With the expanding number of road mishaps, vehicle owners are moving towards more automated vehicles. The strict regulations are prompting the incorporation of cutting-edge elements in passenger cars including TPMS (tire pressure monitoring system), inhabitant identification and electronic solidness control. With the tightening of rules for the passenger car makers, a lot of prospects anticipate the automotive cockpit electronic organizations in the close term.
The worldwide market for automotive cockpit electronics consists of luxury goods which are centered on increasing driving feel by producing a prosperous atmosphere within the vehicle. The market is moreover related with the electronics which amends the protection of the passengers and driver. For making a suited balance amid entertainment, safety, and comfort, the worldwide market offers solutions which provide ergonomics of the overall cockpit feel, optimal design, and display systems. The worldwide market was estimated at USD 31.1 billion during 2013 and is likely to expand at a 12.0% CAGR throughout 2014 to 2020, to touch a figured evaluation of USD 61.5 Billion during 2020.
Some of the significant drivers adding to the overall expansion of the market for automotive cockpit electronics incorporate growing customer awareness with respect to cutting-edge technologies, growing per capita income of customers, increasing requirement for technically propelled cars and altering the requirement for vehicle electronics as of analog to digital. Progressions in technology have offered to ascend to showcase market competition from which major driving organizations are intensely putting resources into R&D activities. On the other hand, software designs and complicated hardware and high consumption as far as producing are challenges to the market for the automotive cockpit electronics.
In the terms of the product type, the worldwide market is categorized into forecast (by value) and market size, navigation & infotainment, and connectivity & audio. Of these, the forecast and market size is segmented as controls (tire pressure monitoring systems (TPMS), electronic power-assisted steering (EPAS) as well as a head-up display) and information. In addition, the segment of navigation and infotainment is moreover categorized as rear-seat navigation and entertainment. In addition, the audio and connectivity category is segmented as wireless systems and audio systems.
As per the International Transport Forum of OECD (Organization for Economic Cooperation and Development), the number of cars running globally is anticipated to touch 2.5 Billion towards 2050 end. There has been a remarkable increase in the possession of passenger cars in the Arab and Eastern Europe nations. Being a Europe logistics hub, Germany is one of the nations having a maximum number of commercial vehicles. BRIC nations are projected to remain the prominent expansion drivers in the automotive industry. In the cockpit electronics market, a few emerging countries are registering high expansion rates. Moreover, Brazil was amid the sixth biggest producer of automobile all over the world.