The global
Automotive Electronics Market is expected to reach USD 279.96 billion by 2020,
according to a new study by Grand View Research, Inc. Growing demand for
advanced driver assistance systems and premium audio systems are some of
factors expected to drive the automotive electronics market through the
forecast period. Continuous growth in the number of electronics components used
by automotive manufacturers has spotlighted new opportunities for suppliers.
Emergency call systems, alcohol ignition interlocks and accident recorder systems
are various technologies that are expected to spur market growth through the
forecast period.
High level
of complexity and lack of awareness about the overall understanding of the
subsystems may curb market growth. Various complexities include tolerance stackup,
mechatronic interaction and harsh operating environment. In order to meet the
rising complexity issues, OEMs are focusing on product innovation such as
reducing weight, and decreasing number of modular platforms. Additionally,
increasing trend towards in-vehicle infotainment is expected to yield
opportunities for the automotive electronics market.
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Further key findings from the study suggest:
- Increased penetration towards electric vehicles (EV) and hybrid vehicles (HEV) is expected to increase automotive electronics component demand. This is attributed to reduced product cost associated with emission controls and enhanced lithium-ion battery cooling capabilities.
- Application segments include body electronics, powertrain, ADAS, safety and infotainment. ADAS is expected to exhibit high growth over the next six years. This growth is attributable to stringent safety regulations leading to the large-scale adoption of active safety systems in modern cars.
- Proliferation of in-car infotainment systems owing to eco-efficiency, security and comfort factors is also estimated to positively impact automotive electronics market growth. Demand for in-car data storage to support sophisticated in-car features is expected to be the key growth driver for the infotainment systems.
- North America was the largest regional market in 2013. Asia Pacific is expected to witness high growth due to rising need for reduced production cost, customized vehicle features, meet stringent standards and increase product quality. Countries such as China and India are expected to favorably impact regional market growth.
- Notable companies operating in the market include Continental AG, Bosch, Delphi, Denso, Autoliv, TRW Automotive and Johnson Controls. Key growth strategies employed include building technology partnerships with other participants in the ecosystem.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
