The automotive electronics market size is expected to reach USD 144.19 billion by 2026, exhibiting a CAGR of 6.1% during the forecast period. The growing technological advancement in automotive for enhanced safety, entertainment and comfort features will contribute positively to the automotive electronics market growth during the forecast period. Moreover, the integration of Internet of Things (IoT), artificial intelligence, and cloud computing in automobiles will spur opportunities for the automotive electronics revenue in the forthcoming years, mentioned in a report, titled “Automotive Electronics Market Size, Share & Industry Analysis, By Application Type (Advanced Driver Assistance System [ADAS], Body Electronics, Power Electronics, and Infotainment), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, and Electric Vehicle) and Regional Forecasts, 2019-2026” the market size stood at USD 91.06 billion in 2018.
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The Report Lists the Main Companies in the Automotive Electronics Market:
Continental AG
Robert Bosch GmbH
SONY Corporation
Aptiv PLC
Hyundai Mobis
ZF Friedrichshafen AG
Autoliv Inc.
Magna International Inc.
Aisin Seiki Co. Ltd
Philips N.V.
Infineon Technologies AG
Rising Adoption of Electric Vehicles to Boost Market Growth
The shift from conventional cars to electric vehicles will subsequently aid the development of the market. The preference towards electric vehicles owing to its capabilities such as high battery life, energy-efficient, advanced electronic systems, zero direct carbon emission. The companies operating in the market are investing vastly in the development of high-end hybrid cars. The growing government regulations to curb carbon emissions will positively promote the automotive electronics market share. Also, the consumer inclination towards electric vehicles equipped with parking assistance, head-up display, and powerful infotainment system will bolster the healthy growth of the market during the forecast period.
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Presence of Major Automotive Giants to Augment Growth in Europe
Asia Pacific generated a revenue of USD 43.49 in 2018 and is predicted to grow profoundly during the forecast period owing to the flourishing automobile industry. The presence of various automotive manufacturers in India, China and Japan will aid the expansion of the market in Asia Pacific. The rising production capabilities of manufacturing facilities will propel the growth of the market in the forthcoming years. The increasing awareness about the advantages of EVs will contribute positively to the automotive electronics market growth. Europe is predicted to expand radically in the foreseeable future owing to the existence of automobile giants such as Volkswagen, Skoda, Audi, BMW, Daimler. In addition, the rising focus of the European government to curb carbon emissions and ensure safety features in every vehicle will encourage the healthy growth of the market during the forecast period.
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