Global Automotive Body Electronics Market is expected to grow at a CAGR of 7.17% over the Forecast Period of 2019– 2025
Automotive Body Electronics Market is expected to grow at a CAGR of
7.17% between 2019 and 2025 in terms of value. An increase in demand for vehicle
comfort and increasing production of automotive drives the growth of the
automotive body electronics market. In addition, government laws regarding
pollution and demand for ADAS equipped vehicles are fuelling the growth of the
automotive body electronics market. Presently, functional safety design
supports are increasingly used as the OEM’s are looking to optimize seat
position, close windows, and roof systems based upon input from vehicle sensors.
Furthermore, the demand of the start-stop system in the vehicle that
automatically shuts down and restarts the IC engine reduces fuel consumption is
also increasing rapidly due to the growing measures for reducing fuel
consumption and emissions. However, malfunctioning of the system and economic the slowdown is likely to hamper the growth of the automotive body market.
Moreover, the introduction of the new inbuilt technologies in the car features
is anticipated to create several growth opportunities for the key players in
the automotive body electronics market. On the other hand, leveraging their
technological advantages, many information technology companies have crossed
over into the auto industry to promote the information and intelligent
development of vehicles.
Advances in automotive technology have significantly
increased the electronic content of modern automobiles to enhance safety,
improve the driving experience, enrich entertainment functions, and diversify
the power and energy sources. Since the last few years’, modern vehicle
manufacturing companies are focusing on a wide range of systems that provide
control functions, safety, and security feature, and manage power. With the
advance features such as advanced passive safety, driver assistance, passenger
comfort, vehicle security system, infotainment systems, and chassis electronics are
expected to spur the demand for automotive electronics in the next few years.
Furthermore, with the auto development trends such as lightweight materials,
miniaturization, intelligence, and electrification, the auto electronics market
is expected to experience rapid growth in the forecast period.
geographies, Asia Pacific dominated the global automotive body electronics
market. The growth in the Asia Pacific region is due to the adoption of
advanced technologies in countries such as India, China, Japan, and South Korea.
North America is expected to be the second-largest market. Moreover, the U.S. is
expected to dominate the North American regional market over the forecast
period owing to several automotive manufacturers such as TRW Automotive, Continental
Corporation, Robert Bosch GmbH, and Autoliv, Inc., Moreover, the rising demand
for miniaturization and surge of IoT technology is fueling the growth of the
passenger car sensor market. Strict fuel economy and emission control standards
are expected to drive the automotive body electronics market in this region.
Furthermore, the presence of European companies such as Infineon Technologies AG,
Robert Bosch GmbH and Delphi Automotive PLC are anticipated to drive the demand
for automotive body electronics in Europe over the forecast period. On the
other hand, countries in South America such as Brazil, Colombia, Brazil, Chile,
and Argentina are focusing on new technology vehicles. Additionally, increasing
consumption of high-technology vehicles in Middle Eastern countries such as
Saudi Arabia, UAE, Qatar, and Kuwait drives the growth of the Middle East
automotive body electronics market.