Portland, April 20, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive electronics market was pegged at $228.34 billion in 2019 and is expected to hit $382.16 billion by 2026, registering a CAGR of 7.3% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Rise in adoption of IoT and AI in the automobiles, surge in demand for in-vehicle safety feature, and increase in the number of vehicles equipped with automated driving fuel the growth of the global automotive electronics market. On the other hand, rise in cost of automobile with more automated features curtail down the growth to certain extent. However, investment toward autonomous driving of vehicles in smart grids is expected to create multiple opportunities in the industry.
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On the basis of vehicle type, the passenger car segment contributed to nearly two-fifths of the total market revenue in 2019, and is expected to retain its dominance during the study period. At the same time, the HCV segment is anticipated to manifest the fastest CAGR of 9.0% by the end of 2026. The LCV segment is also discussed in the market report.
On the basis of component, the microcontrollers segment held the major share in 2019, garnering more than one-fourth of the global market. The processors segment, on the other hand, is anticipated to cite the fastest CAGR of 8.6% by 2026. The other segments assessed in the report include sensors and actuators.
On the basis of geography, Europe generated nearly one-third of the total market share in 2019, and is projected to rule the roost till 2026. Simultaneously, LAMEA would showcase the fastest CAGR of 10.0% during the study period. The report also analyzes the market across North America and Europe.
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The key market players analyzed in the global automotive electronics market report include Infineon Technologies AG, Robert Bosch, Aptiv PLC., NVIDIA Corporation, STMicroelectronics N.V., Renesas Electronics Corporation, Texas Instruments, NXP Semiconductors N.V., Continental AG, and Hitachi Ltd.These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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