The global market for automotive electronics is foreseen to project a strong competition among the major firms in the coming few years. The key players are consistently making efforts so as to innovate and launch new products by investing heavily on the research and development activities. Moreover, the increase in the number of mergers and acquisitions, and collaborations are expected to provide the fertile growth scenario for the new comers. This is likely to contribute in the growth of the automotive electronics market in coming years. The major players operating in the automotive electronics market all over the world are ON Semiconductor Corp., NXP Semiconductor NV, ZF Friedrichshafen AG, ST Microelectronics N.V., Hitachi Ltd., N.V., Robert Bosch GmbH, Maxim Integrated Products Inc., Infineon Technologies AG, and OMRON Corporation.
According to a recent report by Transparency Market Research (TMR), the global automotive electronics market is likely to expand at a steady CAGR of 7.40% within the forecast period from 2017 to 2022. In 2017, the global market for automotive electronics was valued to be of worth around US$3,530.7 mn. This figure is foreseen to reach around a worth of US$5,048.9 mn by 2022-end.
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On the basis of vehicle type, the global automotive electronics market is segmented as mid-sized passenger cars, heavy commercial vehicles, compact passenger cars, luxury passenger cars, premium passenger cars, and light commercial vehicles. Out of these, the segment of mid-sized passenger car is estimated to project the lead as far as revenue is concerned. In 2017, the segment was anticipated to be valued around US$923.3 mn, with around 26.2% of the overall market.
Rising Demand for Safety Products to Fuel Market Demand
The surging demand for improved safety products, inferable from the rising issues among individuals prompting utilization of advanced security frameworks. This is likely to energize the development of the global automotive electronics market in the following couple of years. The increased in the quantity of utilizations, such as powertrains, parking assistance, and wheels is additional major factor that is anticipated to guarantee the development of the market in the coming years. Moreover, the rising demand for the propelled infotainment frameworks and the rising sustainability in environment are anticipated to quicken the improvement of the automotive electronics market in the future.
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The main players in the market are expected to concentrate on the advancement in technology and developments, which may offer to upgrade the development of the global automotive electronics market in the following couple of years. Likewise, the increasing demand for crossover and electric vehicles is foreseen to quicken the advancement of the market in the coming couple of years.
Stringent Rules by Government for Vehicle Safety to Hamper Market Growth
Nevertheless, the main players operating in the automotive electronics market are anticipated to come across a couple of difficulties, which may limit the improvement of the global automotive electronics market in the forthcoming years. The strict regulations and controls imposed by the government for safety of vehicle is foreseen to reduce the market development in future years.