FARMINGDALE, NY – Cemtrex’s chief executive today said growth of automotive electronics coupled with high profile mergers bode well for its future.

"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,” said Cemtrex chairman and CEO Saagar Govi. “We are extremely optimistic about the opportunities in front of us and our ability to leverage them with our growing organization."

As the automotive industry also moves toward self-driving technology and connected intelligent cars, it is expected to generate new opportunities for the EMS firm. According to a recent report from PwC, autonomous vehicles could come to full fruition in 10 years, which will enable new levels of connectivity and services both inside and outside the car. The consulting firm estimates connected car revenues will increase from approximately $50 billion to $155.9 billion by 2022.

The company also noted a recent report by the consulting firm McKinsey, which 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, up from €30 billion today.

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