Persistence Market Research recently put the estimated CAGR of the automotive cockpit electronics market at 12% between 2014 and 2020. At this healthy growth rate, the market will reach US$61.5 billion by 2020 – a fact that clearly demonstrates that consumers are now in favor of a technologically sound and safe driving experience. From timely safety-related updates to infotainment and navigation systems to instrument clusters, the automotive cockpit market is one that provides smart solutions for vehicles on the road. Modern automobile owners are connected to their smartphones and are looking to get information about fuel consumption, vehicle efficiency and distances covered at their fingertips.
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Infotainment and navigation—especially rear-seat entertainment—is a segment that will report significant growth over the next five years.
The encouraging growth of the automotive cockpit electronics market can be ascribed to a combination of several other changes that are currently taking place in the automobiles industry at large.
Here are the top three trends accelerating the automotive cockpit electronics market
- Increase in number of road accidents: A shockingly high number of road accidents every year have pushed consumers to opt for more automated vehicles. The World Health Organization reports that as of 2010, the total number of road traffic deaths worldwide was recorded as 1.24 million. Of these, the highest number of deaths was recorded in middle-income nations. The Association for Safe International Road Travel says that on an average, road accidents lead to 3,287 deaths a day across the world. This puts vehicle safety – and the role played by automotive cockpit electronics – in the spotlight. Clearly, automation is the way ahead as it offers drivers a better, safer experience on the road.
- Vehicle safety features are fast becoming a regulatory compulsion: As governments take note of millions of people who succumb to road traffic crashes and injuries every year, introducing stringent vehicle safety regulations is the next logical step. The compulsory integration of tire pressure monitoring system (TPMS) in passenger vehicles, for instance, is already being followed in several developed nations. Nations such as Japan, China and India are expected to follow suit in making TPMS compulsory in vehicles over the next three to four years. Besides TPMS, features such as occupant detection and electronic stability control are all being intelligently integrated via automotive cockpit electronics. The onus now lies on OEMs to add advanced safety systems to their vehicles. This aspect will propel the global automotive cockpit electronics market considerably in the next five years.
- Consumers shelling out more for an improved driving experience: The global luxury cars market was estimated at 319 billion Euros in 2013. The demand for sports cars, racing cars and luxury sedans and SUVs has seen an uptick in recent years. In the high-end vehicles segment, automotive cockpit electronics collect and process information via smart phones, integrated devices, sensors and cameras, and other synchronized systems to make driving safer and easier even in the most demanding conditions. Sales of luxury cars in the European region are picking up after a slump and Asian consumers are purchasing more luxury cars than ever before. All of these factors augur well for the global automotive cockpit electronics market.
PMR analysts, however, observe that the market is in need of automotive cockpit electronics that are not just intelligent by design, but last several years without compromising on reliability. Thus, the greatest opportunity available to companies in the automotive cockpit electronics market is to conduct R&D to stay ahead of the competition.