Strategy Analytics: Market for Automotive Electronic Systems Set to Exceed $300 Billion by 2020 Demands for Improved Fuel Consumption and Safety to Fuel Growth
BOSTON, April 26, 2013 /PRNewswire/ -- The Strategy Analytics Automotive Electronics service report, "Automotive Electronics System Demand Forecast 2011 to 2020: Global Growth Despite Europe's Gloom," predicts that the market for automotive electronic systems will continue to grow, despite the tough times facing some car makers.
The continued financial difficulty in many economies – particularly in Europe – means that growth is forecast to be a modest 5 percent in 2013. Growth is then expected to pick-up, as demand from emerging economies build and government and consumer demands for cleaner, safer vehicles help drive the market for automotive electronics.
"This growth will be spread unevenly," argues Ian Riches, Director Global Automotive Practice. "North America, Japan, Korea and Europe will all see growth below the global average, with demand from vehicles manufactured in India forecast to see the best long-term growth," he added.
"Emerging market growth is fuelled strongly by increasing vehicle production, as well as greater electronic content," commented Chris Webber, Vice President, Global Automotive Practice. "In established markets, growth is more concentrated on high-technology solutions such as electric and hybrid vehicles and advanced safety systems," he added.
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SOURCE Strategy Analytics