Automotive Cockpit Electronics Market To Surpass USD 61.5 Billion By 2020

Posted by Vinay on October 4th, 2017

According to a new market report published by Persistence Market Research “Global Market Study on Automotive Cockpit Electronics: Infotainment and Navigation Segment to Witness Highest Growth by 2020”, the global automotive cockpit electronics market was worth USD 31.1 billion in 2013 and is expected to grow at a CAGR of 12.0% during 2014 to 2020, to reach an estimated value of USD 61.5 billion in 2020.

Growing per capita income and an economically active global population have led to the increase in demand for personal conveyance. The global cockpit electronics market is growing mainly due to the spurt in new car sales and the increasing affordability of consumers to install advanced technologies in their vehicles. Technological advancements have been giving rise to competition in the market due to which most leading companies are investing heavily in research and development activities. The changing demand for vehicle electronics from analog to digital has boosted the automotive infotainment market significantly.

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The per capita car ownership has been continuously rising due to the worldwide increase in the middle-class population. According to the International Transport Forum of Organization for Economic Cooperation and Development (OECD), the number of cars plying worldwide would reach 2.5 billion by 2050. There has been a significant rise in passenger car ownership in the Arab countries and Eastern Europe. Germany is the logistics hub of Europe and one of the countries with the largest number of commercial vehicles.

According to a U.S.-based advisory firm, the global passenger car sales are expected to rise from 81 million in 2012 to 116 million by 2020. Brazil, Russia, India, and China (BRIC countries) are expected to be the major growth drivers of the automotive industry. Improving economy, advancements in road infrastructure, and the rising inclination of individuals towards personal conveyance are the key factors augmenting the growth of an automotive industry.