As electronic devices increasingly become a major part of everyday life, they also are growing in importance to the automotive industry. A new report forecasts this market will be worth $17.4 billion in 2015.
This figure does not include anything needed to actually run a car, even though modern power-train components, antilock brakes and similar control systems rely on electronics. MarketResearch.com’s study looks solely at devices like entertainment and GPS systems.
The report states the global market for these automotive electronic devices was estimated to be worth $15 billion in 2010, and it predicts a Compound Annual Growth Rate (CAGR) of 2.9 percent.
North America is the largest market, accounting for nearly $5.6 billion in 2010. Europe is nearly as large with $5.1 billion. MarketResearch.com predicts minimal growth in these territories during the next five years, of 0.2 percent and 1.2 percent CAGR respectively.
Asia is where the action is expected to take off, with a CAGR of 8.4 percent from $3.3 billion in 2010 to $4.9 billion in 2015.
All of a car’s electronics, both control systems and other, comprise nearly 30 percent of the production cost, the research firm says.
MarketResearch.com’s report – http://tinyurl.com/3gd3sht
Photo of Ford Focus dashboard, courtesy of Ford Motor Co.