In-Vehicle Networking Chipset Market - Regional Analysis
North American Market Insights
The North America industry is anticipated to account for largest revenue share of 30% by 2035. This could be owing to the rising number of traffic on the road. As of the third quarter of 2021, the United States ranked among the nations with the highest volume of traffic on the roads, with over 283 million automobiles in use. Hence, this has further boosted the growth of accidents on the road. Additionally, according to a survey conducted in 2021, automotive safety is more crucial for Americans than fuel economy, good quality, and affordability when choosing a new vehicle. Hence, with the utilization of in-vehicle networking chipsets, these accidents are set to be lowered in this region. Therefore, the market share in North America is growing. Additionally, the government has launched various stringent laws to mitigate these accident cases which is also predicted to influence the market growth.
European Market Insights
The European region is also set to have significant growth in the global in-vehicle networking chipset market over the coming years. This growth of the market is set to be dominated by growing investment made in electric vehicles. Additionally, Europe government is predicted to launch various subsidies for the adoption of electric vehicles. EVs are substantially more costly than ICE vehicles in the absence of subsidies. However, due to government subsidies, EV cars are less expensive than ICE models in some particular situations. Considering electric vehicles (EVs) offer a cost-effective mobility solution amid the recent spike in fuel costs in Europe, consumers intending to take advantage of these kinds of restrictions are drawn to them. However, people in this region are also aware about the emission cause by fossil fuel. As a result, there demand for EV is poised to rise in projected timeframe.
