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Oct 5, 2020 10:14 AM ET

Global Automotive Electronics Market Is Set For A Rapid Growth And Is Expected To Reach Around USD 9,507 Million By 2024

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Automotive Electronics Market By Application (ADAS, Body Electronics, Infotainment, Powertrain, and Safety Systems): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global automotive electronics market was valued at USD 5,497 million in 2017 and is expected to reach USD 9, 507 million by 2024, growing at a CAGR of around 8.14% between 2018 and 2024.

The recent shift of the automobile industry toward the systems offering luxury and comfort is a primary factor fueling the automotive electronics market. Manufacturers operating in this market are increasingly integrating superior digital microchips processors and chips in current audio systems. These microprocessors and chips offer improved sound quality, making operation premium in nature. Furthermore, the integration of Bluetooth technology, installed in a vehicle’s audio device helps in simple connectivity between the vehicle’s audio system and driver’s phone. With increasing requirement for audio system technologies, such as Bluetooth-enabled hands-free communication systems, reverse guidance systems, energy-efficient systems, vehicle noise compensation, and touchscreen navigation systems, the automotive electronics market is expected to offer enormous growth opportunities to the existing market players and the new entrants during the forecast time period.

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Global Automotive Electronics Market

The expansion of the global automotive electronics market can be primarily attributed to the growing demand for premium audio systems and ADAS systems. In addition, the introduction of new technologies, such as emergency call systems, increasing concerns for safety and security in vehicles, alcohol ignition interlocks, and accident recorder systems are likely to drive the growth of this global market during the estimated time period. The continuous use of various electronics components by automobile manufacturers has generated new business opportunities for the suppliers. The high purchasing power of consumers and change in their lifestyles are expected to support the automotive electronics market in the near future. Contrarily, the lack of awareness about the benefits of the safety systems in vehicles might limit the automotive electronics market expansion. Nonetheless, the growing trend of in-vehicle infotainment and technological advancements witnessed across the automobile sector are likely to create new growth horizons for the automotive electronics market in the near future.

By application, the automotive electronics market is segmented into ADAS, powertrain, safety systems, infotainment, and body electronics. In 2017, the safety systems segment dominated the automotive electronics market, owing to the initiatives undertaken by the regulatory boards of different countries to prevent accidents. The ADAS segment is likely to become the most attractive in the upcoming years, due to the development of sensor technologies and signal processing algorithms. The body electronics application segment is also expected to fuel this market in the near future.

North America was the leading regional market for automotive electronics in 2017 followed by Europe. The Asia Pacific automotive electronics market is expected to be the fastest growing and hold the largest share in the forecast time period. Initiatives taken by the Chinese government for safety assessments, the presence of significant manufacturers, and rising need for minimizing production costs are likely to boost the demand for automotive electronics in the Asia Pacific region in the near future. The Latin American and the Middle Eastern and African markets are also projected to grow significantly in the upcoming years, due to the shift in the production bases of the manufacturers to remote areas in these regions.

The key players included in this report are Yamaha Corporation, Sanyo Electric Co., Ltd., Philips N.V., Bosch, TRW, Johnson Controls, Denso Corporation, Sony Corporation, Continental AG, and Delphi Automotive PLC, among others.

This report segments the global automotive electronics market as follows:

Global Automotive Electronics Market: Application Segment Analysis

Global Automotive Electronics Market: Regional Segment Analysis

Contact Information:

Zion Market Research
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New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651

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