The Search Engine market research report (MRRSE), a leading portal for market intelligence reports, has announced that it now features reports in the global automotive cockpit electronics market. Infotainment and navigation segment to witness the highest growth by 2020′, the overall market will be worth US $ 61.5 billion by 2020. The report also estimates that the market for automotive electronic cockpit is driven by The increase in global per capita car ownership will show a 12.0% CAGR from 2014 through 2020. The market is estimated at US $ 31.1 billion in 2013, the report states. The Infotainment and navigation segment is on the brink of impressive growth.
Automotive Cockpit Electronics Market forecast
There are several factors that are good for the automotive cockpit electronics market. These include: consumers are showing increasing interest in purchasing automotive cockpit electronics (coupled with their ability to buy this product), a higher level of technological innovation reported from the cage of the automotive cockpit electronics manufacturer, and increasing investment in R&D in this field. However, the biggest influencer, debated, is the automotive industry shifting from analog to digital systems.
All of these positives are supported by the estimates of the international transportation Forum, which functions under the protection of the organization for economic and development cooperation (OECD), which puts the estimated number of cars on world roads at 2,500,000,000 by the end of 2050. A palpable increase in the number of car ownership has reported from developing countries in Eastern Europe and the Middle East. Germany, which is the heart of the logistics industry in Europe, is also the country that boasts the largest number of commercial vehicles.
Automotive Cockpit Electronics Market share
Recently, an American advisory company said that passenger car sales are likely to soar to 116 million by 2020, from 81 million in 2012. Meanwhile, BRIC is a country that shows a lot of promise when it comes to vehicle sales. All these diverse factors intertwine to create a solid foundation for the growth of the automotive cockpit electronics market.
However, that doesn’t take anything away from the fact that the global automotive cockpit electronics market will be brave near Headwinds. For one, the automotive industry has not been able to fully put the Eurozone crisis behind. This maximum impact is still being felt in OEM sales, several opportunities that arise await the automotive cockpit electronics manufacturer in the near future (the TPMS mandate in Europe is one of these).