Automotive electronics market size worth $490.6bn by 2026
Asia-Pacific Automotive Electronics Market generated the highest revenue in the market in 2017 owing to increasing disposable income and improved living standards in the region. The established automotive industry, and strict government regulations have resulted in increasing adoption of automotive electronics in the region.
Automotive Electronics Market generated $226.5bn in 2017 to worth $490.6bn by 2026 and is anticipated to grow at a CAGR of 9.1% during the forecast period according to a new study published by Polaris Market Research.
The well-known companies profiled in Automotive Electronics Market report include Bosch Group, Atmel Corporation, Delphi Automotive, Hitachi Automotive, Texas Instruments, Infineon Technologies, ZF Friedrichshafen, ON Semiconductor, OMRON Corporation, and STMicroelectronics. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
The demand for Automotive Electronics has increased owing to increasing need for road safety, and growing demand for vehicles from emerging economies. Market players are developing autonomous vehicles, which further increases the demand for automotive electronics.
The rising penetration of electric and hybrid vehicles has also resulted in the Automotive Electronics Market growth. There has been a significant growth in the demand for luxury, comfortable, and technologically advanced vehicles, thereby boosting the growth of the market.
The introduction of stringent government regulations regarding vehicular safety and emissions further increases the demand for automotive electronics. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA.