The global automotive electronics market size is expected to reach USD 493.69 billion by 2027, expanding at a CAGR of 9.0% over the forecast period. Increasing automotive production across emerging economies, coupled with the growing demand for luxury and hybrid vehicles is anticipated to drive the growth. Additionally, the availability of advanced safety systems with features such as automatic emergency braking, and blind-spot detection at a reduced cost is leading to an increase in the integration of these systems. This, in turn, is also expected to boost the adoption of Engine Control Units (ECUs) and sensors used in these systems, subsequently fueling the market growth.
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Moreover, to bring down the number of
road accidents, governments are also regulating the use of Advanced
Driver-Assistance Systems (ADAS) in vehicles. For instance, the New Car
Assessment Program mandates the use of advanced active and passive safety
systems, such as automatic emergency braking and lane departure warning, in
China, U.S., and Europe. The Indian government also allows the use of certain
low-frequency bands that can help automotive manufacturers to use radar-based
systems for installing ADAS features in vehicles. Stringent regulations have
mandated the deployment of most of the electronic components during vehicle
production stage itself, thus linking the automotive electronics demand with
the growth in vehicle production. Hence, it resulted in an increase of over
2.5% in the Original Equipment Manufacturer (OEM) segment share between 2019
and 2027.
Furthermore, in European and North
American regions, the demand for in-vehicle infotainment systems has gained
prominence, thereby supporting the market demand. Infotainment solutions
providers are actively participating in consolidating the features, such as
in-vehicle infotainment and ADAS, in reducing the overall electronic component
count, consequently reducing the vehicle weight. For instance, NVIDIA
Corporation announced the launch of the DRIVE CX platform. This platform can be
used for infotainment and ADAS solutions, in the autonomous vehicles. However,
such consolidation requires high-speed data processing controllers such as
64-bit ECU’s and integration of other advanced hardware and software, which is
expected to drive the overall market growth from over the forecast period.
Asia Pacific held a dominant market
share in 2019, attributed to the significant investments in the automotive
industry, mainly in emerging countries, such as Japan, India, and China. The
Make in India campaign is anticipated to draw significant investments toward
automotive sector, as India offers benefits such as cheaper raw materials and
low-cost labors. Besides, Japan is one of the most technologically advanced
nations and has witnessed some recovery in its vehicle production since 2015.
Further
key findings from the study suggest:
• The current carrying devices segment
is expected to hold a dominant market share over the forecast period, owing to
the rising demand for convenience, safety features, and connectivity in
passenger cars
• The safety systems segment is
estimated to dominate the market throughout the forecast period owing to
increasing consumer awareness pertaining to safety equipment in vehicles
• OEM segment dominated the automotive
electronics market in 2019 owing to the increased durability and shelf life of
electronic components that they offer as compared to the aftermarket components
• Asia Pacific is estimated to register
the highest CAGR of 9.4% from 2020 to 2027 owing to the increasing vehicle
production in emerging countries such as India and China
• The key industry competitors include
Aptiv PLC, Continental AG, Denso Corporation, Intel Corporation, Robert Bosch
GmbH, and ZF Friedrichshafen AG
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