Development trends such as lightweight materials, miniaturization, and integration of artificial intelligence in automobiles will drive the automotive electronics market during the forecast period (2019-2029). Prevalence of electric vehicles (EVs), advanced driver assistance system (ADAS), and Internet of Things (IoT) enabled smart devices are accelerating the demand for automotive electronics.
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.
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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.
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“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.
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