High-tech electronic systems are a permanent fixture in cars nowadays and carry out a range of functions from regulating fuel to detecting problems. Anything between 30 to 80 separate electronic controllers – most of which are for safety – are fitted in cars these days. Such electronic components, which include adaptive cruise control and lane assist systems, constitute about 30% of the vehicles cost and in the years ahead that figure is slated to increase further. Other functions served by automotive electronic devices are advanced driving assistance, infotainment, and enhancing comfort.
A report by Transparency Market Research, segments the global automotive electronic devices market based on products and technologies and studies each segment carefully to present a granular overview of the market. Depending upon the product type, for example, it divides the market into entertainment systems, control devices, GPS systems, and video devices. Among them, entertainment systems such as DVD player, satellite radio, audio devices, and dashboard players are most popular. The report predicts the global automotive electronic devices market to attain a value of US$18.5 bn by 2018.
Global Automotive Electronic Devices Market: Trends and Opportunities
The most obvious growth drivers in the global automotive electronic devices market are the burgeoning automobile sector and technological advancements that have resulted in a host of automated electronic devices for a seamless driving experience. Other factors stimulating the market are the increasing urbanization and the rising disposable income worldwide that has pushed up the demand for premium cars rigged with fancy electronic gadgets.
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Stringent regulations by concerned authorities and regulatory boards to install automotive electronic devices to enhance safety is also encouraging quick uptake of the product. Some of the important and common devices for safety are padded knee bolster, passenger sensing system, airbags, electrochromatic auto dimming mirrors, and backup sensing system. Further, automated car control systems accord the driver control over multiple devices while driving without diverting his focus thus ensuring safety.
Going forward, rising thrust on research and development to innovate more sophisticated products and increasing traffic congestion due to the growing number of automobiles owned per family worldwide would further fuel demand for electronic devices. A recent noticeable trend in the global automotive electronic devices market is integration different systems that can help to widen the scope for new technology, system, and designs, besides bringing about cost optimization.
Global Automotive Electronic Devices Market: Regional Outlook
Geographically, the global market for automotive electronic devices can be segmented into Asia Pacific, North America, Europe, and the Rest of the World. Currently, North America accounts for maximum market share but is slated to slow down its growth pace in the upcoming years. Europe too is expected to exhibit a slower growth pace in the near future due to the euro debt crisis dealing somewhat of a blow to the growing sales of automobiles.
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Asia Pacific and Latin America are predicted to majorly contribute to the global automotive device market on the back of substantial sales in the automobile sector. The densely populated emerging economies in the two regions are predicted to fillip demand due to a fast expanding urban population with a means to splurge of premium products. Regulatory policies too are expected to drive growth in the market. The government of China, for example, has encouraged C-NCAP’s safety appraisal encouraging buyers to see a five-star rating as a benchmark to a vehicle’s quality.
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