According to our latest market study on "Data Bus Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Protocol, and Application," the market is projected to reach US$ 25,258.0 million by 2028 from US$ 18,488.9 million in 2021; it is expected to grow at a CAGR of 4.6% from 2021 to 2028.
The growth of the databus market in North America is mainly driven by the automotive industry, which is one of the major industries in the region. The US, which is the second-largest automotive market globally, has numerous manufacturing facilities of automotive giants such as Ford, General Motors, Chevrolet, Dodge, VW, Toyota, Tesla, Honda, Hyundai, and Renault, contributing significantly to the databus market growth. Moreover, the US government's announcement of phasing out gas-powered vehicles by 2035 and allocating US$ 7.5 billion for EV charging infrastructure in November and December 2021, respectively, is further driving the databus market due to the growing adoption of EVs. The presence of shipbuilding and aviation giants such as General Dynamics Corporation, Huntington Ingalls Industries, Inc., Brunswick Corporation, Northrop Grumman, Arcosa, Inc., Oceaneering International Inc, Brp US Inc., and National Steel & Shipbuilding Company, as well as various military and commercial aircraft manufacturers and MRO service providers in the region, is also contributing to the databus market growth.
Impact of COVID-19 on Europe Databus Market
The COVID-19 pandemic caused a sudden stop in commercial and military aviation production and sales in most of Europe, severely impacting the EU aerospace sector and leading to economic crises and reduced international trade. The air transport industry is a crucial contributor to the economies and employment in many European countries, and the supply chain disruptions and technological challenges caused by the pandemic negatively affected the databus market. During this time, European electronics manufacturers, including databus market players, faced difficulties in supplying their products adequately to customers due to significant disruptions in the raw material supply chain. Electronic component manufacturers experienced delays of two or more weeks in receiving raw materials, which led to manufacturers slowing down their production pace, resulting in a decline in revenue generation.
Key Findings of Study:
The Asia Pacific databus market is classified into China, Japan, Australia, India, South Korea, and the Rest of Asia Pacific. This region is a combination of developed countries such as Japan and Australia and emerging economies like China, India, Vietnam, and Malaysia. The growth of the databus market in Asia Pacific is attributed to the rise in gross domestic product, increase in foreign direct investment and foreign institutional investment, extensive industrialization, and improved living standards. The databus market in the Middle East and Africa is divided into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. While some Middle Eastern countries are highly developed economies, most African countries are still in the developmental stage.
The databus market in South America is divided into Brazil, Argentina, and the Rest of SAM. Economic and political instability are currently affecting South America, impeding the region's economic growth. Nevertheless, South America is home to major automakers, such as General Motors, Volkswagen, Hyundai, Ford, Toyota, Peugeot, and Renault, which are driving the growth of the databus market in the region.
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