According to the latest report published by Market Research Future (MRFR), the global automotive electronics market is projected to thrive at a CAGR of 6.56% during the evaluation period of 2018-2023. The inclination of people towards purchasing smart automobiles is expected to be the primary factor that is likely to boost the global market of automotive electronics.
The rising safety concerns to prevent accidents causing surge in the demand for active safety system is expected to boost the global automotive electronics market growth. The increasing need for effective infotainment system and growing demand for automobiles that offer greater fuel-efficacy are other factors that are expected to surge the global market of automotive electronics in the coming years. In addition, the higher standards automation and shifting focus of automobile manufacturers toward better security of cars using software in vehicles can gain sizable traction for the market. On the downside, strict regulations of governments, across the world, and rise in concerns regarding automotive electronics are certain challenges that the can impede the expansion of the global market of automotive electronic systems. Alongside, high maintenance price and high replacement cost can also restrain the market growth.
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The regional study of the automotive electronics maker considers four key regions. They are; Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW).
The North America market to hold the major share of the global automotive electronics market in the review period. Surge in the adoption of trending technologies by automobile manufacturers and increase in the demand for intelligent automobiles that are empowered with advanced electronic components are major factors that are expected to impel the North America market. Integration of technologies such as artificial intelligence, machine learning, and deep learning into passenger, commercial vehicles, and heavy vehicles by European automakers are expected to propel the regional market. The high electric vehicles use in Europe can also escalate the regional market growth. In the Asia Pacific region, increased in per capita income, change in lifestyle, and expanding urban population base are contributing to the rise in the adoption of electric vehicles, equipped with advanced infotainment systems. These factors are expected to push the APAC automotive electronics market growth.
The global automotive electronics market has been segmented on the basis of sales channel, type, and application.
Based on type, the automotive electronics has been segmented into advanced driver assistance systems, body electronics, safety systems, entertainment, powertrain, and others.
Based on sales channel, the automotive electronics market has been segmented into OEM and aftermarket.
Based on application, the automotive electronics market has been segmented into two-wheeler, passenger cars, light commercial vehicle, heavy commercial vehicle, and electric vehicle.
OMRON Corporation (Japan), Robert Bosch GmbH (Germany), HGM Automotive Electronics (U.S.), Infineon Technologies AG (Germany), Delta Electronics, Inc. (Taiwan)., Hitachi, Ltd. (Japan), ZF Friedrichshafen AG (U.S.), Atotech (Germany), Koninklijke Philips N.V. (Netherlands), and Denso Corporation (Japan) are major players of the global automotive electronics market. In- depth understanding of the competitive landscape of the market aids in designing strategic growth plan, which is likely to bolster the market to expand.
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