Published on : Mar 28, 2016
The growing per capita income and economically more active population globally have resulted in the increasing demand for luxury and better convenience in personal vehicles. The global market for cockpit electronics is mainly growing due to the spurt in car sales and the increasing affordability of customers to install the latest technologies in their vehicles. However, the same technological advances have given rise to tough competition in the market, due to which most of the leading companies operating in the automotive industry are focusing on product development and product innovation. The paradigm shift in demand for automotive electronics from analog to digital has also given impetus to the market for automotive cockpit electronics.
Rising Demand for Latest Vehicles Drives Market for Automotive Cockpit Electronics
The increase in middle-class population worldwide has led to an increase in per capita car ownership. According to a report published by the International Transport Forum or Organization for Economic Cooperation and Development (OECD), the total number of cars plying around the world will reach 2.5 billion by the end of 2050. Furthermore, the passenger car ownership has also significantly risen in the Eastern Europe and Arab countries. Germany, which is the logistics hub of Europe, boasts the largest number of ownership of commercial vehicles. Such rise in demand from European countries has helped the market for automotive cockpit electronics prosper.
North America and Europe are Largest Markets for Automotive Cockpit Electronics
Regionally, the global market for automotive cockpit electronics can be segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these regions, Europe and North America makes the most lucrative markets for automotive cockpit electronics. The U.S., Canada, France, Italy, and Germany are the most lucrative markets for cockpit electronics in Europe and North America. The market also sees lucrative prospects in Asia Pacific with the rapid expansion of the automotive industry in the region. The high population and rising disposable income of people living in India and China boasts the market for automotive cockpit electronics in Asia Pacific.