Connected cars is the next big thing in the portfolio of Internet of things or IOT domain. 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. A modern car in today’s world nearly comprises a minimum of 100 ECUs (Electronic control units) to manage various functions right from the infotainment to the mission critical systems. According to a report by Global Market Insights, Inc. ‘the automotive electronics market is anticipated to surpass a revenue of USD 352 billion by 2023.’
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.
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The government stringent regulations emphasizing on the safety in vehicles are boosting the application of automotive electronics in safety systems. 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.
ADAS (automated driver assistance system) is another lucrative application area of the automotive electronics. In various regions, the government has mandated the use of ADAS in the vehicles to ensure the passenger and vehicle safety, which in turn will build a huge growth scope for the automotive electronics industry. The automotive electronics market size in automated driver assistance system is estimated to grow at a CAGR of 13% over 2016-2023, says the report by Global Market Insights, Inc.
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. This will provide them with ample opportunities to explore the rapidly rising market of automotive electronics.
The recent acquisitions and collaborations in the industry have paved a way for some interesting developments in this market. 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. The company will now move a step further from the automotive space, and try its hand in the mobility and internet of things space.
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The Asia Pacific will be a significant region for this industry over the coming years. The growth in this region can be attributed to factors such as expanding automotive industry, growing demand for customized vehicles, rising trend of electric & hybrid electric vehicles, and lower manufacturing costs across this region. The Asia Pacific automotive electronics market worth USD 72.63 billion in 2015, is estimated to surpass a revenue of USD 145.58 billion by 2023. India will be a major region participating in this growth.
Recently, NXP semiconductors, the leading Indian semiconductor company, highlighted its roadmap in the driverless cars space, and quoted India to be a potential region for the automotive electronics market growth. Also, Qualcomm, which recently announced its plan to acquire NXP semiconductors, will bring new innovations in this industry over the coming years.
The industry is consolidated with the top brands such as Bosch and AG Continental captivating the market space. The market will look forward to new innovations in technology revolving around the IOT and connected space. The upcoming years will witness a bunch of strategic collaborations and acquisitions, few already being on the card.
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.