Automotive Electronics Market size is likely to account for USD 493.69 billion in 2027, as per a new report by Million Insights. It is predicted that the market would register 9.0% CAGR from 2020 to 2027. Increasing sales of hybrid and electric vehicles are proliferating the growth of the market. In addition, integration of advanced systems such as ABS, sensors, airbags and others is supplementing the market growth for automotive electronics.
In addition, governments across
the globe are focusing on implementing ADAS systems to ensure road safety. The
integration of warning systems for lane departure and automatic emergency
braking has been mandated in Europe, U.S and China. Such regulations have led
to the installation of various electronics components in the production stage
of the vehicles.
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The key driving factors responsible for the growth of Automotive
Electronics market :
North America and Europe are
witnessing significant growth for in-vehicle infotainment systems, which, in
turn, is likely to supplement the market growth. However, Asia Pacific
accounted for the largest share in the market in 2019. This is large because of
increasing vehicle sales in China and Japan. India, on the other hand, is
showing promising growth as well.
Key players in the market are
Panasonic Corporation,Aptiv PLC,Continental AG, Intel Corporation, ZF
Friedrichshafen AG, and Broadcom Ltd among others. These companies are focusing
on expanding their market presence in emerging countries. New product
development and partnerships are some of the major strategic initiatives adopted
by these companies.
Further key findings from the report suggest:
• By components, the
current-carrying division accounted for the highest share in the automotive
electronics marketin 2019, owing to the growing focus on safety features.
• The safety category is likely
to account for the highest share in the market throughout the forecast
duration.
• In 2019, OEMs held the highest
share in the market as most of the electronic components are integrated during
the manufacturing process itself.
• Asia Pacific is projected to
witness over 9% CAGR from 2020 to 2027 owing to rising vehicle demand from
India and China.
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