Automobile electronics are electrically generated systems that find application in road vehicles and with increasing advancement in technology, automobile electronics are becoming very popular and preferred by the consumers. Automotive electronics enhances the engine control and provides higher safety, security and comfort in a vehicle. The advanced automobiles of the recent time have evolved as electronic machines having a number of electronic control units (ECUs), which function to perform operations such as providing driver assistance through navigation system, in-vehicle infotainment through audio-video devices, enabling internet facility and so on.. An automobile can comprise of 150 ECUs to control more than one operation at the same time. The ECUs can be divided into an engine control to manage the efficiency of the vehicle, a surround view system to prevent accidents and power steering to maintain the balance. In addition, a direction and a telematic system provides information from local hot-spots. A traction control or electronic stability control is also part of the ECU, which maintains the steering control and sensors of the airbags ensuring awareness and safety in a vehicle.
The automobiles in today’s world are highly efficient and are equipped with advanced gadgets to ensure a premium driving experience. Automotive electronics is used in the functioning of GPS system, entertainment system, airbag restraint system, power-steering system, anti-lock braking system, engine management system and transmission control system. Among all the above mentioned systems, entertainment system is the most vivid and classified under various segments such as satellite radio, audio-video players, carputers (computers designed for in-vehicle use), and internet. The application of automotive electronics is diverse and can be seen in all vehicles such as heavy vehicle, passenger vehicle, SUVs, MUVs and luxury vehicles.
The automobile electronics market has experienced an exponential growth over the years and with the advancement of technology, the growth is expected to reach a new high in the coming years. With the increasing concern for safety and security in vehicles, the demand for automotive electronics is bound to surge during the forecast period. The other factor, which is going to play a major role in the hike of demand for automotive electronics, is the increasing purchasing power of consumers across the globe. In addition, change in lifestyle of the consumers is set to bolster the growth of the entertainment systems under the automotive electronics market, globally. The factors inhibiting the growth of the automotive electronics are its premium pricing feature and high cost of maintenance.
In 2014, North America held the largest market share in terms of revenue followed by Europe, Asia Pacific and Rest of the World. The market in North America and Europe tends to be a bit saturated because of its high use and familiarity but the market is expected to remain stable during the forecast period. By the end of the forecast period, Asia Pacific and Rest of the World are expected to show significant growth because there are a number of countries under this region, where various automotive electronics technology is still not available.
Some of the key players in the automotive electronics market include Koninklijke Philips N.V. (Netherlands), Delphi Automotive PLC (UK), Sanyo Electric Co., Ltd. (Japan), Denon (Japan), Yamaha Corporation (Japan), Sony Corporation (Japan), Continental AG (Germany) and Denso Corporation (Japan).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.