Market Size of Automotive Smart Antenna Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Smart Antenna Market Analysis
The Automotive Smart Antenna Market was valued at USD 3.0 Billion in 2021 and is projected to grow to USD 4.13 Billion by 2027, registering a CAGR of 5.5% in terms of revenue during the forecast period.
The COVID-19 pandemic hindered the growth of the automotive industry across the globe in the year 2020. Several manufacturing industries were closed. The supply chain management and distribution channels were disrupted due to a shortage of raw materials. However, the automotive industry is now recovering from the losses and paving the way to introduce quality products to cater to the rising demand from consumers across the regions. The automotive industry witnessed significant growth in terms of production in 2021, which is likely to increase the demand for smart antenna during the forecast period.
Over the medium term, the rise in vehicle production and the increasing use of electronics in vehicles are likely to increase the demand for antenna during the forecast period. Growing demand for comfort and safety features in vehicles, which in turn is likely to witness major growth for the market during the forecast period.
Smart Antennas are used in almost all vehicles that come equipped with a factory-fitted infotainment system. Additionally, smart antennas are also a part of the cars that get connected to car features and an embedded sim for connectivity. Smart antennas are also used to identify spatial signal signatures, such as the Direction of Arrival (DOA) of the signal in vehicles, for better communication. Increasing the installation of safety and convenience systems in passenger cars and commercial vehicles and growing advancements in the communications field of vehicle electronics are expected to promote the market's growth.
With increasing vehicle sales, the adoption of smart antennas has also increased. Asia Pacific is expected to be the fastest-growing region, while Europe is the market leader. Growing demand for luxury vehicles across Asia-Pacific is likely to witness significant growth for the market during the forecast period.
