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.
New York, NY -- (SBWIRE) -- 01/20/2016 -- Persistence Market Research has published a new research report on the global automotive cockpit electronics market. As per the report, the global automotive cockpit electronics market is expected to expand during the period from 2015 to 2020 due to factors such as increasing vehicle ownership, growing interest of customers in receiving infotainment while traveling, and increasing concern of governments and the public towards driving safety.
Automotive cockpit electronics are primarily used to improve driving conditions and create a relaxed atmosphere inside the car. The growing number of accidents has made vehicle owners turn towards automated vehicles. Stringent regulations have led to advancements in passenger cars such as tire pressure monitoring systems, occupant detection, and electronic stability control. Automotive sensors including humidity sensors and GPS systems keep the driver informed about vehicle location, weather conditions, and routes. Increasing leisure and tourism activities have propelled the scope of travelling, which has fuelled the global market for automotive sensors.
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Factors such as industrial development and increasing per capita income are expected to drive the global automotive cockpit electronics market during the forecast period. The eurozone crisis is expected to impact the growth of the global automotive cockpit electronics market negatively, however, regulations such as mandatory installation of TPMS in passenger cars is predicted to create new opportunities for the market for automotive cockpit electronics.
Leading players in the global automotive cockpit electronics market are introducing several products to match the needs of changing trends. The leading companies are taking efforts to make technical advancements to maintain their competitiveness in the global market. Some of the prominent players in the global automotive cockpit electronics market are Denso, Alpine, Delphi, Pioneer, Bosch, Continental, Visteon, Panasonic, and Harman.
The global automotive cockpit electronics market is segmented on the basis of geography and product type. Based on geography, the global automotive cockpit electronics market is classified into North America, Europe, Asia Pacific, and Rest of the World. The global automotive cockpit electronics market is predicted to gain momentum during the forecast period due to rapid improvements in the economy and changing lifestyles. Europe has led the global automotive cockpit electronics market in 2014. Growing number of registrations of new vehicles in Europe is expected to propel the Europe automotive cockpit electronics market by 2020. As per the European Automobile Manufacturer's Association (EAMA), in 2014, the U.K., Italy, and Spain registered the strongest growth in the number of passenger vehicles. Developing nations have reported high growth rates in the automotive cockpit electronics market in the recent past. With the tightened rules for passenger vehicle manufacturers, plenty of new opportunities await the leading players in the global automotive cockpit electronics market in the coming years.
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The demand for car electronics has shifted from analog to digital and this has boosted the automotive infotainment market considerably. Increase in the funding for research and development activities from most of the leading companies is anticipated to boost the global automotive cockpit electronics market. For example, leading players such as Delphi and Harman are funding their R&D activities to zero in on trending products in the automotive cockpit electronics market.
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