Automotive Electronics Market by Product Size and Segment Forecast to 2022
Posted: Nov 27, 2017
The global automotive electronics market is gaining from the rising safety considerations that greatly influence consumers’ buying decision for automobiles. Automotive electronics comprise electrically operated systems that are installed in vehicles. Electronic fuel injection, advanced driver assistance, airbag, telematics, and in-car entertainment are some of the areas where automotive electronics are deployed in order to increase the overall efficiency.
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High-end electronics equip vehicles with navigation, information, and entertainment systems that are delivered over a wireless network. So much so, infotainment technologies embedded in the dashboard hold considerable importance for car buyers. This requires additional storage space for rich multimedia data and advanced software and applications thereby driving an explosive growth of volatile as well as nonvolatile memories.
As electric and hybrid vehicles become popular, automotive electronics are likely to become the key focus of manufacturers of automotive electronics. Further, technological advancements such as power trains and electrical active suspensions for electric vehicles is likely to increase the application areas of power electronics in the automotive sector.
Government-driven safety programs such as New Car Assessment Programs (NCAP) are aimed at increasing the overall road safety. This, in turn, is expected to lead to the development of newer technologies so as to reduce the impact and possibility of accidents. Almost 40% on-board components in a car are electronic based and this percentage is likely to grow with the regulations that govern the automotive industry.
However, automotive electronics security is a major concern with increasing vehicular connectivity and system complexity. To address this, industry meets such as Automotive Electronic Systems Innovation Network (AESIN) are striving to create real solutions to secure against cybercrime and hacking.
As per estimates presented by a report by Transparency Market Research (TMR), the global automotive electronics market will clock a CAGR of 7.4% for the forecast period between 2017 and 2022. Progressing at this pace, the market will likely be valued at US$5,048.9 mn by the end of 2022 from its evaluated worth of US$3,530.7 mn in 2017.
Hera are some key insights about developments in the global automotive electronics market in the coming years:
Among the various vehicle type segments, mid-sized passenger cars is likely to contribute a revenue of US$923.3 mn by the end of 2017. This revenue contribution will amount the segment to hold 26.2% of the market in 2017. Progressing at a CAGR of 6.8% over the forecast period, the mid-sized passenger car segment is likely to contribute a revenue of US$1,282.3 mn by the end of 2022 to represent 25.4% of the market.
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From a geographical perspective, Europe is anticipated to dominate the global automotive electronics market in 2017 vis-à-vis revenue. The region is anticipated to display a 6.5% CAGR over the forecast period between 2017 and 2022 to be valued at US$1,265.8 mn by the end of 2022.
North America is a significant market for automotive electronics. The region is estimated to be worth US$787.7 mn and further rise to a valuation of US$1,159.3 mn by 2022-end expanding at a CAGR of 8% from 2017 to 2022.
Global Automotive Electronics Market: Competitive Analysis
The worldwide market for automotive electronics features a considerably high degree of competition on account of presence of a multitude of established players. Leading players in the global automotive electronics market include Infineon Technologies AG, Texas Instruments Inc., ON Semiconductor Corp., ST Microelectronics N.V., Maxim Integrated Products Inc., NXP Semiconductor NV, OMRON Corporation, Robert Bosch GmbH, Hitachi Ltd., and ZF Friedrichshafen AG.
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