Automotive Electronics Market is expected to reach over USD 400 billion by 2024. The innovations in vehicle architectures and systems that enable a high-end driving experience in OEMs will drive the market growth. These strategies include the implementation of luxury & comfort features, ADAS solutions, and support to the sustainable development initiatives across all industry verticals.
Global Market Insights, Inc. has released a new research study on automotive electronics market Analysis 2018-2024 inclusive of one or more factors covering regional opportunities, application landscape, product demand trends, and end-use portfolio of the industry over the forecast timeframe. The report also outlines the competitive framework of the industry detailing the SWOT analysis and market share dominance of the prominent players.
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The Europe automotive electronics market is predicted to witness a high growth over the forecast timespan due to the increasing manufacturing of luxury & passenger cars by the leading OEMs. Due to the implementation of high-end systems in these vehicles, the countries including Germany, Italy, UK, etc., are witnessing a high demand for automotive electronics.
In the automotive electronics market, powertrain applications are gaining high popularity across all regions due to the development of efficient fuel and energy consumption systems. Automotive electronic system manufacturers are concentrating on providing systems that will improve engine control and transmission drivetrains to address the OEM requirements. Furthermore, the powertrain applications are highly in demand due to high production and consumption of battery & electric vehicles.
The powertrain system manufacturers are developing application-specific products and focusing on the incorporation of innovative techniques, further enhancing the vehicle performance. The need for low & zero emissions causing vehicles to control increased environmental pollution will result in the reconstruction of powertrain systems with natural gas, liquid air, and low fuel capabilities, adding to the automotive electronics market growth.
In the automotive electronics market, commercial vehicles are gaining a high traction owing to technical advancements in vehicle lighting & engine management systems. Commercial vehicles developed for the transportation and logistics industry require high-capacity engine systems.
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Leading market players such as Bosch Group, Continental AG, etc., have developed specific high-capacity compatible systems for commercial vehicles. For instance, in September 2017, Bosch Group announced the development of powertrain eAxle solution for commercial vehicles in partnership with Nikola Motor Company.
The regional automakers are focusing on providing efficient mobility such as connected vehicles, driving assistance, and infotainment systems. Additionally, increasing regulatory policies from the European Commission are supporting the expansion of the regional automobile industry, contributing to automotive electronics market growth.
Prominent players present in the automotive electronics market comprise: Bosch Group, Magna International, Continental AG, Hyundai Mobis, Hitachi Automotive Systems, Delphi Automotive, Lear Corporation, ZF Friedrichshafen AG, Texas Instruments, Faurecia, etc.
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