Automotive Electronics Market Revenue to Exceed USD $645 Billion Mark by 2030: Global Market Insights, Inc.
Europe's automotive electronics market is set to maintain a high demand during the forecast period, driven by the presence of prominent luxury, commercial and passenger vehicle manufacturers, such as BMW and Mercedes Benz, in the region.
SELBYVILLE, Del., November 13, 2019 (Newswire.com) - According to the latest report “Automotive Electronics Market by Vehicle Type (Passenger Cars, Commercial Vehicles), Application (ADAS [Adaptive Cruise Control, Blind Spot Detection, Parking Assistance, Automated Emergency Braking, Night Vision, Lane Department Warning], Body Electronics, Infotainment & Communication [Audio, Display, Navigation, Head-Up Display, Communication], Powertrain [Engine Controllers, Transmission Drivetrain, Exhaust, xEV], Safety Systems), Regional Outlook, Competitive Market Share & Forecast 2030,” by Global Market Insights, Inc., the market valuation for automotive electronics will cross $645 billion by 2030. The growing implementation of advanced safety systems in vehicles is anticipated to drive the market value in the coming years.
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Some major findings of the automotive electronics market report include:
- Technological innovations in automotive electronics systems aid in increasing vehicle efficiency and improving user connectivity.
- The stringent regulatory framework in North America and Europe related to vehicle safety and road safety is creating several growth opportunities for the automotive electronics market.
- Increasing demand for safety and comfort features will boost the implementation of the ADAS application in modern vehicles.
- Growing awareness of electric vehicles in China is likely to enhance the industry. In 2018, the Chinese government introduced subsidy payments for EV consumer,s depending upon vehicle range.
- Moreover, autonomous systems in vehicles are gaining high popularity among consumers and OEMs. Companies, including BMW, Nissan, Volvo, and Mercedes, are slowly introducing autonomous features, such as auto-parking and departure warning systems, in their latest vehicles.
- However, declining automotive production in the U.S. may hinder the industry's growth
- Prominent companies present in the automotive electronics market include Magna International, Continental AG, Bosch Group, Altera Corporation, Infineon Technologies, Lear Corporation, Delphi Automotive, Hitachi Automotive Systems, Texas Instruments, ZF Friedrichshafen AG, Voxx International Corporation, Faurecia, Hyundai Mobis, Valeo, etc.
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Automotive infotainment systems are gaining high popularity in the global automobile industry due to the provision of value-added features, such as large display screens, to accomplish numerous vehicle features. Advanced infotainment systems, such as digital radio, voice recognition, rear-seat entertainment, and high-end radios, provide better comfort and luxury to passengers. Several OEMs are focusing on collaborating with these automotive component manufacturers to deliver advanced systems, such as parking assistance, head-up displays, powertrain, etc., in newly developed vehicles to enhance the driving experience. For instance, in September 2017, Bosch announced its partnership with Nikola Motor Company for the development of commercial vehicle powertrain products.
Moreover, connected vehicles are attributed to enhance the implementation of advanced sensors, switches, and body electronic systems to increase safety, mobility, and environmental benefits. Increasing government concerns and initiatives that support the development of connected vehicles to increase road safety are accelerating the automotive electronics market's growth. For instance, the U.S. Department of Transportation has proposed that connected car technology and vehicular communication must be a legal requirement. According to the law that may be approved in 2019, automakers will be required to integrate V2V communication with their new cars in 2021.
Companies are adopting various developmental strategies that include product innovations, acquisitions, mergers, and collaborations to obtain strong capabilities from other players. For instance, in December 2017, Lear Corporation invested in acquisitions to strengthen the advanced electronics portfolio by acquiring EXO Technologies, an Israel-based GPS developer. The company is focused on expanding its core seating business and integrating intelligent systems with vehicles.
Browse key industry insights spread across 490 pages with 809 market data tables and 33 figures and charts from the report, “Automotive Electronics Market Statistics 2019-2030” in detail, along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 3 Automotive Electronics Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2014 - 2030
3.2.1 Cost structure breakdown
3.2.2 Passenger cars production statistics, 2013 - 2017
3.2.3 Commercial cars production statistics, 2013 - 2017
3.3 Industry ecosystem analysis
3.3.1 Distribution channel analysis
3.4 Technological and innovation landscape
3.4.1 Software standardization & in-vehicle networks
3.4.2 Impact of industry 4.0
3.4.3 Development in unmanned technology
3.4.4 Connected vehicles
3.4.5 Disruptive/future trends
3.5 Regulatory landscape
3.5.1 International Standards
220.127.116.11 ISO 26262
18.104.22.168 IEC 60068
22.214.171.124 IEC 61508
126.96.36.199 MISRA C
3.5.1 North America
188.8.131.52 Corporate Average Fuel Economy (CAFE) standards
184.108.40.206 Federal Motor Vehicle Safety Standard 108
220.127.116.11 EOBD standard
18.104.22.168 Emission Controls Standards
22.214.171.124 Eco-innovations and Law (EC) No. 443/2009
126.96.36.199 CCC mark
188.8.131.52 Bharat Stage emission standards
184.108.40.206 Australian design rules
3.5.4 Latin America
220.127.116.11 NR Law No. 8723
18.104.22.168 SAQA 376640
22.214.171.124 Article NO 95, Federal Traffic Act
3.6 Industry impact forces
3.6.1 Growth drivers
126.96.36.199 Increasing demand for safety and comfort features in vehicles
188.8.131.52 Stringent regulatory framework in North America and Europe
184.108.40.206 Increasing sales of electric vehicles in China
220.127.116.11 Rapid development of unmanned driving technology in Europe
18.104.22.168 Flourishing automobile production in Mexico
22.214.171.124 Growing vehicle production activities in South Africa
126.96.36.199 Proliferation of component manufacturers in Asia-Pacific
3.6.2 Industry pitfalls and challenges
188.8.131.52 High prices of ADAS
184.108.40.206 Declining automotive production in the U.S.
220.127.116.11 Increasing automobile system complexities
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 Competitive landscape
3.9.1 Bosch Group
3.9.2 Magna International
3.9.4 Aisin Seiki
3.9.5 Hyundai Mobis
3.9.6 Continental AG
3.9.7 ZF Friedrichshafen AG
3.9.8 Company market share
3.10 PESTEL analysis
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