LONDON—According to the latest market research report by Technavio, the global automotive under the hood electronics market is expected to grow at a CAGR of over 10% until 2020.
In this report, Technavio covers the present scenario and growth prospects of the global automotive under the hood electronics market for 2016-2020. Geographically, the global automotive under the hood electronics market is segmented into APAC, the Americas, and EMEA. Based on the type of functionality, the market is segmented into ECU (engine control unit), sensors, and others.
“In the past, OEMs depended on multiple electronic component manufacturers for designing, prototypes, assembly, testing processes, and other services. But now, with increasing electronic content in vehicles and difficulties of managing manufacturing pressure, OEMs are migrating to EMS providers to streamline their supply chain. EMS providers eliminate the need for multiple manufacturers and provide end-to-end solutions, from assembling components to manufacturing and testing ECUs, under one roof,” said Siddharth Jaiswal, one of Technavio’s lead industry analysts for automotive electronics.
Global automotive under the hood electronics market revenue segmentation by geography 2015
- APAC 45%
- Americas 30%
- EMEA 25%
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APAC: largest region for the automotive under the hood electronics market
The automotive under the hood electronics market in APAC accounted for USD 20.8 billion in 2015. As stringent regulations over safety, emissions, and fuel economy emerge in APAC, automakers are forced to explore and equip vehicles with efficient and more effective mechanisms to comply with the norms. It is evident that electrification of mechanical functionalities in automobiles will result in higher fuel economy and reduction in emissions, which will lead to a rise in the use of electronics, such as sensors, ECUs, and PCB, in vehicles.
In terms of safety features, OEMs have started introducing advance safety features in the mid-segment vehicles either to comply with regulations or to maintain market share in this highly competitive market. Hence, the growing demand for vehicles in this region and increasing adoption of the safety systems, all of which require ECUs, sensors and other electronic components to operate; the market for under the hood electronics in APAC is expected to grow significantly.
Americas: second largest market for the automotive under the hood electronics market
The automotive under the hood electronics market in the Americas accounted for USD 13.87 billion in 2015. The sports nutrition market in Europe is growing steadily. The American automotive industry has strongly recovered from the 2008 financial crises, and automobile sales reached the pre-recession level in 2014. Regulations and customer demand for comfort and advanced technologies are the key driving factor for the growth of this market in the Americas. Additionally, the region includes technologically advanced nations and mature markets like the US, Canada, and Mexico, which has resulted in the development of advanced engines, with increased electric content. With growing regulations and increasing consumer trend towards electronics in vehicles, the demand for under the hood electronics in this region is expected to grow during the forecast period.
The automotive under the hood electronics market in EMEA
This market accounted to USD 11.56 billion in 2015 and may reach USD 19.17 billion by 2020. Europe is currently recovering from one of the biggest economic catastrophes since the great depression in 1929. Post the formation of a common currency among the EU nations, this region has fallen into a vicious circle of economic downturn as a result of the sovereign debt crises. Western Europe took the major hit as the economic sentiment plummeted with high unemployment and low growth. This situation has largely impacted the European automotive industry.
However, robust economic growth from Eastern Europe and economic improvement in Western Europe is expected to stimulate growth in this region during the forecast period. This will lead to the recovery of the automotive industry as the economic activity stabilizes and consumer confidence improves.
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