Automotive Electronics Market (By Component - Electronic Control Unit (ECU), Sensors, Current carrying devices, Others; By Application - ADAS, Infotainment, Body electronics, Safety systems, Powertrain; By Sales Channel - OEM, Aftermarket) - Global Industry Size, Share, Trends and Forecast 2018 – 2026. Rising demand for in-car infotainment systems due to better efficiency, comfort, and convenience is driving the demand for global automotive electronics market
LOS ANGELES, Jan. 03, 2019 (GLOBE NEWSWIRE) -- The global automotive electronics market is anticipated to record a market size of around $430.13 billion by 2026, the market is projected to grow at 9.0% CAGR during the forecast period. Rising penetration of hybrid electric vehicles (HEV) and electric vehicles (EV), increased acceptance and transformation of safety systems, such as advanced airbags and anti-lock braking systems in vehicles, in order to limit road fatalities is anticipated to augment the market growth.
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Rising investments in automobile safety; demand for hybrid and state-of-the-art luxury vehicles, and implementation of government regulations regarding safety standards have also catalysed automotive electronics demand globally. Demand for interactive systems such as embedded vision systems capable of real-time image tracking has gained traction, specifically in North America and Europe regions. For instance, the U.S. Department of Transportation has mandated safety equipment, such as backup camera in all new vehicles, thus, increasing vehicle costs by $200 for the new base models.
Technological transformation such as replacement of mechanical components with electronic components is another way of utilizing electronics in automotive industry while increasing reliability and minimizing the weight of overall vehicle. This is among the factors which can boost the growth of global automotive electronics market.
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Rising demand for in-car infotainment systems due to better efficiency, comfort, and convenience is driving the global automotive electronics market. This has also increased the demand for in-vehicle data storage to support the access of complex features. These factors also encourage the usage of electronics in automobiles, increasing the demand for automotive electronic products driving the global automotive electronics market.
Furthermore, the manufacturers are investing promptly in R&D to develop high-performance automotive electronics at reasonable cost and are transforming towards energy storage technologies to minimize environment wastes. The OEMs have become more reliant on advanced technology-based electronics, which enables them to offer enhanced safety systems. In 2010, electronics accounted for around 35% of the total vehicle cost; however in the coming years, with the ongoing technological advances, it is expected to account for around half of the total vehicle cost.
The global automotive electronics market can be segmented on the basis of component, application, sales channel and region. The global automotive electronics market can be categorized by component into Electronic Control Unit (ECU), sensors, current carrying devices, and others. On the basis of application, the global automotive electronics market can be segmented into ADAS, infotainment, body electronics, safety systems, and power train. Based on the sale channel, the global automotive electronics market can be segmented into OEM and aftermarket. Regionally the market can be segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
Asia Pacific automotive electronics market was valued at USD 87.4 billion in 2017. South Korea, Malaysia, Taiwan and Thailand are among the various revenue-generating countries for the Asia Pacific market due to booming electronic component manufacturing sectors in these economies. Majority of the demand in Asia Pacific market is catered from China and Japan. However, the limited number of manufacturers in these countries poses investment opportunity for regional suppliers to take advantage of the local demand, thereby making rest of the economies in Asia Pacific an attractive place for investors.
North America is also likely to experience noticeable growth over the coming years. U.S. market is expected to dominate the North America automotive electronics market as a result of the presence of key manufacturers, such as Robert Bosch GmbH, Continental Corporation, TRW Automotive, and Autoliv, Inc. Government regulations and strict emission control standards are expected to encourage the demand of power train segment for the automotive electronics market in the region.
The key players catering to the global automotive electronics market are Continental Corporation; Robert Bosch GmbH; Autoliv, Inc.; Samsung Group; Delphi Technologies, Inc.; Denso Corporation; and ZF Friedrichshafen AG. The global players are continuously innovating in order to minimize cost and are investing in R&D to attract more and more business opportunity from the emerging nation such as China and India. The prominent players also undertake strategic initiatives such as M&A, joint ventures, in order to maintain their position in a highly aggressive market.
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