Showing posts with label Automotive Electronics Market. Show all posts
Showing posts with label Automotive Electronics Market. Show all posts

Booming Automobile Sales to Boost Demand for Automotive Electronics in Future

Automotive electronics are key components of automobiles and therefore, the mushrooming sales of automobiles are positively impacting the requirement for automotive electronics across the globe. According to many reports, automotive electronics nowadays account for nearly 35% of the total cost of an automobile as compared to their share of only 5% of the total price of a vehicle in 1970.

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Furthermore, as per the predictions of the industry experts, this share will grow to 50% by 2030, which will, in turn, lead to huge revenue generation from the sales of these electronics systems. In the recent times, there has been a drastic rise in the sales of automobiles throughout the globe, primarily because of the rapid growth of the automotive industry in several countries and the surge in the disposable income of the people, especially in the developing nations around the world. 



Globally, the Asia-Pacific (APAC) automotive electronics market will be very prosperous in the future, as per the forecast of P&S Intelligence, a market research firm based in India. Moreover, the sales of vehicles will push up in the future years, which will consequently boost the sales of various automotive components such as electronics. As per the findings of the Organisation Internationale des Constructeurs d'Automobiles (OICA), global vehicle sales increased at a CAGR of 1.8% between 2014 and 2018. The organization also found that 95.1 million automobiles were sold across the world in 2018.

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Furthermore, the growing popularity of electric and autonomous vehicles will lead to a sharp rise in the sales of automotive electronics in the coming years. Besides the burgeoning sales of vehicles, the growing requirement for efficient and safe automobiles is also fueling the worldwide demand for automotive electronics systems. The rising incidence of road accidents has considerably boosted the popularity of vehicles equipped with various safety systems such as advanced driver assistance system (ADAS).
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How is Booming Automobile Sector Propelling Surge in Global Automotive Electronics Market?


The global automotive electronics market is expected to register a CAGR of 9.3% during the forecast period (2020–2030) and record a significant increase in its valuation, from $235.7 billion in 2019, to $615.3 billion by 2030.

The major factors boosting the growth of the market are the increasing demand for vehicles and the soaring number of government measures and regulations being enacted for making the vehicles fuel-efficient and safer. Automotive electronics refer to the electronic systems integrated in vehicles for enhancing or even enabling their performance.

One of the key factors pushing the growth of automotive electronics market is the rapidly increasing sale of vehicles around the world. In this day and age, automotive electronics contribute nearly 35% of the total cost of an average automobile, a considerable increase from the 5% contributed by these components in 1970.

This number is projected to significantly increase in the future, thereby driving the industry revenue. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), the total automotive sales during 2014–2018 stood at around 95.1 million.

The rise in government regulations and measures aimed at improving the safety and efficiency of vehicles is another major factor driving prosperity in the automotive electronics market.

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In various countries, such as the U.S., Japan, and China, the governments are initiating the mandatory installation of various emission-controlling systems, such as positive crankcase ventilation (PCV) valve, catalytic converter, evaporative controls, and exhaust gas recirculation (EGR) valve, in vehicles. Furthermore, the governments are also making the use of certain autonomous driving systems mandatory, in order to improve road and passenger safety.

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