Global Automotive Electronics market is set to be influenced by a bevy of factors, including COVID-19 impact and broader public-private push toward inducing momentum. In a new comprehensive study, Fact.MR offers in-depth analysis and insights on how Automotive Electronics sales will grow/decline during the forecast period (2019-2029).
In addition to offering quantitative analysis on Automotive Electronics demand, the study also offers readers analysis on key factors that are likely to drive the market. From macroeconomic factors to subtle microeconomic factors, the study analyzes the minutest of details that have the potential to impact Automotive Electronics industry during the assessment period.
The study also offers readers in-depth insights on the key challenges for Automotive Electronics companies during the assessment period. The key challenges faced by OEMs as we as suppliers is also discussed in detail in the study.
What Big will be the Automotive Electronics Market in 2021?
The study recalibrates the impact of COVID-19 on Automotive Electronics sales, offering an analysis on short-term and long-term forecast. The impact of broader trends in the automotive industry have also been analyzed in the study.
Globally, automotive industry is looking at a period of recovery in 2021, as success with vaccine inoculation has raised the hopes of controlling the pandemic. Many automotive companies are also focusing on increasing exports to countries where the pandemic is less severe.
China, the largest automobile market in the world, is going through a period of ascendancy. The government in China is focusing on boosting infrastructure, whereas consumer sentiment is upbeat after a challenging 2020.
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In US and Europe, consumer sentiment is moving toward cautious optimism, however, it will be a long road to recovery in these countries. Still, there is growing consensus that 2021 will be a far better year for automotive sales in Europe and US.
A key area of concern for global automakers is the devastating second wave in India, one of the largest automobile markets globally. Things were looking up in India in first quarter of 2021, however, the resurgence of a virulent strain has led to lockdown and economic devastation. How all these developments impact automotive market in general and Automotive Electronics sales in particular remains to be seen.
Key Takeaways of Automotive Electronics Market Study
- East Asia and South Asia & Oceania collectively account for 43% share of the total market value. Booming automotive sales in developing countries coupled with prevalence of electric vehicles is driving the demand for automotive electronics from these regions.
- North America offers gainful opportunities with a stellar 9% CAGR during the forecast. Presence of major manufacturers in countries such as the US are accelerating the demand for automotive electronic products in this region.
- Current carrying devices will grow two-fold on the back of surging penetration of electric vehicles as a new energy alternative.
- Safety systems will expand to more than twice their current size owing to rising concerns of road safety among millennial consumers.
- Aftermarket sales of smart electronic devices will grow the aftermarket segment 3X through 2029. Favorable consumer trends such as customization of light and medium duty vehicles are a central force behind the growth of this segment.
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The Fact.MR study profiles the business, product and other key strategies of the leading Automotive Electronics companies in detail. The competitive landscape section of the study tracks market leaders, incumbents, and aspirants, laying out a layered information model that readers can use.
East Asia and South Asia & Oceania Present Lucrative Growth Opportunities
East Asia and South Asia & Oceania, collectively account for over 43% share of the total market value. Countries such as China, India, and Indonesia are central to the share-wide leadership. China is the largest motor producer, as well as, the largest consumer of automotive products. When coupled with multiplying automotive sales in India and Indonesia, East Asia and SAO are well positioned to lead global sales throughout the forecast period.
North America offers remunerative growth opportunities owing to budding EV ecosystem in developed countries such as the US. On the back of the presence of key manufacturers such as Continental AG, Autoliv Inc., and Robet Bosch GmbH, the US accounts for more than 80% of motor vehicle manufacturing. Hence, there will be an increasing demand for automotive electronics from North American countries.
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