NEW YORK, March 16, 2020 (GLOBE NEWSWIRE) -- As per Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2018, 95.1 million commercial and passenger vehicles were sold, and between 2014 and 2018, the number rose at a CAGR of 1.8%. In the coming years too, the demand for automobiles is predicted to increase, primarily in China, Indonesia, Thailand, Brazil, and India.
Additionally, from just 5% in 1970, the share of electronic components in the total cost of automobiles is expected to touch 50% by 2030, which reflects technological advancements in such components as well as their increasing significance in vehicles. Driven by such factors, the global automotive electronics market, from its value of $235.7 billion in 2019, would progress to $615.3 billion by 2030, at a 9.3% CAGR during the forecast period (2020–2030).
Current Carrying Devices to Register Fastest Market Growth
Current carrying devices are expected to record the fastest automotive electronics market growth, on the basis of component, during the forecast period. This is because almost 200 electronic switches and fuses are installed in an automobile to make it functional. With the increasing vehicle production, to cater to the rising demand, the usage of electronics will also surge.
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The driver assistance system category, based on system, is projected to observe the highest CAGR, of 10.7%, in the automotive electronics market, during the forecast period, in terms of revenue. The major reason behind this would be the quick increase in the adoption of autonomous vehicles, which are currently either in the development phase, especially after 2023. Additionally, with advancements in driver assistance systems, with respect to passenger and pedestrian safety, they would be rapidly integrated in automobiles.
In 2019, passenger cars, under the vehicle segment, dominated the automotive electronics market. This is because almost 70% of the automobiles sold in 2019 were passenger cars. Further, all the new technologies being worked upon, such as autonomous driving and electric propulsion, are first tested on passenger cars, and the integration of these technologies require electronic components in significant amounts.
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During the forecast period, faster automotive electronics market growth is expected from the aftermarket bifurcation, on the basis distribution channel. This is because service centers and garages are witnessing an increasing footfall of people, who are scrambling to equip their vehicles with advanced electronics, in the wake of strict government regulations regarding fuel efficiency.
During the historical period (2014–2019), APAC held the largest market share, as regional countries including China, Japan, India, and South Korea witnessed high automobile sales. Additionally, new manufacturing plants have been set up in these countries, as global automakers are looking to make the most of the low-cost availability of raw materials and labor.
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Automotive Electronics Market Competitive Landscape Characterized by Partnerships
Among the various strategic being taken by the prominent market players, partnerships have been the most pursued, as they have allowed the companies to:
- Enhance vehicles’ safety, by developing improved electronics
- Offer better cockpit systems, for a more satisfactory driving experience
- Strengthen their presence in regions outside their home base
- Position themselves as a leading provider of autonomous, connected, and electric vehicle technologies
- Make the distribution of replacement parts smoother
Delphi Technologies PLC, Continental AG, ZF Friedrichshafen AG, Robert Bosch GmbH, Hitachi Ltd., Texas Instruments Incorporated, Infineon Technologies AG, Faurecia, NXP Semiconductors N.V., DENSO CORP., Hella Gmbh & Co. KGaA, Valeo SA, Panasonic Corporation, Aisin Seiki Co., Xilinx Inc., Visteon Corporation, Hyundai Mobis Co. Ltd., Magna International Inc., Lear Corp., and Yazaki Corp. are the major companies operating in the global automotive electronics market.
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Autonomous Mobile Robots Market
Surging demand for automation solutions is a key factor driving the autonomous mobile robots market. On account of increasing complexity in manufacturing operations, lack of labors, higher labor costs, along with increasing focus toward higher productivity, demand for automation solutions is increasing globally.
https://www.psmarketresearch.com/market-analysis/autonomous-mobile-robots-market
Photonics Market
In North America region, the U.S. held a larger share in 2019. Increasing government funding in the R&D and growing applications of laser optics are the major drivers to the growth of the U.S. photonics market. Programs such as the American Institute for Manufacturing Integrated Photonics (AIM Photonics), which works on the development of photonics related products is fueling the growth of the market.
https://www.psmarketresearch.com/market-analysis/photonics-market
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