Albany, NY -- (SBWIRE) -- 11/05/2018 -- The global automotive electronics market displays intense competition due to the presence of a large of established companies. Going forward, the competition in the market is likely to further intensify with the influx of new participants.
Prominent participants in the global market for automotive electronics include Infineon Technologies AG, Maxim Integrated Products Inc., ON Semiconductor Corp, OMRON Corporation, Hitachi Ltd., Texas Instruments Inc., ST Microelectronics N.V., NXP Semiconductor NV, Robert Bosch GmbH, and ZF Friedrichshafen AG.
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As per estimations of a commerce and business intelligence study by Transparency Market Research (TMR), the global market for automotive electronics will rise at a CAGR of 7.4% for the forecast period of 2017 to 2022. At this pace, the market will reach a valuation from US$5,048.9 mn by the end of 2022 from its estimated valuation of US$3,530.7 mn in 2017.
Among the key vehicle type segments, mid-sized passenger cars is anticipated to hold a significant 26.2% market share in 2017. Geography-wise, Europe is likely to emerge as a key region for automotive electronics in 2017.
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Need to Enhance Vehicle Safety Boosts Adoption
Majorly fuelling the global automotive electronics market is rising safety considerations among consumers that greatly influence their decision for buying automobiles. Automotive electronics include gadgets and devices that function on electrical systems. Advanced driver assistance, in-car entertainment, electronic fuel injection, airbag, and telematics are some of the areas where automotive electronics are installed to enhance overall efficiency.
High-end electronics provide navigation, entertainment, and information features that are transmitted over a wireless network. In particular, infotainment systems that are embedded in dashboard hold considerable significance for car buyers. This, however, requires additional storage space for advanced software applications and rich multimedia leading to an explosion in the demand for both volatile and nonvolatile memories.
Further, with the rising popularity of electric and hybrid vehicles, automotive electronics are likely to gain the attention of automotive electronics manufacturers. Moreover, technological advances such as electrical active suspensions for electric vehicles is anticipated to augment the applications of power electronics in the automotive industry.
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In several developed countries, state-driven vehicular safety initiatives such as the New Car Assessment Program in Europe are aimed to increase the overall road safety of vehicles. This is compelling automotive component manufacturers to explore newer technologies so as to reduce the possibility and impact of accidents. At present, cars are equipped with nearly 40% electronic based components, and this percentage is likely to increase with alterations in regulations governing the automotive industry.