the regional market. North America is an important growth pocket and is prognosticated to retain its prominence in the forthcoming years. The regional market is estimated to witness tremendous growth owing to technological advancements, increasing demand for automobiles, developed economy, etc. The growth trajectory of the regional market is guided by the strategies implemented by key players present in the region for gaining traction in the market.
Some of the key players profiled in MRFR’S report are QUALCOMM Incorporated, Broadcom Corporation, MediaTek Inc, Nordic Semiconductor, Texas instruments, Fihonest Communication Co., Ltd, Hosiden Corporation, Pioneer Corporation, Silicon Laboratories, and IVT Corporation and others.
In January 2018, Anker’s Roav sub-brand announced the launch of a new car kit and USB charger, Viva, that brings the Amazon Alexa voice service instantly to almost any modern car through Bluetooth 4.0.
In September 2018, the U.S. based Amazon has launched Echo Auto for bringing its virtual assistant, Elexa, to cars. The device connects with the car through Bluetooth.
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