Automotive Electronics Industry to Reach Beyond 0 Billion By 2024

Posted by Marsh William on February 2nd, 2018

The global Automotive Electronics Market is estimated to be valued more than USD 290 billion by 2024. Rising premium audio system and advanced driver assistance system demands are the key factors anticipated to augment the market growth. Accident recorder systems, emergency call systems, and alcohol ignition interlocks are the technologies that are said to boost the growth in the near future. In addition, rising trend of in-vehicle infotainment is also likely to help boost the market. High complexity levels and lacking awareness about the overall subsystems’ understanding may hinder the growth. The global automotive electronics market is divided into applications and regions.

The application sector comprises body electronics, Advanced Driver Assistance System (ADAS), infotainment, safety systems, and powertrain. The regulatory boards of various economies have taken steps for integrating safety gadgets in cars and other vehicles so as to restrain the occurrence of fatalities caused by road accidents.

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Some of the necessary devices utilized to ensure passenger safety are backup sensing system, airbags, on and off switches for air bags, auto dimming mirrors or electrochromatic mirror, head restraints, energy-absorbing steering system, heads-up display, passenger sensing system, and padded knee bolster.

The ADAS application sector is projected to witness high growth during the forecast period (from 2016 to 2024). This is due to various strict safety regulations resulting in the major adoption of in-car active safety systems. Demands for in-vehicle data storage, to support sophisticated in-car features, are estimated to be the major growth driving factors for infotainment systems.