Asia Pacific automotive electronics market was valued around USD 72.63 billion in 2015 and is expected to reach USD 145.58 billion by 2023. The region is likely to grow at a CAGR of 9.1% over the forecast period. This can be attributed to mounting need for tailored features in electric vehicles, enhancement in product quality and reduction in manufacturing cost.
The automotive players across the globe are moving away from the plain vanilla manufacturing methods and focusing towards the technological implementations in the vehicles. On account of these hi-tech developments, the use of electronic components has soared in the vehicles over the last few years.
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Automotive electronics market size was valued USD 185.05 billion in 2015 and is anticipated to be USD 352.92 billion by 2023, as per a new research report by Global Market Insights, Inc. This can be attributed to mounting scope of these equipments in end use industries. Rising automotive electronics adoption to provide safety features such as alcohol ignition interlocks, emergency call systems and mishap data recorder systems are expected to fuel demand growth. Increasing adoption by original equipment manufacturers on high-volume conventional implementations is also likely to modify the regulatory framework.
The automotive industry is evolving and striving to meet the technological demands from the potential buyers. The digitally connected era demands the cars to be smart, which is boosting the automotive electronics market size. Driven by the high demand for features like vehicle infotainment, networking, Automated Driver Assistance Systems (ADAS), powertrain, chassis, body electronics, safety, and security, the electronics component covers nearly 90% in the overall vehicle innovation.
Safety systems market was valued over USD 52.39 billion in 2015 and had a forecast gain of USD 100 billion by 2023, at around 8.5% from 2016 to 2023. ADAS accounted major automotive electronics market share in 2015, with estimation forecast of USD 56 billion by 2023, growing at a CAGR of over 13%. This can be primarily attributed to increasing safety systems installed in electric and hybrid vehicles on account of mandatory ADAS.
Samsung acquisition of Harman, an automotive giant is one such move, wherein the consumer electronics giant will get to explore the automotive industry, undoubtedly, electrifying the automotive electronics industry. Another announcement buzzed the world, when Robert Bosch declared its new move in the automotive electronics industry.
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Automotive electronics market share in the safety systems is forecast to surpass a revenue of USD 100 billion by 2023. Moreover, it is estimated that the driverless cars shall occupy the automotive business space by 2020. This will indeed boost the safety systems market in the automotive sector over the coming time frame.
The booming automotive market is becoming a center of attraction for various industries worldwide, of course due to all the justified reasons. It is a well-accepted fact that connected cars are on the verge of being the next ‘big’ entity in the expanding domain of IOT. In this scenario, the IT and the consumer electronics industries are leaving no stone unturned to enter vigorously in this business space.
North America region was valued USD 41.73 billion in 2015 and is likely to account 22.95% market share by 2023. This can be attributed to increasing customers need for safety, comfort and convenience.
Powertrain automotive electronics market accounted for 20.88% of total shares in 2015 and is likely to reach USD 59.39 billion by 2023. Flourishing need for ECU production, better drivability and cost effectiveness in order to congregate emission norms is expected to drive the demand.
The competitive nature of the industry has given rise to an emphasis on establishing strategic alliances with channel partners. Continental and Bosch accounted for more than 40% of the total automotive electronics market share in 2014. Other major competitors include Delphi, ZF Friedrichshafen, TRW, and Denso.
Automotive Electronics Industry Insights:
- 1Industry segmentation
- 2Industry size and forecast, 2012 – 2023
- 3Ecosystem analysis
- 4Industry impact forces
- 4.1.Growth drivers
- 4.2.Industry pitfalls & challenges
- 5Growth potential analysis
- 6Porter's analysis
- 7Automotive electronics company market share analysis, 2014
- 7.1.Strategic dashnoard
- 8PESTEL analysis
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.