New York, NY, Dec. 04, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Automotive Electronics Market By Application (ADAS, Body Electronics, Infotainment, Powertrain, and Safety Systems): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global automotive electronics market was valued at USD 5,497 million in 2017 and is expected to reach USD 9, 507 million by 2024, growing at a CAGR of around 8.14% between 2018 and 2024.
The recent shift of the automobile industry toward the systems offering luxury and comfort is a primary factor fueling the automotive electronics market. Manufacturers operating in this market are increasingly integrating superior digital microchips processors and chips in current audio systems. These microprocessors and chips offer improved sound quality, making operation premium in nature. Furthermore, the integration of Bluetooth technology, installed in a vehicle’s audio device helps in simple connectivity between the vehicle's audio system and driver's phone. With increasing requirement for audio system technologies, such as Bluetooth-enabled hands-free communication systems, reverse guidance systems, energy-efficient systems, vehicle noise compensation, and touchscreen navigation systems, the automotive electronics market is expected to offer enormous growth opportunities to the existing market players and the new entrants during the forecast time period.
Browse through 16 Tables & 17 Figures spread over 147 Pages and in-depth TOC on “Global Automotive Electronics Market Size & Share 2017: Industry Growth, Trends, Analysis and Forecast, 2024”.
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The expansion of the global automotive electronics market can be primarily attributed to the growing demand for premium audio systems and ADAS systems. In addition, the introduction of new technologies, such as emergency call systems, increasing concerns for safety and security in vehicles, alcohol ignition interlocks, and accident recorder systems are likely to drive the growth of this global market during the estimated time period. The continuous use of various electronics components by automobile manufacturers has generated new business opportunities for the suppliers. The high purchasing power of consumers and change in their lifestyles are expected to support the automotive electronics market in the near future. Contrarily, the lack of awareness about the benefits of the safety systems in vehicles might limit the automotive electronics market expansion. Nonetheless, the growing trend of in-vehicle infotainment and technological advancements witnessed across the automobile sector are likely to create new growth horizons for the automotive electronics market in the near future.
By application, the automotive electronics market is segmented into ADAS, powertrain, safety systems, infotainment, and body electronics. In 2017, the safety systems segment dominated the automotive electronics market, owing to the initiatives undertaken by the regulatory boards of different countries to prevent accidents. The ADAS segment is likely to become the most attractive in the upcoming years, due to the development of sensor technologies and signal processing algorithms. The body electronics application segment is also expected to fuel this market in the near future.
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In 2017, North America held the largest share of the global automotive electronics market. Huge penetration of an assistance system for safe driving is still in its introduction phase in North America, which is anticipated to fuel the expansion of this regional market. The U.S. held the largest share in the North American market, due to the ongoing efforts made by the manufacturers to design vehicles with low fuel emissions and energy conservation. In addition, manufacturers are also trying to enhance the safety performance of vehicles. The rising demand for communications and entertainment functions in vehicles is predicted to boost the automotive electronics market in the North American region.
The European automobile industry is recognized for its technically advanced and innovative automobiles. The growth of the European automotive electronics market is mainly due to technological innovation and development activities of the automotive sector, which is mainly focused on saving energy and protecting the environment, improving vehicular comfort and safety, and equipping vehicles with improved communication technologies and entertainment systems. The launch of new initiatives by the market players for product differentiation, the introduction of new legislation by European Union, and the presence of key manufacturers in the region are some of the major contributing factors toward the automotive electronics market expansion. Rising adoption of green technologies, due to stringent government regulations, is expected to significantly boost the demand for automotive electronics in Europe.
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The Asia Pacific automotive electronics market is expected to be the fastest growing and hold the largest share in the forecast time period. Growing concerns over safety and escalating incorporation of safety systems in vehicles, the presence of key manufacturers, and the rising need for minimizing production costs are the key factors likely to drive the automotive electronics market in the upcoming years. The body electronics and infotainment segments considered to be the most lucrative in this regional market.
Latin America also possesses huge growth potential in the market electronics, due to the rising awareness about safety concerns in the region. The Brazilian automotive electronics market is projected to show a remarkable rate of growth, owing to the increasing purchasing power and changing lifestyles of people.
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The Middle East and Africa are also projected to show a noticeable rate of growth in the upcoming years. Saudi Arabia is expected to see a remarkable growth for automotive electronics market in the near future owing to the favorable government policies, the rise in the number of automobile fleets, increase in the vehicle sales, and a huge surge in the foreign investments witnessed across the automobile industry.
The key players included in this report are Yamaha Corporation, Sanyo Electric Co., Ltd., Philips N.V., Bosch, TRW, Johnson Controls, Denso Corporation, Sony Corporation, Continental AG, and Delphi Automotive PLC, among others.
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This report segments the global automotive electronics market as follows:
Global Automotive Electronics Market: Application Segment Analysis
Global Automotive Electronics Market: Regional Segment Analysis
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