The increasing integration of advanced driver assistance systems (ADAS) in vehicles, to reduce road accident cases and cater to extensive public concerns regarding vehicle and passenger safety, will propel the automotive electronics market at a CAGR of 9.3% during the forecast years (2020–2030). According to P&S Intelligence, the market revenue stood at $235.7 billion in 2019, and it will reach $615.3 billion by 2030.
The World Health Organization (WHO) states that about 1.3 million fatalities occur due to road traffic crashes each year. In recent years, automakers, such as Toyota Motor Company, Tata Motors, Daimler AG, and General Motors Company, have started incorporating integrated cockpit systems in their offerings, owing to which there has been a significant surge in the adoption of automotive electronics worldwide.
Unlike conventional cockpits, an integrated cockpit uses multiple screens to display the vehicle data procured from infotainment, embedded virtualization, voice assistance, and smart heating, ventilation, and air conditioning (HVAC) systems. The data displayed on multiple screens offer greater convenience to drivers.
The aforementioned systems are deployed in passenger cars as well as commercial vehicles. As compared to commercial vehicles, automobile manufacturing organizations deployed a higher quantity of automotive electronics in passenger cars due to the burgeoning sales of the latter and rapid technological advancements in such automobiles. Electronic systems deployed in commercial vehicles and passenger cars consist of current carrying devices and electronic control units (ECUs).
All these automotive electronic systems and components are available through the aftermarket and original equipment manufacturers (OEMs). Globally, the Asia-Pacific (APAC) region accounted for the largest share in the automotive electronics market in 2019. This was on account of the large-scale automobile production in Japan, China, India, and South Korea, owing to the abundant availability of raw materials and affordable labor in these countries.
Moreover, the soaring popularity of electric vehicles (EVs), on account of the mounting air pollution levels, will also supplement the market growth in the region. Therefore, the soaring automobile sales, increasing demand for EVs and autonomous vehicles, and rising public and government concerns about road accident crashes will propel the integration of automotive electronics in the upcoming years.
Market Street 