According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, nearly 78 million vehicles were sold across the world. High volume sales of automobiles are creating a huge requirement for automotive electronics. Further, the surging adoption of electric vehicles (EVs) and autonomous vehicles will also fuel the need for electronic components in the coming years.

According to the International Energy Agency (IEA), around 3.0 million electric cars were registered in 2020, globally. Moreover, the increasing incorporation of integrated cockpit systems in vehicles will fuel the automotive electronics market at a CAGR of 9.3% during 2020–2030. The market was valued at $235.7 billion in 2019 and it is projected to reach $615.3 billion revenue by 2030.

Unlike conventional cockpits, wherein drivers have to manually control the heads-up displays (HUDs), voice assistance, navigation, smart heating, ventilation, and air conditioning (HVAC), and embedded virtualization systems, integrated cockpits are equipped with multiple screens to display the vehicle data, to provide greater convenience to the driver. In recent years, chassis electronics have been the most commonly used component by the automobile industry, because they are the most basic electronics for every vehicle.

Get the Sample Copy of this Report at: https://www.psmarketresearch.com/market-analysis/automotive-electronics-market/report-sample

The increasing safety concerns being raised over vehicle safety have led to the implementation of several government regulations mandating the integration of chassis electronics for brake assist systems. In addition, automakers are also focusing on the installation of passive safety systems, passenger comfort systems, entertainment systems, transmission electronics, and engine electronics in their models.

Thus, the burgeoning need for integrated cockpits and ADAS features will augment the need for automotive electronic components in the foreseeable future.