Market Research Reports Search Engine (MRRSE), a leading portal for market intelligence reports, has announced that it now features a report on the global automotive cockpit electronics market. According to the report titled ‘ Global Market Study on Automotive Cockpit Electronics: Infotainment and Navigation Segment to Witness Highest Growth by 2020’, the overall market will be worth US$ 61.5 billion by 2020. The report also estimates that the market for automotive cockpit electronics—impelled by an increase in global per capita car ownership—will exhibit a 12.0% CAGR from 2014 through 2020. The market approximated US$31.1 billion in 2013, the report states. The infotainment and navigation segments are on the brink of impressive growth.
There are several factors that augur well for the automotive cockpit electronics market. These include: Consumers showing heightened interest in purchasing automotive cockpit electronics (coupled with their ability to afford these products), a higher degree of technological innovation being reported from the stables of automotive cockpit electronics manufacturers, and increased investments in R&D in this field. However, the greatest influencer, arguably, is the automotive industry shifting from analog to digital systems.
All of these positives are backed by the estimates of the International Transport Forum, which functions under the aegis of the Organization for Economic Cooperation and Development (OECD), which put the estimated number of cars on the world’s roads at 2.5 billion by the end of 2050. A palpable rise in car ownership numbers has been reported from developing nations in Eastern Europe as well as the Middle East. Germany, which is at the heart of the logistics industry in Europe, is also a country that boasts the largest number of commercial vehicles. Recently, an American advisory firm said that the passenger car sales will likely soar to 116 million by 2020, from 81 million in 2012. In the meanwhile, BRIC nations are showing much promise when it comes to vehicles sales. All of these diverse factors intertwine to create a firm foundation for the growth of the automotive cockpit electronics market.
However, that doesn’t take anything away from the fact that the global automotive cockpit electronics market will have to brave imminent headwinds. For one, the automotive industry hasn’t been able to entirely put the Eurozone crisis behind. The maximum impact of this is being still felt on OEM sales. Nevertheless, several emerging opportunities await manufacturers of automotive cockpit electronics in the immediate future (the TPMS mandate in Europe is one among these).