Automotive Electronics Sales Set to Climb in Asia-Pacific (APAC) in Coming Years
Automotive electronics are key components of automobiles and therefore, the mushrooming sales of automobiles are positively impacting the requirement for automotive electronics across the globe. According to many reports, automotive electronics nowadays account for nearly 35% of the total cost of an automobile as compared to their share of only 5% of the total price of a vehicle in 1970. Furthermore, as per the predictions of the industry experts, this share will grow to 50% by 2030, which will, in turn, lead to huge revenue generation from the sales of these electronics systems.
In the recent times, there has been a drastic rise in the sales of automobiles throughout the globe, primarily because of the rapid growth of the automotive industry in several countries and the surge in the disposable income of the people, especially in the developing nations around the world. Moreover, the sales of vehicles will push up in the future years, which will consequently boost the sales of various automotive components such as electronics. As per the findings of the Organisation Internationale des Constructeurs d'Automobiles (OICA), global vehicle sales increased at a CAGR of 1.8% between 2014 and 2018.
The organization also found that 95.1 million automobiles were sold across the world in 2018. Furthermore, the growing popularity of electric and autonomous vehicles will lead to a sharp rise in the sales of automotive electronics in the coming years. Besides the burgeoning sales of vehicles, the growing requirement for efficient and safe automobiles is also fueling the worldwide demand for automotive electronics systems. The rising incidence of road accidents has considerably boosted the popularity of vehicles equipped with various safety systems such as advanced driver assistance system (ADAS).
In addition to this, the governments of many countries are increasingly implementing regulations that mandate the installation of safety systems in vehicles because of the rising prevalence of road crashes. These factors are bolstering the requirement for automotive electronics as these devices are widely used in the vehicular safety systems. Hence, with the growing customer preference for vehicles equipped with safety systems and the increasing sales of automobiles in many countries, the global automotive electronics market will exhibit huge expansion in the forthcoming years.
Electronic control units (ECUs), current carrying devices, and sensors are the major automotive electronics components used across the world. Out of these, the sales of the current carrying devices will rise rapidly in the upcoming years. The demand for sensors will also increase significantly in the near future, on account of the increasing incorporation of position and temperature sensors in automobiles. Position sensors are extensively used as they are essential components of clutch plates, hybrid engines, pedals, and steering.
Globally, the Asia-Pacific (APAC) automotive electronics market will be very prosperous in the future, as per the forecast of P&S Intelligence, a market research firm based in India. This is credited to the booming automobile sales in various APAC nations such as South Korea, India, Indonesia, and China. Additionally, the presence of several manufacturing plants of some of the major automobile manufacturing companies in the world is fueling the sales of automotive electronics in this region. Further, the increasing popularity of electric vehicles in the APAC countries is pushing up the requirement for vehicular electronics systems in the region.
Hence, with the ballooning sales of vehicles, the increasing customer preference for automobiles equipped with safety systems, and the rising adoption of electric and autonomous vehicles, the demand for automotive electronics will surge all over the world in the forthcoming years.
Read More:
https://www.psmarketresearch.com/market-analysis/automotive-electronics-marketAutomotive Electronics Sales Set to Climb in Asia-Pacific (APAC) in Coming Years
Automotive electronics are key components of automobiles and therefore, the mushrooming sales of automobiles are positively impacting the requirement for automotive electronics across the globe. According to many reports, automotive electronics nowadays account for nearly 35% of the total cost of an automobile as compared to their share of only 5% of the total price of a vehicle in 1970. Furthermore, as per the predictions of the industry experts, this share will grow to 50% by 2030, which will, in turn, lead to huge revenue generation from the sales of these electronics systems.
In the recent times, there has been a drastic rise in the sales of automobiles throughout the globe, primarily because of the rapid growth of the automotive industry in several countries and the surge in the disposable income of the people, especially in the developing nations around the world. Moreover, the sales of vehicles will push up in the future years, which will consequently boost the sales of various automotive components such as electronics. As per the findings of the Organisation Internationale des Constructeurs d'Automobiles (OICA), global vehicle sales increased at a CAGR of 1.8% between 2014 and 2018.
The organization also found that 95.1 million automobiles were sold across the world in 2018. Furthermore, the growing popularity of electric and autonomous vehicles will lead to a sharp rise in the sales of automotive electronics in the coming years. Besides the burgeoning sales of vehicles, the growing requirement for efficient and safe automobiles is also fueling the worldwide demand for automotive electronics systems. The rising incidence of road accidents has considerably boosted the popularity of vehicles equipped with various safety systems such as advanced driver assistance system (ADAS).
In addition to this, the governments of many countries are increasingly implementing regulations that mandate the installation of safety systems in vehicles because of the rising prevalence of road crashes. These factors are bolstering the requirement for automotive electronics as these devices are widely used in the vehicular safety systems. Hence, with the growing customer preference for vehicles equipped with safety systems and the increasing sales of automobiles in many countries, the global automotive electronics market will exhibit huge expansion in the forthcoming years.
Electronic control units (ECUs), current carrying devices, and sensors are the major automotive electronics components used across the world. Out of these, the sales of the current carrying devices will rise rapidly in the upcoming years. The demand for sensors will also increase significantly in the near future, on account of the increasing incorporation of position and temperature sensors in automobiles. Position sensors are extensively used as they are essential components of clutch plates, hybrid engines, pedals, and steering.
Globally, the Asia-Pacific (APAC) automotive electronics market will be very prosperous in the future, as per the forecast of P&S Intelligence, a market research firm based in India. This is credited to the booming automobile sales in various APAC nations such as South Korea, India, Indonesia, and China. Additionally, the presence of several manufacturing plants of some of the major automobile manufacturing companies in the world is fueling the sales of automotive electronics in this region. Further, the increasing popularity of electric vehicles in the APAC countries is pushing up the requirement for vehicular electronics systems in the region.
Hence, with the ballooning sales of vehicles, the increasing customer preference for automobiles equipped with safety systems, and the rising adoption of electric and autonomous vehicles, the demand for automotive electronics will surge all over the world in the forthcoming years.
Read More: https://www.psmarketresearch.com/market-analysis/automotive-electronics-market
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