The global automotive cockpit electronics market was worth USD 31.1 billion in 2013 and is expected to grow at a CAGR of 12.0% during 2014 to 2020, to reach an estimated value of USD 61.5 billion in 2020.
New York, NY -- (SBWIRE) -- 10/20/2016 -- Growing per capita income and an economically active global population have led to the increase in demand for personal conveyance. The global cockpit electronics market is growing mainly due to the spurt in new car sales and the increasing affordability of consumers to install advanced technologies in their vehicles. Technological advancements have been giving rise to competition in the market due to which most leading companies are investing heavily in research and development activities. The changing demand for vehicle electronics from analog to digital has boosted the automotive infotainment market significantly.
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The per capita car ownership has been continuously rising due to the worldwide increase in the middle-class population. According to the International Transport Forum of Organization for Economic Cooperation and Development (OECD), the number of cars plying worldwide would reach 2.5 billion by 2050. There has been a significant rise in passenger car ownership in the Arab countries and Eastern Europe. Germany is the logistics hub of Europe and one of the countries with the largest number of commercial vehicles. According to a U.S.-based advisory firm, the global passenger car sales are expected to rise from 81 million in 2012 to 116 million by 2020. Brazil, Russia, India, and China (BRIC countries) are expected to be the major growth drivers of the automotive industry. Improving economy, advancements in road infrastructure, and the rising inclination of individuals towards personal conveyance are the key factors augmenting the growth of an automotive industry. Growing concerns of the consumers regarding the safety has increased the demand for automated passenger cars that gives the drivers higher control over their vehicles. Infotainment has seen a significant rise in the recent years since the consumers are seen to be inclined towards a more informed driving experience.
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Eurozone crisis remains a key concern for the automotive cockpit electronics market and has affected the OEM sales in the region. However, the market is expected to gain momentum in this area towards the end of the forecasted period as a result of expected improvements in the economy. With the tightening of regulations for the passenger car manufacturers (for instance, the TPMS becoming mandatory for new vehicles in Europe), plenty of opportunity awaits the automotive cockpit electronic companies in the near term.