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The automotive electronics market size is predicted to reach USD 144.19 billion by 2026. The growing efforts of companies to improve the in-vehicle user experience will promote the healthy growth of this market share during the forecast period. The implementation of the Internet of Things (IoT) and digital solutions in automotive vehicles will accelerate the automotive electronics market trends. For instance, The popularity oof Autonomous driving technologies such as LiDAR, Radar, V2X Communication, and sensor fusion, mentioned in a report, titled “Automotive Electronics Market Size, Share & Industry Analysis, By Application Type (Advanced Driver Assistance System [ADAS], Body Electronics, Power Electronics, and Infotainment), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, and Electric Vehicle) and Regional Forecasts, 2019-2026” the market size stood USD 91.06 billion in 2018 and is expected to exhibit a CAGR of 6.1% between 2019 to 2026.
Announcement for Next-Generation Cockpit Systems by DENSO to Support Growth
DENSO Corporation, a global leader in automotive components and Qualcomm, a multinational corporation headquartered in San Diego, California announced their workings for the development of next-generation cockpit systems. The next-generation cockpit systems will harness the Qualcomm Technologies’ information and communication technologies, encompassing cutting-edge semiconductors and software solutions created for smartphones and DENSO’s expertise in in-vehicle requirements, user safety feature, and security technologies for HMI products.
The announcement of the innovative cockpit systems can have a tremendous influence on this market growth during the forecast period owing to the integrated cockpit system, which can coordinate with external cloud services and new HMI products, enabling car connectivity and advanced safety features such as driver status monitoring, driver and passenger authentication, and improved display operability. Moreover, the aim of DENSO to improve in-vehicle infotainment products and accessibility of integrated cockpit systems by utilizing the technologies. The development of head-up display, Harmony Core™, an integrated cockpit system uses a single microcomputer to coordinate and control HMI products running different Oss can encourage the healthy growth of the market in the forthcoming years.
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Necessity for In-Vehicle Safety and Comfort to Create Sales Opportunities
The rising safety concerns among customers have led to the development of technologically advanced automotive electronic systems. The demand for high-performance, comfortable, and luxurious vehicles will stimulate the growth of the market. The augmentation in park assist systems, automated cruise control, tire pressure system, automotive emergency braking, and airbags will favor the automotive electronics market growth.
Moreover, the government initiatives for the incitement of zero-emission vehicles will augur well for the market. The validation of mandatory safety standards abided by automotive manufacturers in all vehicles will further enhance the development of the market in the forthcoming years. Besides, the increasing urbanization and improved lifestyle will create lucrative business for the market during the forecast period
Integration of Trailblazing Technologies by Players to Induce Trade
Major companies leading this market size are Robert Bosch GmbH, SONY Corporation, Aptiv PLC, and Hyundai Mobis. Giants are focused on developing a wide range of smart assistance solutions essential for the urban population. However, the perpetual investment in R&D by component manufacturers has led to technological advancements, thus, fostering business opportunties for the market.
For instance, in November 2019: Hyundai Mobis announced the world’s first rear-autonomous emergency braking system. The new technology delivers a wide detection range, better resilience to unfavorable conditions, and faster responsiveness. It also detects humans or other objects on the rear side via sensors, radars and applies emergency brakes to avoid collisions. Moreover, Continental AG and ZF Friedrichshafen have upheld their positions in the competitive landscape among other competitors.
List of Top Companies Covered in Automotive Electronics Market;
Further Report Findings:
The Market is Segmented into:
Value (USD billion) & Volume (Thousand units)
By Application Type
By Vehicle Type