As per the latest report by IMARC Group, titled “Automotive Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size is expanding at a steady rate. Automotive electronics refer to specially-designed electronics that are intended for use in both on-road and off-road automobiles such as trucks, tractors, forklifts, excavators, and electric and hybrid cars. These electronics enhance the engine control and aid in providing higher safety, security and comfort to the driver as well as the passengers in a vehicle. For instance, the anti-lock braking system (ABS) prevents vehicles from skidding on slopes, whereas electronic car security locks offer enhanced security by using remote-controlled locks and a central locking system. Airbags, infotainment, advanced driver assistance and electronic fuel injection are some of the other areas wherein automotive electronics systems are utilized.
Report Overview: https://www.imarcgroup.com/automotive-electronics-market
Global Automotive Electronics Market Trends:
One of the vital factors that are propelling the growth of the automotive electronics industry is technological advancements. The arrival of autonomous or driverless cars, in confluence with the launch of cost-efficient electric vehicles with enhanced features, is impelling the market growth. Moreover, a shift towards luxury vehicles which are equipped with in-vehicle entertainment devices, offering a relatively more sophisticated and interactive user experience is stimulating the demand for automotive electronics across the globe. Apart from this, advanced computing technologies including parking assistance, electrical suspensions, braking and steering systems are being applied in cars to decrease accidents and fatalities. Moreover, manufacturers are introducing product innovations like active-window display, remote vehicle shutdown, exhaust emission control and reconfigurable body panels to expand their consumer base. Looking forward, the market is projected to grow at a CAGR of around 8% during 2019-2024.
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Market Summary:
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