Press release
Automotive Electronics Market will cross USD 390 billion by 2024
Entertainment application sector is anticipated to generate over USD 80 billion business by 2024. Increase in consumer spending on entertainment systems including MP3 players, rear set entertainment, navigational services, satellite radios and several communication functions will contribute the automotive electronics market growth.
Growing automotive electronics adoption to deliver safe & security features including emergency call systems, vehicle data recorder systems and alcohol ignition interlocks systems are anticipated to fuel industry growth. As per EU assessment, more than 40% of the on-board mechanisms in the complete car is based on electronic and the percentage is likely to rise with the development in existing protocols governing the automotive electronics market.
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Large presence of industry participants leads the market to highly competitive in nature all across the globe. Continuous innovation and spread of advanced technology into almost all main systems in automobile is expected to fuel the market growth. Some of the major market share holders are Continental, Hitachi, Delphi, Bosch and Panasonic.
Other prominent manufacturers include Dow corning, Denso, Altera, Audiovox, Atmel, TRW, Wipro, Avago, Infineon technologies and Texas Instruments. Automakers are likely to increase the implementation of intelligent electronics making their vehicles safe to drive and environment friendly.
Increase in overall figure of fleets coupled with high average age will escalate the automotive electronics market. The automobile industry is expected to surpass 125 million units over the coming eight years, thus flourishing industry growth. In 2015, the U.S. registered over 250 million passenger cars, an increase of 5 million over 2014.
Advancement in the European governing agenda to make obligatory including Antilock Braking Systems (ABS) and Tire Pressure Monitoring Systems (TPMS) technologies in the automobile is estimated to drive the automotive electronics market over the forecast period. The sales figures for the region specify a promising potential growth particularly owing to the increasing sales of SUVs and pickup trucks.
North America is anticipated to witness an upsurge in overall growth of over 8.5% up to 2024. Technological development along with increasing concern over safety & security in vehicles will drive demand. In addition, New Car Assessment Program (NCAP) in the U.S. has delegated lane departure cautioning systems and emergency braking systems to assure a five-star evaluation for passenger cars, thereby fueling the automotive electronics market growth.
ADAS is expected to surpass USD 60 billion in revenue by 2024. Strict safety regulations and technological advancement will lead to ADAS adoption in vehicle’s active security system. Road safety assurance coupled with comfort driving will propel the automotive electronics market growth.
Automotive Electronics Market Size By Application (ADAS, Body Electronics, Entertainment, Powertrain, Safety Systems), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, Czech Republic, Poland, Slovakia, Spain, Turkey, China, India, Japan, South Korea, Thailand, Australia, Malaysia, Philippines, Taiwan, Vietnam, Indonesia, Brazil, Mexico, Argentina, Iran, South Africa, Egypt), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
https://www.gminsights.com/industry-analysis/automotive-electronics-market
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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