Automotive Electronics Market Exhibits Strong 8.5% CAGR through 2029, Opines Fact.MR
Published : 25 Mar 2020 Industry: Automotive
Surging automotive sales amid increasing penetration of new technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) is propelling the demand for automotive electronic components. The global automotive electronics market will grow more than two-fold during the forecast period (2019-2029). Developments such as autonomous driving, connected vehicles, and advanced driver assistance systems (ADAS) are giving impetus to the requirement of automotive electronic products such as electronic control units, sensors, current carrying devices, and others.
Key Takeaways of Automotive Electronics Market Study
- East Asia and South Asia & Oceania collectively account for 43% share of the total market value. Booming automotive sales in developing countries coupled with prevalence of electric vehicles is driving the demand for automotive electronics from these regions.
- North America offers gainful opportunities with a stellar 9% CAGR during the forecast. Presence of major manufacturers in countries such as the US are accelerating the demand for automotive electronic products in this region.
- Current carrying devices will grow two-fold on the back of surging penetration of electric vehicles as a new energy alternative.
- Safety systems will expand to more than twice their current size owing to rising concerns of road safety among millennial consumers.
- Aftermarket sales of smart electronic devices will grow the aftermarket segment 3X through 2029. Favorable consumer trends such as customization of light and medium duty vehicles are a central force behind the growth of this segment.
“Increasing electric-vehicle fleets all over the world form a fertile basis for manufacturers to grow their business and generate profitable revenues.” -Says FactMR Analyst
Advanced Technology to Expand Future Profit Pools
Emerging automotive software (SW) and electrical & electronics components (E/E) will drive future demand for automotive electronics. The growing electrical automotive fleet that relies on electronic components for smooth functioning is seen to propel the automotive electronic market. Manufacturers are hence focused on research and development of advanced materials, high-performance circuits, and cost efficient production processes. For instance, the majority of on-road automobiles today have inbuilt sensors for driver assistance. This automotive electronic product is projected to offer remunerative growth opportunities on the back of a stellar double digit growth rate.
Find More Valuable Insights on Automotive Electronics Market
Fact.MR, in its new offering, provides an in-depth analysis of the global automotive electronics market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the automotive electronics market on the basis of components (electronic control unit, sensors, current carrying devices, and others), application (ADAS, infotainment, body electronics, safety systems, and powertrain electronics), sales channels (Original Equipment Manufacturers and Aftermarket), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.