The global automotive electronics market is estimated to grow significantly, at a CAGR of more than 7.1%, during the forecast period. The global automotive electronics industry is evolving in a new era with the introduction of self-driving cars, or say, the evolvement of oil-independent vehicles. In self-driving cars, the sensors play a role of key components, as it enables the distance monitoring feature in vehicles and provides crucial data for a central controller. Radar, optical and infrared cameras, ultrasound, and laser are used in serving data related to the surroundings, other vehicles, and the condition of the road to the driver. Infrared cameras are extensively used in detecting the correct lane on the road and keeping the vehicle safe from taking the wrong path.
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Miniaturized radar units, employed with RF technology, are widely adopted in the automotive industry for determining the speed, range, proximity, and relative object size of the vehicle. The automotive industry is further developing novel technologies for collision-avoidance along with the automated-parking system. This, in turn, has increased the demand for radar chips, development systems, and a range of components such as low noise amplifiers; thereby driving the global automotive electronics market. The driverless cars are employed with IoT, consisting of only 10% of hardware components in the system. The cars are made to have connected with everything: from vehicle to vehicle, vehicle to cloud, and vehicle to the driver, wherein, the car has no direct involvement with the driver.
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According to the World Health Organization (WHO) in 2018, it was estimated that over 1.24 million people die every year in road accidents across the globe, wherein, over 50 million people get injured. The organization further stated that over 90% of these road accidents occur due to human errors. Therefore, in such a scenario, driverless cars can be effective as they are capable of sensing the vehicle distance from other vehicles, obstacles, and lane marking on the road. This, in turn, has proved to be a safer solution as compared to the human-driven cars. There is a range of components involved in driverless cars, such as cameras, GPS system, complex scanners, which drives the growth of the global automotive electronics market.
The most famous developers of self-driving cars are Google and Tesla, who are working with different approaches in the global electric car market. Google is using lidar sensor technology, having no steering wheels or foot pedals. While Tesla has developed a software system, named Autopilot, which undertakes high-tech camera sensors that functions similar to the car’s eye. According to Tesla, the car is made to surrounded by nearly eight cameras, providing 360-degrees of visibility to up to 250 meters. Therefore, the cameras provide a view of the entire surrounding environment of the car which a driver alone cannot access alone, which will drive the growth of the global automotive electronics market in the near future.
Global Automotive Electronics Market- Segmentation
By Type
- OEM
- Aftermarket
By Component Type
- Sensor
- Electronic Control Unit
- Current Carrying Devices
By Application
- Advanced driver-assistance systems (ADAS)
- Infotainment
- Powertrain
- Safety System
- Body Electronics
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