Rising Safety Concerns Drives Automotive Electronics Market Growth

Industry Trends

Automotive Electronics Market size is predicted to reach $353 billion by 2023 and register a CAGR of 8.4% during forecast timeframe. Its growing use in end user applications is predicted to propel demand. Safety features like alcohol ignition interlocks, accident data recorder systems and emergency call systems are predicted to fuel the industry growth during forecast timeframe. Further, growing concerns among authorities on passenger safety are predicted to provide potential avenues for industry expansion. Integration of safety instruments like heads-up display, airbags and back up sensing system are predicted to fuel the automotive electronics market trends during forecast period.

Asia Pacific Automotive Electronics Market size by application, 2012-2023 (USD Billion)

However, complexities like harsh operating conditions, tolerance stack-up and hardware & software can hinder the industry growth during forecast timeframe. Further, lack of awareness related to coordination issues and interplay of subsystems of OEMs can also hinder the industry demand.

Read full market research report “Automotive Electronics Market Size By Application (ADAS, Infotainment, Powertrain, Body Electronics, Safety Systems), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2016 – 2023”, please click on the link below:
https://www.gminsights.com/industry-analysis/automotive-electronics-market

Application Trends

Automotive safety systems industry contributed more than $52.39 billion for 2015 and is predicted to gain about $100 billion by end of 2023 registering CAGR of about 8.4% during forecast period. The growth of the industry can be attributed to rising government concerns about safety and security regulations all across globe.

ADAS market size was evaluated more than $21 billion for 2015 and is predicted to register CAGR at 11% during forecast timeframe. The growth is due to mandatory installation of safety systems in vehicles as per government rules.

Regional Trends

APAC automotive electronics market size contributed more than 39% of overall revenue for 2015. It is predicted to register CAGR of 9% and touch $145 billion mark by end of forecast period. Factors like growing demand for customized vehicle, low priced vehicles and superior quality product have contributed to the growth of the industry in the region.

North America automotive electronics market size was evaluated at $40 billion for 2015 and is predicted to touch $80 billion by end of forecast period. Growing demand for comfort among customers and increasing security concerns are the factors contributing to the demand & growth of the industry in the region.

Competitive Trends

Key industry players profiled in the report include:

• Delphi Automotive PLC
• Denso Corporation
• Avago Technologies
• Continental AG
• ZF Friedrichshafen AG
• Altera Corporation
• Panasonic
• Bosch Group
• Hitachi Automotive Systems Limited
•  Dow Corning
• Atmel Corporation
• Audiovox Corporation

Delphi, an auto parts manufacturer & supplier, had agreed to acquire HellermannTyton Group, an electronic cable device manufacturer, for $1.7 billion in 2015. The transaction was projected to boost its business in Asia, where HellermannTyton had about 15% to 20% growth rate.

ZF Friedrichshafen AG completely acquired TRW in 2015 where the latter was predicted to be included into ZF as a new division termed as Active & Passive Safety Technology. On 15^th September, 2014, TRW and ZF had signed a merger deal for acquisition of TRW by ZF. The deal offered substantial benefits for stockowners, customers, employees and communities with greater focus on creating next generation of motion and safety solutions. Together both companies will benefit from key industry trends by building on their strengths, concentrating on present & future business requirements and creating value for customers.

Many key industry players are entering into joint ventures and forming strategic alliances to reduce competition in the industry.

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Information Source: Global Market Insights, Inc