Surging automotive sales amid increasing penetration of new technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) is propelling the demand for automotive electronic components. The global automotive electronics market will grow more than two-fold during the forecast period (2019-2029). Developments such as autonomous driving, connected vehicles, and advanced driver assistance systems (ADAS) are giving impetus to the requirement of automotive electronic products such as electronic control units, sensors, current carrying devices, and others.
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Key Takeaways of Automotive Electronics Market Study
- East Asia and South Asia & Oceania collectively account for 43% share of the total market value. Booming automotive sales in developing countries coupled with prevalence of electric vehicles is driving the demand for automotive electronics from these regions.
- North America offers gainful opportunities with a stellar 9% CAGR during the forecast. Presence of major manufacturers in countries such as the US are accelerating the demand for automotive electronic products in this region.
- Current carrying devices will grow two-fold on the back of surging penetration of electric vehicles as a new energy alternative.
- Safety systems will expand to more than twice their current size owing to rising concerns of road safety among millennial consumers.
- Aftermarket sales of smart electronic devices will grow the aftermarket segment 3X through 2029. Favorable consumer trends such as customization of light and medium duty vehicles are a central force behind the growth of this segment.
“Increasing electric-vehicle fleets all over the world form a fertile basis for manufacturers to grow their business and generate profitable revenues.” -Says FactMR Analyst
Current Carrying Devices to Account for Significant Revenue Share, Sensors Exhibit High Growth
Current carrying devices will grow two-folds from 2019 to 2029. This basic component of automobiles exhibits a strong growth trajectory of more than 7% CAGR during the forecast.
Booming heavy duty vehicle sales in industries and light duty vehicle sales in developing countries are central factors contributing to the strong growth of this segment.
On the other hand, sensors offer the most remunerative growth opportunities on the back of mass-adoption of parking assistance technology in both conventional and new-energy automobiles.
East Asia and South Asia & Oceania Present Lucrative Growth Opportunities
East Asia and South Asia & Oceania, collectively account for over 43% share of the total market value. Countries such as China, India, and Indonesia are central to the share-wide leadership.
China is the largest motor producer, as well as, the largest consumer of automotive products.
When coupled with multiplying automotive sales in India and Indonesia, East Asia and SAO are well positioned to lead global sales throughout the forecast period.
North America offers remunerative growth opportunities owing to budding EV ecosystem in developed countries such as the US. On the back of the presence of key manufacturers such as Continental AG, Autoliv Inc., and Robet Bosch GmbH, the US accounts for more than 80% of motor vehicle manufacturing.
Hence, there will be an increasing demand for automotive electronics from North American countries.
Advanced Technology to Expand Future Profit Pools
Emerging automotive software (SW) and electrical & electronics components (E/E) will drive future demand for automotive electronics. The growing electrical automotive fleet that relies on electronic components for smooth functioning is seen to propel the automotive electronic market. Manufacturers are hence focused on research and development of advanced materials, high-performance circuits, and cost efficient production processes. For instance, the majority of on-road automobiles today have inbuilt sensors for driver assistance. This automotive electronic product is projected to offer remunerative growth opportunities on the back of a stellar double digit growth rate.
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Advanced Technologies to Pave Way for Future Growth Prospects
Increasingly stringent safety norms are driving innovation and development of sensor technology and signal processing algorithms. These are increasing the demand for automotive electronics.
Technological advancements such as adaptive cruise control (ACC), parking assistance, and blind-spot detection are attracting and engaging consumers.
Manufacturers will witness a directly proportional increase in product demand from B2B channels owing to increasing global automotive production.
Major players that influence the competitive landscape are, but not limited to
- Altera (Intel Corporation)
- Broadcom Ltd.
- Continental AG
- DENSO CORPORATION
- Hella Gmbh & Co. Kgaa (Hella)
- Hitachi Automotive Systems Ltd.
- Infineon Technologies AG
- Microchip Technology Inc.
- NXP Semiconductors N.V.
- Panasonic Corporation
- Robert Bosch GmbH
- Texas Instruments Incorporated
- Valeo Inc.
- Visteon Corporation
- Xilinx Inc.
- ZF Friedrichshafen AG.
Global Automotive Electronics Market: In-Depth Assessment on Key Segments
The global automotive electronics market is segmented on the basis of component, application, sales channel and region.
Component
- Electronic Control Unit
- Sensors
- Current Carrying Devices
- Others
Application
- ADAS
- Infotainment
- Body Electronics
- Safety Systems
- Powertrain Electronics
Sales Chanel
- OEM
- Aftermarket
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited
Country-specific assessment on demand for automotive electronics has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous automotive electronics manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
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