Increasing Installation of ADAS Fueling Automotive Electronic Components Demand

The World Health Organization (WHO) estimates that nearly 1.3 million fatalities are caused due to road traffic crashes worldwide. Approximately 93% of these deaths are recorded in low- and middle-income countries (LMICs). The WHO also estimates that around 20–50 million people suffer from non-fatal injuries as a result of road accidents. 

The surging incidence of road accidents is creating a massive requirement for advanced driver assistance systems (ADAS), which are based on electronic components. Thus, the booming demand for ADAS will boost the production of automotive electronics in the coming years. Moreover, the burgeoning automobile sales will propel the automotive electronics market at a CAGR of 9.3% during the forecast period (2020–2030). 

The market revenue stood at $235.7 billion in 2019, and it is projected to reach $615.3 billion by 2030. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), the sales of vehicles grew from 14,988,886 during January 2020–March 2020 to 18,788,699 during January 2021–March 2021. Essentially, the booming demand for electric vehicles (EVs) will contribute to the market growth.


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

Currently, automotive electronic component producers are focusing on partnerships and acquisitions to develop and produce technologically advanced products for EVs. For instance, in July 2019, Robert Bosch GmbH announced its acquisition plan for MAGURA Bike Parts. This acquisition is enabling both the companies to strengthen their distribution channel for replacement parts. 

Likewise, in September 2019, Cree Inc. partnered with Delphi Technologies PLC for developing the silicon carbide semiconductor device technology. Through this partnership, both the companies aim to manufacture faster, lighter, and smaller power electronic systems for EVs, to allow for faster charging and a longer driving range. This market research report provides a comprehensive overview of the market
  • The Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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