Proliferation of the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), and internet connectivity propel the demand for automotive electronics.
ROCKVILLE, MD / ACCESSWIRE / May 5, 2020 / The global automotive electronics market will grow at a robust 8.5% CAGR during the forecast period (2019-2029). Automotive manufacturers are adopting enhanced features such as GPS, electric windows, and seat recliners to differentiate their products. These features are based on high-performance electrical circuits which drives the demand for electronic components. Surge in demand for electric vehicles among industries and consumers both contribute significantly to the demand for automotive electronics. Advancements in automotive technology warrants employing automotive electronics to successfully deliver innovative features.
“Penetration of electric vehicles in developing regions such as East Asia and South Asia & Oceania offers financially rewarding opportunities to market players.” opines a Fact.MR study.
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Automotive Electronics Market- Key Takeaways
- North America is the highest growing region with a stupendous 9% CAGR through 2029.
- Current carrying devices will grow twice its current value between 2019 and 2029.
- Safety systems will continue to generate revenues and grow 2X during the forecast period.
- Aftermarket sales of automotive electronics will register 3X sales by the end of 2029.
- East Asia and South Asia & Oceania, collectively hold a lion’s share of 43% of the total market value.
Automotive Electronics Market- Key Driving Factors
- Consumerization of IoT, AI, and ML in lightweight vehicles drives a significant portion of total demand.
- Increasing safety and carbon emission standards are propelling the adoption of electrical alternatives to conventional automotive mechanics.
- Tech-driven advancements in automotive design and driving experience further the demand for automotive electronics.
- Miniaturization of electrical circuits increases the application of automotive electronics in different parts of an automobile.
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Automotive Electronics Market- Key Restraints
- Disrupted supply chain due to ubiquitous lockdowns as a measure to contain the spread of COVID-19 is a major constraint for the market.
COVID-19 and Automotive Electronics Market
The automotive electronics market, like every other market, is going through a tough time currently. Lack of raw material import and finished product export pushes manufacturers to sustain their organizations on accumulated cash reserves. Consumer trends such as social distancing will impact the sales for automotive electronics, as the automotive market will witness a drop in buyers for lightweight vehicles. Market players stand a chance to quicken their financial recovery by closely following the recovery rate of important countries such as China, the US, India, Australia, Japan, and South Korea. Governments may come to the aid of manufacturers as seen in the case of airline companies and airports. However, exemptions will only favor growth if manufacturers are well prepared with a recovery strategy. Developing such a plan includes mapping financial recovery on the basis of raw material procurement, country recovery from COVID-19, and possible government aid.
Favorable anti-pollution and enhanced passenger safety laws drives the competition. Major players eye automotive production trends to develop competitive business strategies. Key places in the market that shape the competitive landscape are, but not limited to, Altera (Intel Corporation), Broadcom Ltd., Continental AG, DENSO CORPORATION, Hella Gmbh & Co. Kgaa (Hella), Hitachi Automotive Systems, Ltd., Infineon Technologies AG, Microchip Technology, Inc., NXP Semiconductors N.V., Panasonic Corporation, Robert Bosch GmbH, Texas Instruments Incorporated, Valeo Inc., Visteon Corporation, Xilinx, Inc., and ZF Friedrichshafen AG.
About the Report
This 170-page study offers in-depth commentary on the automotive electronics market. The study provides compelling insights on the automotive electronics market on the basis of component (electronic control unit, sensors, current carrying devices, and others), applications (ADAS, infotainment, body electronics, safety systems, and powertrain electronics), sales channel (OEM, and aftermarket), across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
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