Increasing demand for premium audio system and sophisticated driver assistance systems is anticipated to drive the automotive electronics market growth
The competitive market of automotive electronics has given rise to the need of producing more interactive and technologically advanced systems. As per the industry analysis by Global Market Insights Inc., the current automotive electronics market is expected to reach USD $353 billion at a growing CAGR of 8.4% approximate by the year 2023. Fuel is used in industries like entertainment; safety systems, body electronics etc and the increasing demand of electronics in these industries is likely to boost the growth over projected time frame.
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In the recent few years, production of direct-injection diesel engines has increased rapidly as these products offer better fuel efficiency over other gear. Diesel engines help in reducing emissions and have an inbuilt cooling configuration for heavy machinery. These function better than the competitor swirl chamber and pre chamber machines. At present, automobile hi-end technologies like driver assistance, collision avoidance system and map enabled display offer various advantages to the market. Advanced electronics market also produces machines with smart front lighting system and lane departure system, LED high and low beam lights, data transmitters, daylight lamps and collision warning systems. These technologies help in increasing the market price trend.
The geographic automotive electronics market trend displays that the North American industry was valued at USD $40 billion by 2015 and is expected to reach USD $80 billion by the year 2023. The Northern American market demands for automobiles with customized vehicles with superior quality at an economical rate. Furthermore, increase in the demand of safety gear is highly enhancing the industry demand. The Asia Pacific market recorded over 39% of the global revenue by the end of 2015 and is expected to grow by 9% more which will be approximately USD $145 billion in the near future.
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Well known brands exist in the today’s industry due to its competitive nature, emphasizing on setting up collaboration with partners. More than 40% of the market share is taken by competitors Bosch and Continental. These two companies have dominated the market and stayed at number one position as per the British Market Researcher. These two German suppliers – Bosch and Continental have dominated the semiconductor market with an exclusive on the hood electronics. Due to the government regulations, the top giants in the industry are adopting green technologies for environment friendly reasons. The other market competitors are TRW, Denso, Delphi and ZF Friedrichshafen.
Author Name : Dhananjay Punekar