Global Automotive Cockpit Electronics Market to Soar Thanks to Increasingly Beneficial Regulatory Framework and New Product Launches

The global market for automotive cockpit electronics is expected to grow at a 12.0% compound annual growth rate (CAGR) during the forecast period from 2014 to 2020. In 2013, the market’s revenue was recorded at US$31.1 billion and is expected to be US$61.5 billion by 2020. The global automotive cockpit electronics market is expected to grow at a steady pace in the coming years. The trends shaping the growth of this market are listed below.

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The per capita ownership of cars has been steadily rising as a result of the increase in the middle class population around the world. The International Transport Forum of the Organization for Economic Cooperation and Development (OECD) states that the number of cars in the world would reach a massive 2.5 billion by the end of 2050. Increasing vehicle ownership figures will drive the global market for automotive cockpit electronics.

Driver: Rising Concern for Safety

The rising concerns of consumers regarding the safety of vehicles have led to an elevated demand for automated passenger cars. Automotive cockpit electronics provide the driver higher control over their cars. This trend will greatly fuel the growth of the global market for automotive cockpit electronics.

Driver: Increasing Consumer Preference for Info-travelling

The global market for automotive cockpit electronics will also benefit from the preference of consumers to have a more informed driving experience. The global market for automotive cockpit electronics is segmented by product into information and controls, infotainment and navigation, and audio and connectivity. Features such as TPMS (tire pressure monitoring systems) along with navigation systems add to the info-travelling experience.

Driver: Growing New Product Launches

Technological advancement has compelled the players operating in this market to develop new products to remain at par of the competition. Companies in the global market for automotive cockpit electronics are fiercely competitive and invest heavily in R&D projects to launch new innovative products. The key players operating in the global market for automotive cockpit electronics are Harman, Visteon, Denso, Continental, Delphi, Alpine, Bosch, Panasonic, and Pioneer.

Opportunity: New Regulatory Framework

The tightening regulations for the manufacture of passenger cars will provide a good opportunity for the companies in the automotive cockpit electronics market. In Europe, TMPS has become mandatory for every new vehicle.

Restraint: Eurozone Crisis

The Eurozone crisis continues to be a key concern for the global market for automotive cockpit electronics. This crisis has greatly affected the sale of OEMs in this region. Nevertheless, the market is expected to bounce back in this sector towards the end of the forecasting horizon, due to the expected improvement in the economy. An increase in the registration of new cars in the EU (European Union) has been recorded for a considerable period, which will help the automotive cockpit electronics market.

Furthermore, many developing countries are witnessing a high growth rate in the automotive cockpit electronics market. Brazil was the sixth largest producer of automobiles globally. Growth of the automotive market in other emerging countries such as China, India, and Brazil is also expected to drive the overall market for automotive cockpit electronics.

Browse the full Global Automotive Cockpit Electronics Market report at http://www.mrrse.com/automotive-cockpit-electronics-market

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