Navigation panels is a new trend taking place within the global automotive industry. The technological advancements in the cockpit electronics market have been compelling automotive companies to design and develop new products in a bid to be competitive across the globe. The automotive cockpit electronics market is constantly challenged to deliver optimum solutions which can effectively provide valuable support to driving and improve the comfort of the driver as well. The primary purpose of automotive cockpit electronics is to enhance the driving experience and conditions and help create a comfortable and safe environment inside the vehicle.
Increasing Development and Increasing Standards of In-car Accessories to Fuel Automotive Cockpit Electronics
The scope for cockpit electronics is large across the global automotive platform. This industry has witnessed a high growth rate in recent times. The introduction of improved navigation systems has increased the ease of driving and safety in vehicles. Moreover, electronics in the automotive industry vies to provide high-quality infotainment at the touch of a button. Today many cars, especially premium luxury models, offer multiple TV screens for the passenger’s use on long journeys and for the driver’s use when the vehicle is stationary.
Automotive cockpit electronics with a convergence of enhanced infotainment and improved. Also, the increase in living standards and rise in the increased spending capacity of people who opt for a better driving experience have led to the high demand for premium vehicles such as sedans, which have advanced features and more scope for high-end electronic facilities. The high growth rate of the automotive industry in various regions of the world such as North America, APAC, and Europe, as well as growing interest in racing cars and supercars has driven major growth in the global automotive cockpit electronics market.
Such global market trends are expected to instill high growth in the automotive cockpit electronics market over the next five years. A market study led by Persistence Market Research on the global automotive cockpit electronics market shows that the market is expected to grow at a CAGR of 12.0% from 2014 to 2020 in order to reach an estimated value of US$61.5 billion by the end of 2020. In 2013, the market stood at US$31.1 billion.
Europe to Emerge as Largest Market Contributor
Geographically, most of the major countries in the European Union are witnessing high growth in automobile sales. During the forecast period 2014-2020, registration of new vehicles in the European Union is expected to be rising almost every month. This growth is likely to continue until 2020.
According to the European Automobile Manufacturers’ Association (EAMA), as compared to the passenger car sales in October 2013, the October 2014 numbers showed the strongest growth in passenger car sales in the U.K., Italy, and Spain.
Moreover, in 2014, Germany dominated the passenger car market in the European Union, with the French automotive industry, headed by the likes of Citroen and Renault, coming in second behind the BMW-Mercedes-Audi-Volkswagen-dominated German car industry. As the TPMS becomes a mandatory regulation for new vehicles in Europe, the region awaits plenty of growth and opportunity in the automotive cockpit electronics market in the near future.
Developing Countries will observe High Growth by 2020
Worldwide, several developing countries have recorded high growth rates in the cockpit electronics market. For instance, Brazil is at a leading stage in the automotive industry becoming the sixth largest automobile producer in the auto-world. Brazil’s cockpit electronics market is witnessing high growth owing to escalating urbanization (recently recorded to be approximately 87% in 2013) and increasing per capita consumption.
On the downside, one of the major challenges to watch out for in the automotive cockpit electronics market is innovating and designing products that have relatively long durability while still maintaining optimum efficiency and ease of function.
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