LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive central gateway module market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio analysts, the global automotive central gateway module market will grow at a CAGR of close to 17% during the forecast period. The expansion in the electric vehicles market is a major factor driving the market’s growth.
Government bodies globally are taking several initiatives to promote the adoption of electric vehicles (EVs). Unlike the internal combustion engine-based vehicles, EVs significantly reduce air pollution as they do not emit harmful pollutants, such as particulates, carbon monoxide, hydrocarbons, and volatile organic compounds. In addition, benefits and rewards provided by governments, increase in participation from the international as well as the domestic players for the development of EVs and increased buyer’s intent to adopt EVs are becoming crucial drivers for the adoption of EVs.
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In this report, Technavio highlights the presence of conducive technology platform to enable autonomous technology as one of the key emerging trends in the global automotive central gateway module market:
Presence of conducive technology platform to enable autonomous technology
Companies are working to expand the autonomous driving concept. Such campaigns and promotions have broadened the market acceptance of semi-autonomous features in passenger and commercial vehicles. Self-driving cars may become a reality toward the end of the forecast period, and in a decade, it should be possible to see a sizeable number of self-driving vehicles.
“The growth rate in development and testing of a wide range of features in ADAS and telematics/connected vehicle applications and services will only rise, and this should drive growth prospects for level 3 autonomous vehicles. The demand for automotive CGM is expected to increase, as these technologies will require high computing and scalability,” says a senior analyst at Technavio for research on automotive electronics.
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Global automotive central gateway module market segmentation
This market research report segments the global automotive central gateway module market into the following applications (passenger vehicles and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
The passenger vehicles segment held the largest market share in 2017, accounting for nearly 77% of the market. The market share for this application is expected to increase nearly 2% by 2022. The fastest growing application is passenger vehicles, which will account for nearly 79% of the total market share by 2022.
APAC was the leading region for the global automotive central gateway module market in 2017, accounting for a market share of nearly 55%. By 2022, APAC is expected to continue dominating the market and register the highest growth of nearly 2%.
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