Global Automotive Electronics Market Worth USD 5,048.9 Million by 2022, growing at a CAGR of 7.4% between 2017 and 2022
Albany, NY -- (SBWIRE) -- 09/21/2018 -- The global automotive electronics market displays intense competition due to the presence of a large of established companies. Going forward, the competition in the market is likely to further intensify with the influx of new participants.
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Prominent participants in the global market for automotive electronics include Infineon Technologies AG, Maxim Integrated Products Inc., ON Semiconductor Corp, OMRON Corporation, Hitachi Ltd., Texas Instruments Inc., ST Microelectronics N.V., NXP Semiconductor NV, Robert Bosch GmbH, and ZF Friedrichshafen AG.
As per estimations of a commerce and business intelligence study by Transparency Market Research (TMR), the global market for automotive electronics will rise at a CAGR of 7.4% for the forecast period of 2017 to 2022. At this pace, the market will reach a valuation from US$5,048.9 mn by the end of 2022 from its estimated valuation of US$3,530.7 mn in 2017.
Among the key vehicle type segments, mid-sized passenger cars is anticipated to hold a significant 26.2% market share in 2017. Geography-wise, Europe is likely to emerge as a key region for automotive electronics in 2017.
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Majorly fuelling the global automotive electronics market is rising safety considerations among consumers that greatly influence their decision for buying automobiles. Automotive electronics include gadgets and devices that function on electrical systems. Advanced driver assistance, in-car entertainment, electronic fuel injection, airbag, and telematics are some of the areas where automotive electronics are installed to enhance overall efficiency.