Automotive transceivers market to gain commendable proceeds from chassis & safety applications, global industry revenue to surpass USD 7 billion by 2024
U.S. automotive transceivers market, by application, 2017 & 2024 (USD Million)
Traditionally, most of the power steering systems in vehicles are hydraulic systems, but the electric power steering systems are gaining enormous momentum due to the increased efficiency and performance they offer. Elimination of the different physical components of a hydraulic system makes EPS a smaller and lighter alternative, depending mostly on communication between electronic control units and sensors. The growing adoption of EPS in cars and commercial vehicles will propel the automotive transceivers market revenue. A key benefit of the EPS system is that it powers the EPS motor only when it is required, making it notably more efficient.
Being a low cost way to provide a more comfortable driving experience, continuous advancements in EPS technology will further push the automotive transceivers industry evolution for delivering more enhanced products. Today, EPS allows for the integration of automated driving in combination with increased safety for the driver. It has been reported that 90% of all traffic accidents are caused by human errors, which can be reduced by automated driving features. Also, EPS has lesser weight as compared to conventional steering systems and some EPS offerings, like Bosch’s Servolectric, being up to 20% lighter.
Global automobile manufacturers are installing EPS in their current and upcoming models to improve driver safety and include added features. Recently, Honda unveiled a new Sport model of its HR-V lineup for Europe which has Honda’s Agile Handling Assist system, a specific steering feature. It utilizes a variable EPS for adjusting the amount of feel through the wheel based on steering angle and speed. Honda claims the system delivers a steady and smoother response for different steering angles, making it safer to drive. As increasing number of vehicles are produced with similar systems incorporated within them, the automotive transceivers market can be expected to register a higher growth rate from the chassis and safety segment.
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A significant development in vehicle technology that has strengthened the automotive transceivers industry is the advent of advanced driver-assistance systems (ADAS), which can also be combined with EPS. Several features like blind spot detection, lane assist, forward collision warning are being added into cars to improve the overall safety of drivers and passengers. With the help of innumerable connectivity solutions fused into a vehicle, these ADAS capabilities can be merged with EPS to provide an easier and more reliable safety system. Automaker Jaguar has demonstrated the same in its E-Pace model, in which the company has added considerable ADAS technologies.
Speaking further, the car has rear parking sensors and camera for assisting the driver, and this camera is also connected to the EPS for enabling blind spot detect function to reduce the possibilities of sideswipe collisions on roads having multiple lanes. Such a combination of different safety technologies in a vehicle signifies the potential of the automotive transceivers industry for boosting the advancement of these functions. Experts have predicted that efficient and proper use of ADAS functions can reduce all vehicle crasher by nearly 40% and all traffic deaths by almost 30%, displaying the necessity of ADAS in all future vehicles.
Worldwide, the mounting concerns regarding environmental pollution has put the focus on electric vehicles, which are the prime target market for the latest ADAS and EPS products. The International Energy Agency has projected that by 2030, almost 125 million electric vehicles would have hit the roads globally, indicating lucrative prospects for the automotive transceivers market over the next few years. Anticipated to reach a global valuation of more than USD 7 billion by 2024, the automotive transceivers market is characterized by the presence of small and large players, including Infineon Technologies, NXP Semiconductors, Texas Instruments, Broadcom, Inc. and Cypress Semiconductor Corporation.
Author Name : Pankaj Singh
This entry was posted in Automotive & Transportation and tagged ADAS, Auto Transmission, Automotive Transceivers Market, Automotive Transceivers Market Forecast, Automotive Transceivers Market Growth, Automotive Transceivers Market Share, Automotive Transceivers Market Size, Autonomous Driving, Body Control Module, Body Electronics, CAN, Chassis & Safety, Dashboard, Electric Power Steering, Engine Management System, Ethernet, FlexRay, HVAC, Infotainment, LIN, Multimedia, Navigation, Powertrain, Telematics.
With increasing emphasis on vehicle safety and rising affinity of OEMs towards incorporation of electronic systems & components in vehicles, automotive switch market demand is poised to witness a marked ascent in the coming years. Automotive switches have numeric mechanical applications and are available in multiple varieties, such as rotary, push button, toggle, rocker, multi-function, and others. Among its far-reaching spectrum of applications, automotive switches mainly permeate in engine management, indicator systems, electronic systems, HVAC units, and other automotive systems.
As per a comprehensive report published by Global Market Insights, Inc., worldwide automotive switch market is pegged to cross the USD 9.5 billion mark by 2025.
Automotive switches find application in PCV, LCV, and HCV vehicles, however, their use is predominant in PCVs owing to their low cost. Increasing demand for passenger vehicles, especially in the emerging economies of Asia Pacific has fueled automotive switch market demand. The product is also experiencing a surge in demand from mid-level car segment, as well as, standard versions of premium vehicles, which is slated to intensify automotive switch market trends. For instance, Audi uses automotive switches in the steering wheel system of its Audi A3 variant.
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Automotive switches are critical for the management of various vehicular functions. Multifunction switches, in particular, are capable of managing a number of functions, which has raised its demand considerably among OEMs endeavoring to manufacture multiple function vehicle systems.
Augmenting sales of electric vehicles support a strong case of increase in automotive switch market demand as vehicle electrification invariably require switches. In this regard, China stores huge potential for market expansion. The country is gradually evolving into a production hub, with major portion of global production being cornered towards China. For instance, in 2018, Great Wall Motors partnered with the BMW group to commence manufacturing of BMW’s electric MINI vehicles in China.
In addition, government initiatives towards encouraging adoption of electric vehicles in the form of tax incentives and subsidy schemes is likely to further boost the sale of electric vehicles, which, in turn, would fuel automotive switch market trends. The Ministry of Heavy Industries in India allocated a fund of USD 67 million in December 2018 towards public transport electrification across 11 cities in the country, which appropriately validates the aforementioned fact.
Escalating demand for ADAS systems and car safety components is also influencing automotive switch market growth. OEMs are focusing on strengthening driver safety quotient, prompted by the need to comply with strict norms. Ratification of stringent emission regulations by the European Union is a key impetus behind the growth of the regional automotive switch market.
Furthermore, brisk competitive environment characterized by M&A and R&D activities is likely to catapult automotive switch market outlook on a path of upward trajectory. The automotive switch industry is marked by the presence of some eminent players including Panasonic Corporation, Robert Bosch GmbH,
Standard Motor Products, Toyodenso, Valeo, Preh GmBH, Continental AG, Hella KGaA Hueck & Co., Delphi Technologies, Tokai Rika Co. Ltd., and others.
Author Name :Ananya Mukherjee
This entry was posted in Automotive & Transportation and tagged Automotive Switch Market, Automotive Switch Market Share, Automotive Switch Market Size, Automotive Switches, Button, Commercial Vehicles, Electronic System Switches, EMS, EMS Switches, Global Automotive Switches Market, HVAC, Indicator System, Indicator System Switches, Knob, Lever, Multi-function Switches, Passenger Vehicles, Push- button, Rocker Switches, Rotary Switches, Toggle Switches, Touchpad Automotive Switch Market.