Automotive Electronics Market to Reach US$5,048.9 mn by 2022
Albany, NY -- (SBWIRE) -- 01/11/2019 -- The global market for automotive electronics is expected to showcase a stiff competition among the key players over the next few years, states a new research study by TMR. The prominent players in the market are making ardent efforts to develop new products by spending enormously on research and development activities. In addition to this, the growth in the number of alliances and mergers is predicted to create growth opportunities for the new entrants, which in turn is likely to support the development of the market in the near future. Some of the prominent players engaged in the automotive electronics market across the globe are NXP Semiconductor NV, ON Semiconductor Corp., ZF Friedrichshafen AG, Hitachi Ltd., ST Microelectronics N.V., N.V., Maxim Integrated Products Inc., Robert Bosch GmbH, Infineon Technologies AG, ON Semiconductor Corp., and OMRON Corporation.
As per the research study by TMR, in 2017, the global market for automotive electronics stood at US$3,530.7 mn and is predicted to reach a value of US$5,048.9 mn by the end of 2022. The market is estimated to register a promising 7.40% CAGR between 2017 and 2022. The automotive electronics market across Europe is projected to account for a huge share and lead over the next few years. As per the study, this region is likely to register a healthy 6.50% CAGR between 2017 and 2022, further followed by North America. The presence of leading players is considered as the key factor that is expected to ensure the development of these two regions over the next few years.
Growing Demand for Advanced Safety Products to Drive Automotive Electronics Market
The rise in the demand for high safety products, owing to the rising concerns among people leading to use of advanced safety systems. This is expected to encourage the growth of the global automotive electronics market in the next few years. The rise in the number of applications, including parking assistance, powertrains, and wheels is another key factor that is predicted to ensure the growth of the market in the coming few years. In addition to this, the growing demand for the advanced infotainment systems and the rising environmental sustainability are projected to accelerate the development of the automotive electronics market in the coming few years.
Furthermore, the leading players in the market are likely to focus on technological developments and innovations, which may offer to enhance the growth of the global automotive electronics market in the next few years. Also, the rise in the demand for hybrid and electric vehicles is anticipated to accelerate the development of the market in the coming few years.
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Strict Regulations for Vehicle Safety to Inhibit Market Growth in Coming Few Years
The leading players engaged in the automotive electronics market are projected to face a few challenges, which may restrict the development of the global automotive electronics market in the next few years. The strict rules and regulations imposed by the government for vehicle safety is predicted to curtail the market growth in the near future. Moreover, the rising need for the protection of complex electronics systems is anticipated to inhibit the growth of the market in the next few years. Nevertheless, the emergence of electrical active suspensions for electric vehicles is expected to enhance the growth of the overall market in the coming few years.
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