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Automotive Electronics Market Size, Share, Growth, Trends, Applications, and Industry Strategies
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Currently, automotive electronic component producers are focusing on partnerships and acquisitions to develop and produce technologically advanced products for EVs. For instance, in July 2019, Robert Bosch GmbH announced its acquisition plan for MAGURA Bike Parts. This acquisition is enabling both the companies to strengthen their distribution channel for replacement parts. Likewise, in September 2019, Cree Inc. partnered with Delphi Technologies PLC for developing the silicon carbide semiconductor device technology. Through this partnership, both the companies aim to manufacture faster, lighter, and smaller power electronic systems for EVs, to allow for faster charging and a longer driving range.
The electronic systems being integrated into commercial vehicles and passenger cars can be procured through original equipment manufacturers (OEMs) and aftermarket companies. In the coming years, the aftermarket distribution channel will advance at the faster pace due to the increasing installation of novel advanced systems in old vehicles at garages and service centers. The surging inclination toward new electronic components can be credited to the enactment of stringent vehicle safety norms and fuel emission standards.
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According to P&S Intelligence, Asia-Pacific (APAC) accounted for the largest share in the automotive electronics market in 2019, and it is also projected to exhibit the fastest growth throughout the forecast period. This can be attributed to the mounting automobile sales in India, Indonesia, China, and South Korea. Moreover, the escalating number of automotive manufacturing facilities, on account of the availability of cost-effective raw materials and labor, and the growing popularity of EVs will facilitate the market growth in the region in the forthcoming years.
Therefore, the rising integration of advanced driver-assistance systems in automobiles and burgeoning sales of vehicles will augment the need for automotive electronics.
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