Automotive Author: Siyuan Yao Editor: Yijuan Li May 25, 2022 06:19 PM (GMT+8)

China is the largest automotive antenna market in the world, representing about 40% of the global market. With a stable demand for China’s energy vehicles, the antenna industry booms

CTW

Automobile interconnection system supplier CTW Electronics (Chinese: 柯特瓦电子) has secured tens of millions of CNY in its Series A financing round, led by Bondshine Capital, followed by Chipai Capital. 

The proceeds will be spent on recruitment, R&D, and production upgrades, to enhance its competitiveness and expand market share in the automotive industry.

With the development of electric vehicles, the internet of vehicles, and autonomous driving, the market scale of connectors and antennas are expanding rapidly. According to QYResearch, a consulting firm, the global automotive antenna market reached CNY 9.4 billion in 2021 and the figure in 2028 is expected to reach CNY 12 billion.

Li Yanhong, the founder of CTW Electronics, said that the demand for antennas has changed from simple radio antennas with navigation to a collection of high technology, such as 5G, high-precision positioning, and V2X, which promotes the technological innovation of antenna suppliers.

Meanwhile, the company also provides high-voltage connectors and auto harness products, which are important to vehicle safety and performance. Currently, most new energy vehicle companies tend to choose overseas suppliers. However, domestic suppliers begin to produce these products, said Li.

He added that CTW Electronics has become the designated supplier of overseas new energy vehicle companies for high-voltage harness products. Its 5G antenna products have already been supplied to XPeng, SAIC Motor, and other carmakers.

Founded in 2013, CTW Electronics has 200 employees with dozens of developers. The full-load annual output of the production base in northeastern China’s Changzhou can reach CNY 500 million. Even under the impact of the epidemic, the revenue is expected to grow more than 50% this year, said Li.

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