Automotive electronics have become compulsory for today’s vehicles to get that trendy and premium feel. With exciting gadgets installed in the vehicle to assist and enhance the driving experience, naturally, there is an increased demand for automotive electronics across the globe. Features such as navigation, touch screen display, easy display of information, easy connectivity to a variety of entertainment have also added to the growing popularity of automotive electronics market.
Naturally, such a growing demand for automotive electronics has fueled the competition in the global market. New players are entering the market with innovative products and trying to establish themselves among the big brands. Whereas, the leading companies in the market are relying on customer loyalties and product development to continue their dominance in the market. Additionally, due to their high-profit margins, these companies are investing heavily in the research and development activities to gain a competitive advantage over their rivals. According to a recent research report by Transparency Market Research, the global automotive electronics market is on course to reach valuation worth US$5,530.7 mn by the fall of 2022. This valuation was at US$3,530.7 mn in 2017.
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Europe to Continue its Global Dominance with High Growth Rate
In terms of geographical regions, the global automotive electronics market is mainly dominated by Europe and is expected to continue to do so in the near future. The overall worth of the Europe automotive electronics market is estimated to be around US$1,265.8 mn by the end of 2022 and will exhibit a CAGR of 6.5%.
Next in line is the North America market that will grow at 8% CAGR and will be worth US$1,159.3 mn by the fall of 2022. The Asia Pacific excluding Japan region is projected to be valued at US$1,256 mn at a CAGR of 7.6%.
Some of the notable names in the global automotive electronics market are Texas Instruments Inc., Hitachi Ltd., NXP Semiconductor NV, and Infineon Technologies AG among others.