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Automotive Electronics Market Growth and
Industry Analysis Report, 2016 – 2023: Global
Market Insights Inc.
Automotive Electronics Market industry analysis is covered in this latest research
report that aims to help those taking daily business decisions by providing market
trends information, competitive landscape scenario, forecasts and more.
Connected cars is the next big thing in the portfolio of Internet of things or IOT
domain. The automotive players across the globe are moving away from the plain
vanilla manufacturing methods and focusing towards the technological
implementations in the vehicles. On account of these hi-tech developments, the use
of electronic components has soared in the vehicles over the last few years.
A modern car in today’s world nearly comprises a minimum of 100 ECUs (Electronic
control units) to manage various functions right from the infotainment to the mission
critical systems. According to a report by Global Market Insights, Inc. ‘the automotive
electronics market is anticipated to surpass a revenue of USD 352 billion by 2023.’
The automotive industry is evolving and striving to meet the technological demands
from the potential buyers. The digitally connected era demands the cars to be smart,
which is boosting the automotive electronics market size. Driven by the high demand
for features like vehicle infotainment, networking, Automated Driver Assistance
Systems (ADAS), powertrain, chassis, body electronics, safety, and security, the
electronics component covers nearly 90% in the overall vehicle innovation.
The government stringent regulations emphasizing on the safety in vehicles are
boosting the application of automotive electronics in safety systems. Automotive
electronics market share in the safety systems is forecast to surpass a revenue of
USD 100 billion by 2023. Moreover, it is estimated that the driverless cars shall
occupy the automotive business space by 2020. This will indeed boost the safety
systems market in the automotive sector over the coming time frame.
ADAS (automated driver assistance system) is another lucrative application area of
the automotive electronics. In various regions, the government has mandated the
use of ADAS in the vehicles to ensure the passenger and vehicle safety, which in
turn will build a huge growth scope for the automotive electronics industry. The
automotive electronics market size in automated driver assistance system is
estimated to grow at a CAGR of 13% over 2016-2023, says the report by Global
Market Insights, Inc.
Asia Pacific automotive electronics market size by application, 2012-2023 (USD
The booming automotive market is becoming a center of attraction for various
industries worldwide, of course due to all the justified reasons. It is a well-accepted
fact that connected cars are on the verge of being the next ‘big’ entity in the
expanding domain of IOT. In this scenario, the IT and the consumer electronics
industries are leaving no stone unturned to enter vigorously in this business space.
This will provide them with ample opportunities to explore the rapidly rising market of
The recent acquisitions and collaborations in the industry have paved a way for
some interesting developments in this market. Samsung acquisition of Harman, an
automotive giant is one such move, wherein the consumer electronics giant will get
to explore the automotive industry, undoubtedly, electrifying the automotive
electronics industry. Another announcement buzzed the world, when Robert Bosch
declared its new move in the automotive electronics industry. The company will now
move a step further from the automotive space, and try its hand in the mobility and
internet of things space.
The Asia Pacific will be a significant region for this industry over the coming years.
The growth in this region can be attributed to factors such as expanding automotive
industry, growing demand for customized vehicles, rising trend of electric & hybrid
electric vehicles, and lower manufacturing costs across this region. The Asia Pacific
automotive electronics market worth USD 72.63 billion in 2015, is estimated to
surpass a revenue of USD 145.58 billion by 2023. India will be a major region
participating in this growth.
The industry is consolidated with the top brands such as Bosch and AG Continental
captivating the market space. The market will look forward to new innovations in
technology revolving around the IOT and connected space. The upcoming years will
witness a bunch of strategic collaborations and acquisitions, few already being on
Browse Related Report:
Automotive Electronics Control Unit (ECU) Market Size By Application
(Powertrain, Chassis Electronics, Safety & Security, Entertainment,
Communication & Navigation), Industry Outlook Report, Regional Analysis,
Application Potential, Price Trends, Competitive Market Share & Forecast,
2016 – 2023
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These exhaustive
reports are designed via a proprietary research methodology and are available for
key industries such as chemicals, advanced materials, technology, renewable
energy and biotechnology.
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Global Market Insights, Inc.
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