ResearchAndMarkets.com is offering the Global and China Passenger Car T-Box Market Report, 2024, shedding light on the dynamics of the global and Chinese passenger car T-Box markets. This report delves into the landscape of independent, centralized, V2X, and 5G T-Box market segments, highlighting key components such as master control modules, communication modules, and storage modules. It also provides insights into both Chinese and foreign suppliers, offering an outlook on future trends.
In 2023, China witnessed a significant surge of 25.8% in passenger car T-Box installations, with LG, Neusoft, and Denso maintaining their leading positions. The report reveals that T-Box was integrated into 16.427 million passenger cars in China in 2023, reflecting a substantial year-on-year increase. Furthermore, the installation rate rose to 78.1%, marking an approximate 12.5 percentage point increase compared to 2022. While the market concentration saw a slight decline, key players continued to hold significant advantages.
The top 10 passenger car T-Box suppliers in China collectively held a market share of around 76.2% in 2023, showcasing a slight decrease from 2022. However, the share of the top 3 suppliers accounted for about 37.7%, indicating a notable increase from the previous year. This concentration trend towards major players persisted in 2023.
LG, Neusoft, and Denso retained their positions as the top 3 T-Box suppliers in 2023:
- LG’s Vehicle Component Solutions Company, including T-Box, reported annual revenue of KRW10.1 trillion (USD7.55 billion) in 2023, with sustained growth over eight consecutive years. LG is strategically focusing on 5G technology as its next growth engine and has been actively investing in its development since 2016.
- Neusoft commenced T-Box development in 2013 and has since evolved its products through multiple iterations, catering to over 100 models from renowned automakers globally. Notably, Neusoft is China’s first company to receive certification from the 5G SRRC of the Ministry of Industry and Information Technology. Its T-Box products emphasize features such as V2X communication, security, and compatibility with international standards.
- The surge in installations of 5G T-Box in China in 2023 reached 1.452 million, driven by the technology’s high-speed and low-latency capabilities. Neusoft’s 5G V2X Box, developed on mainstream platforms, offers customized solutions for various automotive applications.
Additionally, the report discusses the emergence of 5G RedCap technology, aiming to address the cost constraints associated with widespread adoption of 5G. RedCap streamlines 5G functions, reducing complexity and costs while maintaining operational reliability. This technology is anticipated to find applications across various sectors, including automotive, industry, energy, and smart city initiatives.
In summary, the “Global and China Passenger Car T-Box Market Report, 2024” provides comprehensive insights into the current state and future trends of the T-Box market, both globally and in China. For more detailed information, interested parties can visit ResearchAndMarkets.com.
