Automobile Electronics Market – Global Industry Analysis, Growth, Trend, Forecast 2021
Automobile electronics are electrically generated systems that find application in road vehicles and with increasing advancement in technology, automobile electronics are becoming very popular and preferred by the consumers. Automotive electronics enhances the engine control and provides higher safety, security and comfort in a vehicle. The advanced automobiles of the recent time have evolved as electronic machines having a number of electronic control units (ECUs), which function to perform operations such as providing driver assistance through navigation system, in-vehicle infotainment through audio-video devices, enabling internet facility and so on.
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An automobile can comprise of 150 ECUs to control more than one operation at the same time. The ECUs can be divided into an engine control to manage the efficiency of the vehicle, a surround view system to prevent accidents and power steering to maintain the balance. In addition, a direction and a telematic system provides information from local hot-spots. A traction control or electronic stability control is also part of the ECU, which maintains the steering control and sensors of the airbags ensuring awareness and safety in a vehicle.
The automobiles in today’s world are highly efficient and are equipped with advanced gadgets to ensure a premium driving experience. Automotive electronics is used in the functioning of GPS system, entertainment system, airbag restraint system, power-steering system, anti-lock braking system, engine management system and transmission control system. Among all the above mentioned systems, entertainment system is the most vivid and classified under various segments such as satellite radio, audio-video players, carputers (computers designed for in-vehicle use), and internet. The application of automotive electronics is diverse and can be seen in all vehicles such as heavy vehicle, passenger vehicle, SUVs, MUVs and luxury vehicles.
The automobile electronics market has experienced an exponential growth over the years and with the advancement of technology, the growth is expected to reach a new high in the coming years. With the increasing concern for safety and security in vehicles, the demand for automotive electronics is bound to surge during the forecast period. The other factor, which is going to play a major role in the hike of demand for automotive electronics, is the increasing purchasing power of consumers across the globe. In addition, change in lifestyle of the consumers is set to bolster the growth of the entertainment systems under the automotive electronics market, globally. The factors inhibiting the growth of the automotive electronics are its premium pricing feature and high cost of maintenance.
In 2014, North America held the largest market share in terms of revenue followed by Europe, Asia Pacific and Rest of the World. The market in North America and Europe tends to be a bit saturated because of its high use and familiarity but the market is expected to remain stable during the forecast period. By the end of the forecast period, Asia Pacific and Rest of the World are expected to show significant growth because there are a number of countries under this region, where various automotive electronics technology is still not available.
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Some of the key players in the automotive electronics market include Koninklijke Philips N.V. (Netherlands), Delphi Automotive PLC (UK), Sanyo Electric Co., Ltd. (Japan), Denon (Japan), Yamaha Corporation (Japan), Sony Corporation (Japan), Continental AG (Germany) and Denso Corporation (Japan).
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