Automotive Electronics Market is set to grow exponentially by 2027
Category: #business  By Rahul Varpe  Date: 2022-11-24
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Automotive Electronics Market is set to grow exponentially by 2027

High demand for vehicle security and infotainment systems has surged automotive electronics market share in recent times. With several automotive OEMs installing advanced safety systems in their vehicles, automotive electronics market demand is inflating significantly. OEMs are also incorporating high-performance and advanced infotainment systems for increasing the efficiency quotient of vehicles, which can further support industry expansion.

According to the latest research report published by Global Market Insights Inc., automotive electronics industry share is anticipated to surpass $645 billion by 2030.

Consumer demand for better user connectivity and vehicle efficiency has pushed technical innovations and research & development activities in automotive electronics marketplace. Usage of advanced sensors, body electronic systems, and switches has been augmented by automakers to address the requirement for enhanced mobility, environmental benefits, and safety. Connected vehicles are incorporated with all such advanced systems to improve road safety. In addition, government initiatives encouraging the development of connected vehicles for improving road safety has contributed to automotive electronics industry share.

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Regions such as China, Europe, and North America have imposed stringent regulatory outlines for enhanced road and vehicle safety, which has generated a host of opportunities for automotive electronics market growth. For example, the U.S. Department of Transportation has proposed to list vehicular communication and connected car technology under legal requirements. As per the proposed law, automakers will be directed to install V2V communication system in their vehicles by 2021. The law is expected to be approved in 2019. Also, China has witnessed substantial rise in awareness about electric vehicles, which will help in expansion of automotive electronics industry size. In 2018, the Chinese government introduced subsidy payments for electric vehicle consumers varying on the basis of vehicle range.

Automotive electronics market forecast report predicts that automotive infotainment system will make significant contributions to the industry growth. Automotive infotainment systems comprise value added features, including voice recognition, digital radio, high-end radios, and rear-seat entertainment, which offers enhanced customer luxury and comfort. OEMs and automotive component manufacturers are joining forces to develop advanced vehicles with innovative features, such as parking assistance, powertrain, head-up displays, etc. For instance, in September 2017, Bosch declared its collaboration with Nikola Motor Company to work together for advancement of commercial vehicles powertrain products.

Several automotive electronics industry participants have been pursuing various strategies, such as acquisitions, product innovations, collaborations, and mergers to acquire expertise from other proficient industry majors. For example, in December 2017, Lear Corporation had acquired EXO Technologies to reinforce its advanced electronics portfolio. The company is dedicated to growing its integrating intelligent systems and core seating business.

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OEMs focusing on catering to consumer demand for autonomous systems in vehicles is likely to propel industry trends. Autonomous cars have gained remarkable traction among consumers on account of advanced driving assistance features, which enhance road safety. Premium automakers, such as Nissan, BMW, Mercedes, and Volvo have introduced departure warning and auto-parking systems, in their newest vehicles along with various other autonomous features. Also, automotive electronics market players have been constantly developing novel electronic systems to expand their customer base. Some of the prominent automotive electronics industry participants are Continental AG, Magna International, Bosch Group, Infineon Technologies, Altera Corporation, Lear Corporation, Hitachi Automotive Systems, Delphi Automotive, Texas Instruments, Voxx International Corporation, ZF Friedrichshafen AG, Faurecia, Valeo, Hyundai Mobis, etc.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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