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Automotive Electronics Market - Industry Growth Analysis & Forecast By 2030

Author : Ronak Bora | Published Date : 2020-09-17 

Automotive Electronics Market is expected to exceed USD 645 billion by 2030. The growing implementation of advanced safety systems in vehicles is anticipated to drive the market in the coming years.

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
  • 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 feature will boost the implementation for 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 payment for EV consumers depending upon the vehicle range.

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  • 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 growth
  • Prominent companies present in the industry 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.

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 vehicles powertrain products.

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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 industry 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 is investing 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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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