Press release
Automotive Electronics Market Industrial Analysis, Share And Forecast
The global automotive electronics market is a competitive one with the presence of a multitude of established players, and the influx of new participants is likely to intensify the competition. Existing players are pouring money into research and development to introduce newer products that will help them sustain the competition.Majorly fuelling the global automotive electronics market are rising safety considerations, demand for high-end electronics for navigation, information, and entertainment, and the rising popularity of electric and hybrid vehicles due to environmental considerations.
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As per a report by Transparency Market Research, the global automotive electronics market will likely clock a CAGR of 7.4% for the forecast period between 2017 and 2022. At this rate, the market which is estimated to be worth US$3,530.7 mn in 2017 will further rise to be valued at US$5,048.9 mn by 2022-end.
Economic Recovery Boosts Europe Automotive Electronics Market
Geography-wise, the report takes stock of potential of the worldwide automotive electronics market in the regions of North America, Latin America, Asia Pacific except Japan, Japan, Europe, and the Middle East and Africa. Europe, among all, is expected to lead the overall market in terms of revenue in 2017, and the trend is anticipated to continue over the forecast period. The Europe automotive electronics market is predicted to be worth US$1,265.8 mn by 2022-end expanding at 6.5% CAGR between 2017 and 2022.
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North America is a key market for automotive electronics. The region is projected to display the leading 8% CAGR between 2017 and 2022 to attain a value of US$1,159.3 mn by the end of the forecast period.
Asia Pacific except Japan is anticipated to rise at a CAGR of 7.6% over the forecast period to become worth US$1,256.8 mn by 2022 end.
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New Partnership Models Will Unveil New Automotive Electronics to Consumers
The array of automotive electronics is fairly diverse and vast. The increasing trend of electrification of vehicles has paved way to incredible avenues for both small automakers and stalwarts that target premium customers. The growing popularity of hybrid electric vehicles in consumer segment is a clear signal of the vast untapped avenue for players in the automotive electronics market. Automakers are treading this path by engaging in partnerships, some of the recent ones can be considered as the first-of-their kind collaborations. This will also become a framework in overcoming the challenges that the automobile industry has witnessed in recent years.
Meanwhile, the growing trend of reducing the carbon footprint has stoked the popularity of new designs and components in electric vehicles, the reason having to do with the virtually zero tailpipe emissions these vehicles have. Stalwarts with the likes of Toyota and Nissan will try to invade new space in the automotive electronics market by expanding their portfolio in electric vehicles industry. Adoption of new battery management system (BMS) is expected to open new avenues in the automotive electronics market. Moreover, incorporation of microcontroller technologies is boosting the automotive electronics market.
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About Transparency Market Research
Transparency Market Research is a global market research reports company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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