Automotive Electronics Market – Challenges, Key Vendors, Drivers and Trends by Forecast to 2024
Posted: Jun 01, 2018
The global automotive electronics market is estimated to be valued more than USD 290 billion by 2024. Rising premium audio system and advanced driver assistance system demands are the key factors anticipated to augment the market growth. Accident recorder systems, emergency call systems, and alcohol ignition interlocks are the technologies that are said to boost the growth in the near future. In addition, rising trend of in-vehicle infotainment is also likely to help boost the market. High complexity levels and lacking awareness about the overall subsystems’ understanding may hinder the growth. The global automotive electronics market is divided into applications and regions.
The automotive industry is changing rapidly with increasing demand for safety and features from consumers are expected to drive the automotive electronics market in future. Emergency call system, accident data recorder system, and alcohol ignition interlocks are some of the technologies examples which are expected to stimulate market growth.
The major companies operating in the global automotive electronics market include Robert Bosch GmbH; Continental AG; Denso Corp.; Delphi Automotive PLC.; TRW Automotive; Johnson Controls Inc.; and Autoliv AB. The major sustainability and growth strategies used by all such companies include creating technology partnerships with other companies in the ecosystem. Plus, automakers are anticipated to increase the intelligent electronics adoption that makes their products safe to drive and environment-friendly.
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Traffic sign recognition systems, driver monitoring system, are some of the affordable ADAS system used in modern vehicles. For large scale adoption of the safety system, New Car Assessment Program in China and Europe is mandating Lane Departure Warning and Automatic Emergency Braking. Also, the increasing use of safety systems in vehicles is expected to drive demand for ADAS in future.
The application sector comprises body electronics, Advanced Driver Assistance System (ADAS), infotainment, safety systems, and powertrain. The regulatory boards of various economies have taken steps for integrating safety gadgets in cars and other vehicles so as to restrain the occurrence of fatalities caused by road accidents.
Some of the necessary devices utilized to ensure passenger safety are backup sensing system, airbags, on and off switches for air bags, auto dimming mirrors or electrochromatic mirror, head restraints, energy-absorbing steering system, heads-up display, passenger sensing system, and padded knee bolster.
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