FARMINGDALE, N.Y., Dec. 13, 2016 /PRNewswire/ -- Cemtrex Inc. (Nasdaq: CETX), a world-leading industrial and manufacturing solutions company, commented today on the outlook for the Automotive Electronics industry and potential opportunities for the Company, as automobiles add more electronic components and as they become more connected. A recent report by Mckinsey indicates, "the dramatic increase in vehicle connectivity will increase the value of the global market for connectivity components and services to €170 billion by 2020 from just €30 billion today."
As the automotive industry also moves toward self-driving technology and connected intelligent cars, it is expected to generate new opportunities for Cemtrex. Companies like Hyundai and Volkswagen are working on connected car technologies and related services such as smartphone and smart home connected services, intelligent remote support, fully autonomous driving, smart traffic functionality and mobility hubs as part of their effort to establish a presence in the market. Technology companies such as Alphabet and Apple and automobile manufacturers including Ford, Volvo, Tesla, and BMW are investing in autonomous driving technology which requires the integration of many electronic components and assemblies. According to a recent report from PwC, autonomous vehicles could come to full fruition in ten years which will enable new levels of connectivity and services both inside and outside the car. They estimate connected car revenues to increase from approximately $50 billion to $155.9 billion by 2022.
Cemtrex's chairman and CEO, Saagar Govil, commented: "Samsung Electronics recently acquired Harman International Industries, one of our largest customers, in an effort to accelerate its growth in the automotive connected space, which we believe is further validation of our strategy in this sector. We are extremely optimistic about the opportunities in front of us and our ability to leverage them with our growing organization."
Cemtrex, Inc. (NASDAQ: CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides manufacturing services of advanced custom-engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
Safe Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. This release may contain Non-GAAP financial information and is not presented in accordance with US GAAP. The Company believes that the presentation of non-GAAP financial measures provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. The Company's management regularly uses these supplemental non-GAAP financial measures internally to understand, manage, and evaluate the Company's business and make operating decisions.
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SOURCE Cemtrex, Inc.