The global automotive electronics market size from passenger cars sector will rise considerably due to the growing technological enhancements like infotainment and comfort systems and driver assistance to provide a better travelling experience to the customers. Moreover, increasing customer spending capabilities and an upsurge in income will escalate the sales of passenger vehicles. Estimates claim that passenger cars segment will hold 85% of automotive electronics market share by 2024.
Commercial transport is experiencing wide popularity in the automotive electronics industry owing to innovative telematics systems like ADAS, powertrain and infotainment systems, which require robust and advanced electronic systems to offer optimized performance and longer life, to offer superior capabilities as opposed to conventional buses and trucks. Further, the increase in imports & exports demands efficient transport and delivery service which will further fuel the manufacture of commercial automobiles, driving market expansion.
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Growing evolution of commercial and passenger vehicles will drive automotive electronics market size. The implementation of cutting-edge technologies to achieve luxury, comfort, higher fuel efficiency and an extravagant driving experience along with the need for advanced safety systems will call for sophisticated sensors, semiconductors and related electronic components. This demand will positively influence the automotive electronics industry growth.
Growing demand for in-vehicle infotainment systems in passenger vehicles is driving automotive electronics market share from infotainment and communication applications. The growth is attributed to the technical advancements and innovations such as integration of internet services and connected technology which deploy various sensors and control units to support smart, internet-based facilities.
Powertrain applications are also experiencing a massive upsurge due to the demand for enhanced energy-efficient systems. Additionally, the presence of CO2 emission regulations and standards in the automobile industry has forced OEMs to focus on developing fuel-efficient automotive that deploy advanced engines and powertrains.
Rapid industrialization and manufacturing activities in China and India has certainly increased the demand for automotive electronic products in the Asia Pacific. In addition, cheap and easy accessibility to components and raw materials due to presence of suppliers in countries like Japan, China, South Korea and Taiwan fuels the regional market size.
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