Global Automotive Control Panel Market Industry Trends, Estimation & Forecast, 2018 - 2025

Surging demand for enhanced automobile connectivity chips, which provide high capacity data networking, and new age smart vehicles that enhance the safety of drivers and pedestrians is one of the key trends triggering market growth. The market is anticipated to be driven by the growth of the global automotive industry, which has been experiencing growth and reaching pre-recession economic levels in some regions. Since 2014, there has been a positive outlook in the automobile sector in economies ranging from developed countries, such as the U.S. to developing countries, such as India.

Increasing awareness regarding shared connectivity & mobility as well as spiraling demand for fully autonomous cars and automatic parking are anticipated to provide a fillip to the market. Growing inclination toward comfort & safety features, increasing sales of ultra-luxurious vehicles, and other technological advancements are other factors revving up the adoption of the product in the automotive industry. Besides these factors, burgeoning sales of high-end & middle segment cars are also likely to drive the market. However, usage of plastics materials is automotive control panels is cause of concerns since and the manufacturers have to explore the alternative to plastic to reduce the usage of the same.

The global automotive control panel market was valued at US$ 80.12 Bn in 2018 and is expected to reach 150.9 Bn by 2025, at a CAGR of 8.26 % during a forecast period.

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The logic ICs segment is expected to reach a noteworthy valuation by 2025, owing to increasing sales of ultra-luxury cars. Automotive chips enable drivers to control the entire infotainment and navigation system using just their voice. They also ensure enhanced connectivity and mobility.

The use of the product results in improved instrument panel controls. In addition, it offers driver guidance based on detailed information regarding gas level, battery level, and maintenance level, which are attained with the help of sensors present inside and outside the vehicle.

The microcontrollers & microprocessors component type segment is estimated to hold a significant market share by 2025. The analog ICs segment is projected to lead the market throughout the forecast period owing to the soaring adoption of high-tech features in luxury vehicles.

Asia Pacific held the most prominent position in 2016 as the region was responsible for over half of the total global production of vehicles in the year. Meanwhile, Europe accounted for the second-largest market share. The European market is estimated to witness significant growth during the forecast period due to the presence of prominent luxury car manufacturers such as AUDI, BMW, Porsche, and Volkswagen.

Prominent companies in the market include NXP Semiconductors, Infineon Technologies, Renesas Electronics, STMicroelectronics, Texas Instruments Incorporated, Robert Bosch GmbH, and ON Semiconductor. These companies collectively hold approximately 50.0% of the global market.

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This release was published on openPR.