Automotive Electronics Market - Forecasts from 2019 to 2024
The automotive electronics market is projected to grow at a CAGR of X.XX% to reach US$X.XXX billion in 2024 from US$X.XXX billion in 2018. Automotive electronics refers to the various electronically generated systems and subsystems comprised in automobiles. These systems and subsystems are embedded into automobiles to operate at a high level of performance. Automotive electronics is a broad term for saying any modules or components that function electronically in an automobile. These components or modules can be engine electronics or transmission or chassis electronics or as entertainment systems or even driver assistance or for passenger comfort etc., automotive electronics can be a combination of hardware and software.
The automobile industry is a major contributor to the world economy, in fact, according to the International Labour Organization (ILO), approximately 5 percent of the global labour force are directly or indirectly employed in the automotive industry. Moreover, according to the United Nations, the global population is projected to increase to 8.5 billion by 2030, thereby driving the production activities in the automotive industry which will, in turn, supplement the growth of the market during the course of the forecast period.
Geographically, the European region, is anticipated to have a substantial market share during the forecast period due to the amplified increase in technological advancement in the automotive industry in the region. Furthermore, the German automotive industry increased their spending on research and development to 40.2 billion Euros which as a matter of fact accounts for one-third of the total global R&D spending in the automotive sector (source: German Association of the Automotive Industry (VDA)).
Subsequently, the North America region especially the United States is also expected to have a considerable market share due to the fact that the United States of America spent 2.7% of their GDP on R&D investment with more than 60% of it going to business enterprises (source: UNESCO Institute for Statistics, June2018).
Additionally, Asia Pacific is estimated to hold a significant share in the market during the forecast period, in fact, according to the UNESCO Institute for Statistics almost 80% of R&D expenditures are invested on business enterprises. Moreover, according to the German Association of the Automotive Industry (VDA) with China being the world’s largest passenger car market the automotive electronics market is expected to grow.
Growing technological advancements and the adoption of technology such as artificial intelligence as well as the emerging relevance of digital components for features of interaction, connectivity, and automation in the automotive industry is considered as a driving factor in the growth of the industry during the forecast period. However, a number of legislative, infrastructural and technological barriers, as well as countries that are highly underdeveloped that cannot afford the technology, can impede the growth of the industry globally.
Major industry players profiled as part of the report are Bosch Limited, Intel Corporation, DENSO CORPORATION, Continental AG, Delphi Technologies, Hitachi Automotive Systems, ZF Friedrichshafen AG, among others.
The automotive electronics market has been analyzed through the following segments:
By Automobile Type
Middle East and Africa
Key insights offered
What will be the automotive electronics market size from 2019 to 2024?
How are the major drivers and restraints affecting the automotive electronics market growth and the opportunities which exist for key vendors?
Which segment and region will drive or lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants’ behaviour
Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth.
Hitachi Automotive Systems
ZF Friedrichshafen AG