As per the report published by FMI, the global automotive smart antenna market is projected to have a rapid-paced CAGR of 12.2% during the forecast period. The current valuation of the market is US$ 3.94 Billion in 2022. The market value of automotive smart antennas is anticipated to reach a high of US$ 12.45 Billion by the year 2032. The base year recorded a valuation of US$ 3.44 Billion.
The automotive smart antenna is anticipated to play an integral role in establishing communication to enhance the safety and performance of the vehicles. This product is allowing original equipment manufacturers (OEMs) to fulfill customer requirements for infotainment services.
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While analyzing the automotive smart antenna market, an expert analyst reveals that gradual increase in the incorporation of wireless technology and positioning technologies such as Wi-Fi, Bluetooth, 3G/4 LTE, vehicle-to-vehicle (V2V), and vehicle-to-anything (V2X) connecting technologies in vehicles is expected to drive the global automotive smart antenna market in the current and future years.
According to the findings of Future Market Insights, smart antennas are expected to reduce the overall costs and weight of automobiles with the benefits of easier cable routing and reduced cable length, without affecting the overall design of the automotive since they are completely invisible. Improvised connectivity in automobiles is enhancing the user’s experience such as a stronger interface community, active steering, and improved connectivity. Therefore, the automotive smart antenna market is likely to have a significant rise in demand during the estimated period.
FMI has analysed that automotive smart antennas are becoming the most pivotal component of position location systems and they are also crucial in telematics devices, allowing easy detection of locations. However, the lack of developed infrastructure in some developing countries may create a barrier to wireless technology and in-vehicle connectivity, hampering the progression of the automotive smart antenna in the coming years.
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Key Takeaways from the Automotive Smart Antennas Market
Asia Pacific region is projected to dominate the global automotive smart antenna market with a market valuation of US$ 4,394.07 by 2032.
The current market valuation for automotive smart antennas stands at US$ 3.94 Billion in 2022.
The automotive smart antenna market is anticipated to record a CAGR of 12.2% during the period 2022-2032.
Passenger Vehicles segment is identified to be the largest adopter of automotive smart antennas.
“The rising concern about traffic congestion and the increasing demand for dashboard features are likely to create lucrative growth opportunity for the market players of the automotive smart antennas market.” – Says an FMI Analyst
Competition Landscape in the Automotive Smart Antennas Market
The market can be described as a competitive market. The key companies have adopted several strategies to broaden their customer base worldwide. Furthermore, the manufacturers are indulging in several growth strategies with frequent innovation of smart automotive smart antennas to provide consumers with a seamless, safe, and comfortable experience.
Ace Technologies Corp., Antenova Ltd., Beijing BDStar Navigation Co. Ltd., Calearo Antenne SPA, Continental AG, Harada Industry Co. Ltd., INFAC Corp., INPAQ Technology Co. Ltd., Koch Industries Inc., Lorom Industrial Co. Ltd., LS MTRON Ltd., Panasonic Corp., Samsung Electronics Co. Ltd. are some of the key players in the market.
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