Pune, India -- (SBWIRE) -- 11/16/2018 -- The Global Automotive Electronics Market was worth USD 645.4 Billion in 2016 and is projected to reach around USD 1088.3 Billion by 2023. The Automotive Electronics Market is estimated to grow at a CAGR of 6.90% during the forecast period, 2017-2023. The Asia-Pacific region accounted for the highest market share of approximate 51 % in 2017 and is expected to remain dominant through the forecast period. The Asia-Pacific region is expected to grow at CAGR of 7.26% during the forecast period.

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Our latest research report entitled Automotive Electronics Market (by Vehicle Type (heavy, light commercial vehicles, mid-sized, premium, compact, luxury), by Sales Channel (Aftermarkets, OEM), Application (Entertainments, Safety Systems, Body Electronics, Power Train and Advanced Driver Assistance Systems)) provides complete and deep insights into the market dynamics and growth of Automotive Electronics. Latest information on market risks, industry chain structure Automotive Electronics cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Automotive Electronics growth factors.

The forecast Automotive Electronics Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Automotive Electronics on the global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report.

The report defines automotive electronics as the use of electronic systems in the automotive vehicles such as passenger car, heavy commercial vehicles, light commercial vehicles, and other vehicles in applications such as powertrain, body electronics, engine management, navigation systems, lighting and safety among others. The global automotive industry has grown significantly over the past couple of decades. Moreover, the automotive industry has evolved with the advancement in technologies and innovations worldwide. This industry is driven by growing demand for luxury cars on the backdrop of increasing per capita income and availability of financing modes for the purchase of vehicles. With the rise in production of automobiles, the market size of automotive electronics has increased significantly. The automotive electronics account for nearly 30% cost of the vehicles. As a result, growth in automotive manufacturing is likely to drive the growth in the automotive electronics market.

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The global market for automotive electronics is driven by the factors such as growing demand for automobiles and premium cars in the emerging markets, innovations and technological advancements in the global automobile industry and increased manufacturing capacities of the automobile manufacturers. On another side, short life cycles of the electronic technologies and the growing prevalence of counterfeit and low-cost electronic systems are likely to be the primary restraining factors affecting the growth in this market over the forecast period.