Global Automotive Electronics Market To Be Worth Around USD 430.13 Billion By 2026: Acumen Research and Consulting

Author: Acumen Research and Consulting

The global automotive electronics market is expected to record market size of USD 430.13 billion by the end of 2026, the market is projected to grow at a CAGR of 9.0% during the forecast period. Various government regulations in developed and developing countries for necessary installation of automated safety systems in automobiles catalyses the growth in revenue of global automotive electronics market. 
 
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Rising penetration of hybrid electric vehicles (HEV) and electric vehicles (EV), increased acceptance and transformation of safety systems, such as advanced airbags and anti-lock braking systems in vehicles , in order to limit road fatalities is anticipated to augment the market growth. 
 
Furthermore, the manufacturers are investing profoundly in R&D to develop high-performance automotive electronics at reasonable cost and are transforming towards energy storage technologies. The OEMs have become more reliant on advanced technology-based electronics, which enables them to offer enhanced safety systems. In 2010, electronics accounted for around 35% of the total vehicle cost; however in the coming years, with the ongoing technological advances, it is expected to account for around half of the total vehicle cost.
 
Slow transformation of usage of mechanical components in automobile by electronic components is among the other factors by which electronics can address several needs of the automotive industry while increasing reliability and minimising the weight of wire harness. Rising demand for in-car infotainment systems due to better efficiency, comfort, and convenience is driving the global automotive electronics market. This has also increased the demand for in-vehicle data storage to support the access of complex features. 
 
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The industry is more dependent on the raw availability of materials, their supply and its procurement cost, and timely delivery of these materials. Thus, demand for raw materials shall have a major impact on the OEM’s operating costs, thereby, affecting their profit margins. Most commonly used raw materials include resin, aluminium, copper and among others.
 
The global automotive electronics market can be segmented on the basis of component, application, sales channel and region. The global automotive electronics market can be categorized by component into Electronic Control Unit (ECU), sensors, current carrying devices, and others. On the basis of application, the global automotive electronics market can be segmented into ADAS, infotainment, body electronics, safety systems, and powertrain. Based on the saleschannel, the global automotive electronics market can be segmented into OEM and aftermarket. Regionally the market can be segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
 
OEM sales channel was the dominant segment in 2017. As electronic components form anprominent part of vehicles and play an fundamental role in the vehicle’s performance, consumers prefer buying it through OEMs as these products are highly durable and genuine. Increase in the complication of these electronic components is owing to the integration of electronic switches and fuses equipped with advanced features, such as ultra-miniaturization, latching, and low noise. These complexities are also expected to encourage the dominance of OEM sales channel during the forecast period.
 
Suppliers like Continental AG along with OEMs are focusing on offering economical ADAS for the hatchback and sedan car segments. The company introduced reasonably priced ADAS systems, such as Lane Departure Warning (LDW) system, traffic sign recognition and driver monitoring systems. 
 
The current carrying devices segment among the components, led the market in 2017. This was owing to the large volumes and high costs of electronic switches, fuses, and wires installed in vehicles. Regulatory impacts on manufacturers to minimize the overall fleet emissions are incurring considerable costs. Thus, in order to meet the stringent standards and regulatory framework, new manufacturers are also focusing on product innovation, such as reducing vehicle weight by incorporating lightweight components.
 
The key players catering to the global automotive electronics market are Continental Corporation; Robert Bosch GmbH; Autoliv, Inc.; Samsung Group; Delphi Technologies, Inc.; Denso Corporation; and ZF Friedrichshafen AG. The global players are continuously innovating in order to minimize cost and are investing in R&D to attract more and more business opportunity from the emerging nation such as China and India. The prominent players also undertake strategic initiatives such as M&A, joint ventures, in order to maintain their position in a highly aggressive market.
 
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