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(I-AutoNewsWire.com, July 12, 2019 ) The market for cockpit electronics is primarily driven by the rising consumer demand for enhanced user experience and convenience features. Additionally, the market is also influenced by the growth in the connected vehicles and the integration of smartphones with vehicles. Earlier, the share of electronics system in a vehicle was merely 1 to 2% of the total vehicle cost. However, due to the rising demand for enhanced user experience and convenience features, the share of such systems has increased to 8 to 12% of the total vehicle cost.
The Automotive Cockpit Electronics Market is projected to grow at a CAGR of 8.60% from 2017 to 2022, to reach a market size of USD 51.54 Billion by 2022.
The ecosystem of the automotive cockpit electronics market consists of automotive electronics system manufacturers and service providers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Harman International (U.S), Visteon Corporation (U.S), and Delphi Automotive PLC (U.K). These systems and technologies are supplied to automotive OEMs such as Volkswagen AG (Germany), General Motors (U.S.), Daimler AG (Germany), and others.
Head-up displays are estimated to be the fastest-growing product segment globally, in terms of volume and value. The growth of this segment can be attributed to increasing demand for premium and luxury passenger cars as head-up displays are majorly featured in these vehicles. Also, increasing awareness about safety features among consumers is driving the head-up display market. The infotainment and navigation segment is estimated to be the largest market, in terms of value. The growth of this segment is due to the increasing adoption of integrated infotainment and navigation systems by OEMs. Advanced cockpit is estimated to be the largest as well as the fastest-growing market. Advanced cockpit electronics features such as windshield head-up display, high-end information display, and advanced telematics are estimated to grow at a higher CAGR as compared to the components in the basic cockpit electronics.
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Luxury passenger cars are estimated to be the fastest-growing segment of the automotive cockpit market, by end market. Luxury passenger cars are feature-rich in terms of electronic systems. Several OEMs are including high-end infotainment and windshield head-up display in their luxury passenger cars. The global market for battery electric vehicles (BEV) is estimated to be the fastest-growing market in the fuel type segment. This growth is due to the increased production of electric vehicles. The largest market in the segment is the internal combustion engine (ICE) vehicles, and it is expected to remain an attractive market in the near future due to its production and sales.
*Cockpit electronics system manufacturers and component suppliers
*Infotainment and Telematics service providers
*Industry associations and other driver assistance systems manufacturers
*The automobile industry and related end-user industries
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Asia-Oceania is estimated to dominate the market, by volume as well as value. The region comprises countries such as China and India, which are major automotive hubs in terms of vehicle production as well as sales. The demand for cockpit electronics is directly linked to vehicle production and consumer demand in this region. Hence, with the shift of automobile manufacturing plants to developing countries, the companies engaged in manufacturing cockpit and their components have started focusing on these markets.
Mr. Shelly Singh