Automotive Electronics Market boosting the growth Worldwide: Market dynamics and trends, efficiencies Forecast 2023

The global automotive electronics market was sized 685.4 billion in 2016 and it is projected to grow with a CAGR of 6.9% during 2017-2023 to reach to USD 1088.3 billion. The report defines automotive electronics as the use of electronic systems in the automotive vehicles such as passenger car, heavy commercial vehicles, light commercial vehicles and other vehicles in applications such as powertrain, body electronics, engine management, navigation systems, lighting and safety among others. The global automotive industry has grown significantly over the past couple decades. Moreover, the automotive industry has evolved with advancement in technologies and innovations worldwide. This industry is driven by growing demand for luxury cars on the backdrop of increasing per capita income and availability of financing modes for the purchase of vehicles. With rise in production of automobiles the market size of automotive electronics has increased significantly. The automotive electronics account for nearly 30% cost of the vehicles. As a result, growth in automotive manufacturing is likely to drive the growth in the automotive electronics market.

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The automotive electronics has become an important element of the vehicle body. The companies operating in the automobile industry have started spending heavily on the research and development of new automotive electronic parts and on the designs of the vehicles. The global automotive industry has undergone several structural changes in terms of engine designs, mechanisms, electronic and electric functions, regulatory standards, safety and security standards among others. The companies are now focusing more on development of electric vehicles and hybrid vehicles. Moreover, with an introduction of autopilot vehicles the automotive industry has brought a paradigm shift in the company offerings. Introduction of new features and technologies in the automobile industry are prone to bring about the changes in the electronic systems of the vehicle. Globally, the cost allocation to electronic systems has increased from 10% in 1970s to more than 30% in the current scenario. Luxury vehicles are loaded with several robotic and automatic functions enabled with microprocessors and advanced electronic systems. The electronic systems of the vehicle have evolved with use of semiconductors and microprocessors. Moreover, these systems play a crucial role in position the car in the market. Several automobile companies are now using the electronic features as USPs and promotional contents in their marketing programs

Globally, the automobile industry has undergone several paradigm changes with competition getting fiercer and increased access to technologies. Earlier the vehicles were largely based on mechanical and hydraulic systems, however with the advent of electronic and hybrid technologies these conventional technologies are being phased out. With increased competition level and entry of several international brands in the automotive industry, the companies invest significantly on the innovation of fuel efficiency, safety and comfort features to attract new customers. The companies now a days use IoT to increase the connectivity of the vehicles with navigation systems. Several commercial vehicles are interconnected using IoT. Moreover, the innovations in the industry are aimed at making full use of IoT to develop computer enabled cars to reduce the driving pressure and augment the comfort of the passengers.

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In the early 1970s the cost of automotive electronic was less than 10% of the cost of the vehicle, however with advent of electronic systems the cost of automotive electronic has increased to nearly 40% of the vehicle cost. Several luxury car manufacturers such as BMW, Mercedes Benz, and Volkswagen among others offer vehicles with fully loaded electronic features. As a result the level of competition is rising among the top industry players. Thus, the technological innovations have not only increased the competition among the players in the automobile industry but also driven the global automotive electronics market. Moreover, this trend is anticipated to continue over the forecast period.

The report on global automotive electronics market covers segments such as vehicle type, sales channel and application. The vehicle type segments include mid-sized passenger cars, light commercial vehicles, premium passenger cars, heavy commercial vehicles, compact passenger cars and luxury passenger cars. On the basis of sales channel the global automotive electronics market is categorized into aftermarket and OEM. Furthermore, on the basis of application the automotive electronics market is segmented as entertainment, safety systems, body electronics, power train and advanced driver assistance systems.

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The report provides profiles of the companies in the global automotive electronics market such as, Delphi Automotive, Audiovox Corp., Avago Technologies, Altera, Continental AG, Denso Corp., Atmel Corporation, Bosch Group, Dow Corning, and Infineon Technologies AG.

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