According to the latest report by IMARC Group, titled "Automotive Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the global automotive electronics market reached a value of US$ 205 Billion in 2020. Looking forward, IMARC Group expects the global automotive electronics market to exhibit moderate growth during 2021-2026.
Automotive electronics refer to specially-designed electronics that are intended for use in both on-road and off-road automobiles such as trucks, tractors, forklifts, excavators, and electric and hybrid cars. These electronics enhance the engine control and aid in providing higher safety, security and comfort to the driver as well as the passengers in a vehicle. For instance, the anti-lock braking system (ABS) prevents vehicles from skidding on slopes, whereas electronic car security locks offer enhanced security by using remote-controlled locks and a central locking system. Airbags, infotainment, advanced driver assistance and electronic fuel injection are some of the other areas wherein automotive electronics systems are utilized.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Automotive Electronics Market Trends:
One of the vital factors that are propelling the growth of the automotive electronics industry is technological advancements. The arrival of autonomous or driverless cars, in confluence with the launch of cost-efficient electric vehicles with enhanced features, is impelling the market growth. Moreover, a shift towards luxury vehicles which are equipped with in-vehicle entertainment devices, offering a relatively more sophisticated and interactive user experience is stimulating the demand for automotive electronics across the globe. Apart from this, advanced computing technologies including parking assistance, electrical suspensions, braking and steering systems are being applied in cars to decrease accidents and fatalities. Moreover, manufacturers are introducing product innovations like active-window display, remote vehicle shutdown, exhaust emission control and reconfigurable body panels to expand their consumer base.
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Key Market Segmentation:
Some of the major players operating in the industry include:
Market Breakup by Component:
Market Breakup by Vehicle Type:
Market Breakup by Distribution Channel:
Market Breakup by Application:
Market Breakup by Region:
Key Highlights of the Report:
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