Automotive Cockpit Electronics Market to Expand due to Demand for Advanced Add-Ons for Vehicles

New York City, New York, August 28, 2015- According to a recent market study published by Persistence Market Research (PMR), the global automotive cockpit electronics market stood at US$31.1 billion in 2013 and is expected to reach US$61.5 billion in 2020. If the figures hold true, the market will display a healthy 12.0% CAGR from 2014 to 2020, says PMR.

The report states that the global automotive cockpit electronics market is mainly driven by the increase in new car sales and higher financial ability of the customers to install advanced technological add-ons in their vehicles.

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Increasing middle-class population worldwide has contributed significantly to the rising per-capita car ownership. In addition, the increasing number of road accidents has shifted consumer preference towards automated passenger cars that enhance the driver’s control over their vehicles.

Due to growing inclination for a richer and more informed driving experience, consumers are opting for infotainment systems in their vehicles, thus aiding to the growth of this market.

The aforementioned reasons have led leading companies to invest heavily in R&D activities in pursuit of developing advanced technology automotive cockpit electronics, adds the report.

Automotive cockpit electronics enhance driving conditions and create a comfortable ambience inside the vehicle. Sales of automotive cockpit electronics are carried out through contracts with original equipment manufacturers and aftermarket retailers.

However, the eurozone slump has reduced the sales of OEMs in the region, thus posing a challenge for the growth of the automotive cockpit electronics market.

Additionally, original equipment manufacturers are continually under pressure to include advanced safety systems in their vehicles to provide higher safety for passengers. Stringent regulations are in place for vehicles to be equipped with tire pressure monitoring systems (TPMS), occupant detection, and electronic stability control, which limits the growth of this market.

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North America, China, Japan, and South Korea are the major countries that have regulations in place for advanced safety system for vehicles.

For instance, as per a statute released by the Ministry of Land, Transport, and Maritime Affairs in South Korea, effective from January 1, 2013, new models of passenger automobiles and other transport vehicles that have a gross vehicle weight (GVW) of 3.5 tons or less are required to be equipped with TPMS. The same regulation is now also applicable to preexisting vehicles, necessitating aftermarket purchase of the same.

Likewise, regulations are expected to come in place for advanced safety systems in vehicles in Japan, India, and China by 2017, 2019, and 2018, respectively. According to PMR’s findings, economic recovery in Europe is expected to boost automobile sales, which in turn will benefit the automotive cockpit electronics market in the region. As per data from the European Automobile Manufacturer’s Association (EAMA), the U.K., Italy, and Spain recorded stronger growth passenger car sales in October 2014 in comparison to October 2013.

In Europe, with tightening of regulations for new vehicles to be equipped with advanced automotive safety system, there exist tremendous opportunities for automotive cockpit electronics manufacturers in the near future.

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