Automotive Electronic Devices Market Will Grow Swiftly Owing To Enhanced Need For Automobile Sector Till 2024: Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.” has announced the addition of “Global Automotive Electronic Devices Market Analysis And Segment Forecasts To 2024” Market Research report to their Database

Today, high-tech electronic systems comprise all the devices to do everything right from monitoring fuel and diagnosing problems. The modern automobiles have over 80 devices installed out of which a majority are used for monitoring the safety of the vehicle. Adaptive cruise control is one such example of an electronic device used for safety purpose as it helps in controlling the vehicle speed in case of any obstacle nearby. Another device is a lane assistant system which signals the driver of lane cutting. 

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Growing automobile sector coupled with technological development in terms of enhanced driving experience is expected to drive the global automotive devices market over the forecast period. Cars in today’s era are rigged with remarkable advance gadgets, be it entertainment or GPS system, all the things are going digital and hence driving the global market for automotive devices. Electronic components or devices contribute towards nearly 30.0% of the production cost. 

The global automotive devices market is driven by various factors such as stringent regulations, product development due to investment in R&D and globally focusing Original Equipment Manufacturers (OEM. The demand for automated cars in Latin America and Asia Pacific is expected to be the key contributor towards the growth in global automotive device market over the forecast period. Increasing urbanization, development of infrastructure and rise in disposable income are affecting the demand shift towards vehicles with improved safety and advanced features. 

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An automated car control system gives the driver control over multiple devices while driving without diverting attention thus ensuring safety. For instance, in BMW cars, a feature known as iDrive which includes a knob and screen which controls much of the audio system, navigation along with the HVAC systems is installed which does not require much attention of the driver to operate it apart from focusing on roads. Rising number of automobiles owned per family worldwide results in traffic congestion issues along with crowded freeways and highways and is expected to augment demand for electronic devices in the next seven years. 

Key application segments include infotainment, ADAS, body electronics and safety. In order to restrict the number of casualties resulting from road accidents, regulatory boards have taken several steps for incorporating safety devices in vehicles on a global level. Some of the essential products to ensure safety are airbags, padded knee bolster, electrochromatic auto dimming mirrors, passenger sensing system and backup sensing system. Suppliers such as Continental AG along with OEMs are concentrated on providing low cost ADAS for the medium sized and compact car segments. 

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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