The automotive cockpit electronics market is anticipated to generate revenues of over $53 billion by 2023 and is projected to grow at a CAGR of close to 9% during the forecast period.
Arizton’s recent market research report on the automotive cockpit electronics market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product (audio & infotainment (audio-only, display audio, embedded infotainment - navigation), center information display, HUD (C-HUD and W-HUD), instrument cluster (analog, hybrid, and digital), and telematics (embedded solutions and hybrid telematics)), by vehicle type (economy cars, luxury cars, and mid-priced cars), and geography (APAC, Europe, Latin America, MEA, and North America).
The development of advanced driver assistance systems (ADAS), infotainment systems, and telematics systems will propel the growth of the global market. The declining price of automotive cockpit electronics will encourage vendors to implement these solutions in the mid-priced car segments.
The top 3 drivers and trends boosting the growth of the automotive cockpit electronics market are discussed below:
Growing Demand for Hybrid and Connected Cars
The growing focus on the development of automotive digital technology that helps in optimizing the vehicle’s internal functions is attributing to the growth of the global automotive cockpit electronics market. The vendors are enhancing the car’s ability to connect with other vehicles and devices to enhance the driving experience and attract a larger consumer base. The advent of connected cars and hybrid vehicles ensures optimized operations and maintenance of vehicles and helps in enhancing the convenience and comfort of the passengers. It is estimated that over 60% of the vehicles in the global market will be connected and boost the demand for sophisticated cockpit electronic solutions in the automotive industry. The stringent regulations and growing need for fuel efficiency are propelling the growth of the hybrid vehicles in the global market. The development of hybrid and connected vehicles will drive the growth of automotive cockpit electronics market during the forecast period.
Increasing Adoption of Concept of Autonomous Vehicle
The drastic changes in consumer behavior are encouraging OEMs to focus on developing technologies that promote driverless, autonomous vehicle concept. The commercialization of this concept is expected to propel the growth of the automotive industry and automotive cockpit electronics market during the forecast period. Leading vendors such as Audi, Ford, Continental, Bosch, and Delphi are integrating software solutions by Google and Apple as part of the infotainment systems. The increasing investments to develop such advanced software solutions that promote the growth of autonomous vehicle concept will drive the demand for automotive cockpit electronics in the global market. For instance, Tesla - electric vehicle manufacturer is currently developing in-home capabilities, especially for designs for autonomous vehicles.
Increasing Innovations – ADAS
The commercialization and implementation of innovative technologies such as advanced driver assistance systems (ADAS) will contribute to the development of the global automotive cockpit electronics market. These advanced systems are currently available only in the luxury car segment, however, leading OEMs are exploring cost-effective technologies and manufacturing process to implement these systems in the mid-priced car segments also. Moreover, the initiatives undertaken by the regulatory bodies and government organizations to promote the adoption of automotive safety systems will drive the demand for ADAS systems over the next few years. Countries such as the US, Russia, Japan, South Korea, and the EU are pioneering in the development of such technologies in the global market.
The leading vendors in the automotive cockpit electronics market are Continental AG, Denso, HARMAN International (Samsung), Visteon Corporation, and Bosch.
The complete overview of the latest market research report on automotive cockpit electronics market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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