Automotive Cockpit Electronics Market
Automotive Cockpit Electronics Market Exhibits High Growth Rate by 2025, Driven by Rising Demand For Safety and Comfort Features in Vehicles
Automotive Cockpit Electronics Market Segmented By Electronic Power Assisted Steering, Tire Pressure Monitoring Systems, Head-up Display, Rear-seat Entertainment, Navigation, Audio Systems, Wireless Systems
The automotive cockpit electronics market is poised to witness a high growth rate by the end of 2025. This growth is primarily driven by the escalating demand for enhanced safety and comfort features in vehicles. The market also gets impetus from government regulations formed for safety in the automotive sector. The introduction of a wide range of sensors along with modern automotive control amenities play a vital role in introducing developments in the automotive cockpit electronics.
The stagnant automotive sector in the COVID-19 pandemic has negatively influenced the global market, halting its progress. The growth is estimated to resume with initialization of normal manufacturing activities in different sectors. Owing to the high demand for high-end features in vehicles, North America is expected to attain a significant position in the market by the end of the forecast period. The surge in applications such as vehicle-to-vehicle communication is projected to escalate the development of the market in the region.
Market players are exploring opportunities in raging functionalities such as connected cars and advanced vehicle infotainment systems. Established players in the global market include Harman International Industries, Inc., Delphi Automotive Plc, DENSO CORPORATION., Robert Bosch GmbH., Visteon Corporation., Clarion Company, Ltd., Garmin, Ltd., and Continental AG.
The global cockpit electronics market comprises of luxury goods that are focused on enhancing driving experience by creating comfortable atmosphere inside the vehicle. The market is also concerned with the electronics that improves the safety of the driver and passengers. For building a suitable balance between comfort, safety and entertainment, the global cockpit electronics market provides solutions that offer display systems, optimal design, ergonomics and the overall feel of the cockpit. The global automotive cockpit electronics market registered revenues worth USD 31.1 Bn in 2013, which are expected to raise up to USD 61.5 Bn by the end of 2020. Over the forecast period 2014-2020, the global automotive cockpit electronics market will expand at a healthy CAGR of 12.0%.
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Key Market Dynamics
Some of the major drivers contributing to the overall growth of the automotive cockpit electronics market include increasing consumer awareness regarding advanced technologies, increasing per capita income of consumers, growing demand for technically advanced cars, and changing demand for vehicle electronics from analog to digital. Advancements in technology have given rise to market competition owing to which major leading organizations are heavily investing in R&D activities. However, complicated hardware and software designs and high expenditure in terms of manufacturing are challenges to the automotive cockpit electronics market.
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Based on the product type, the global automotive cockpit electronics market is segmented into market size and forecast (by value), infotainment & navigation and audio & connectivity. Among these, the market size and forecast is fragmented as information and controls (electronic power assisted steering (EPAS) and tire pressure monitoring systems (TPMS), head-up display). Also, the segment of infotainment and navigation is further bifurcated as rear-seat entertainment and navigation. Moreover, the segment of audio and connectivity is classified as audio systems and wireless systems.
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Based on geographical region, the global automotive cockpit electronics market is segmented into North America, Europe, Asia Pacific, and rest of the world. According to the International Transport Forum of Organization for Economic Cooperation and Development (OECD), the no. of cars plying worldwide is expected to reach 2.5 Bn by the end of 2050. There has been substantial rise in ownership of passenger cars in the Eastern Europe and Arab countries. Being a logistics hub for Europe, Germany is one of the countries having largest no. of commercial vehicles. BRIC countries are anticipated to be the key growth drivers in the industry of automotive. In the market for cockpit electronics, certain developing countries are recording high growth rates. And Brazil was among the sixth largest producer of automobile across the globe.
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Key Market Players
Major companies operating in the automotive cockpit electronics market are Robert Bosch GmbH, Visteon Corporation, Alpine Electronics Inc, Panasonic Corporation, Continental AG, Garmin Ltd, DENSO CORPORATION, Harman International Industries Inc, Clarion Company Ltd, Delphi Automotive Plc, among others. These companies are making new investments to improve their technology in order to retain their competitiveness in the industry.