DUBLIN – The global automotive safety electronics market is anticipated to reach approximately $40 billion by 2023, a compound annual growth rate of more than 12% during 2017-2023, says ResearchandMarkets.
The increasing proliferation of automotive electronics that enable centralized control and seamless exchange of data and information between various systems is augmenting the growth of the global automotive safety electronics market, the firm says. The launch of systems that are designed to enhance user experience and convenience will revolutionize the automotive industry.
The growing demand for connected cars with the growing integration of smartphones and electronic devices will transform the global market. The adoption of advanced features such as telematics, ADAS solutions, digital clusters, and high-end infotainment systems is boosting demand.
Some of the prominent vendors are developing a new cost-efficient 3D surround view system designed for economy and mid-priced vehicles to attract a wider group of consumers.
The innovations in the field of safety systems, infotainment, electrification of engine mechanism, and propulsion technologies will create new investment opportunities for OEMs.
The growing applications for semiconductors across hybrid and electric vehicle segments will have a positive impact on the overall development of the global automotive safety electronics market.
Factors such as rapid electrification of vehicles, adoption of connected vehicle concept, and integration of advanced safety features are expected to boost the demand for these systems in mass mid-segment vehicles. Vendors are introducing new safety electronics systems and solutions to boost their revenues, says ResearchandMarkets.
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