LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global auto electronics market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.
Growing popularity of digital cockpits in the automotive ecosystem is one of the major trends being witnessed in the global auto electronics market 2018-2022. Digital cockpits in passenger cars have become the main area of focus for most automotive OEMs. Demand is high for digital cockpits amid growing customer awareness about aesthetics appearance as also customization of information offered by this system. Strong competition among OEM is encouraging them to develop innovative cockpits for their model variants, which can help a manufacturer leverage the differentiating factor to gain an upper hand.
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According to Technavio analysts, one of the key factors contributing to the growth of the global auto electronics market is the higher demand for convenience and safety features:
Global auto electronics market: Higher demand for convenience and safety features
Long distance travel and rising traffic congestions are among the important factors leading to increased time spend inside vehicles. Functions such as infotainment systems and telematics have become standard fitments in passenger cars for entertaining and providing useful information to occupants while traveling. An efficient HMI plays a crucial role in operating an infotainment system in a safe manner while driving. Countries where people spend a lot of time on the road in their vehicles are more likely to adopt advanced interfaces, including touchpad interface or gesture recognition, together with other interfaces such as touchscreen or voice recognition. The revenue of the global auto electronics market is expected to rise due to these factors.
According to a senior analyst at Technavio for research on automotive electronics, “In countries such as the US, most people use their own vehicles for long distance trips. As long-distance trips are usually for pleasure, there is a high demand for advanced infotainment systems and telematics services. Further, personal vehicles are used to commute to work in developed countries such as the US. Commuting time is getting lengthier in metros with traffic congestion on a constant rise, leading to the need for convenience features to provide comfort and reduce stress. The presence of advanced electronic systems with efficient HMI raises a vehicle’s safety level as driver distraction gets reduced significantly. Higher time spend in vehicles is thus an important catalyst for the growth of the market.”
Global auto electronics market: Segmentation analysis
The global auto electronics market research report provides market segmentation by application (body electronics, chassis and powertrains, safety systems, and infotainment and telematics) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The body electronics segment held the largest market share in 2017, accounting for nearly 40% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 54%. This region is expected to dominate the market through 2022, with an increase in its market share by nearly 2%.
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