The motor vehicle electrical and electronic equipment market significantly consists of sales of motor vehicle electrical and electronic equipment and linked services optimized for motor vehicles involving cars, buses, motorcycles, off-road vehicles, light trucks, and regular trucks. The electrical and electronic components of motor vehicles comprise battery, starter and alternator, fans, electric cooling, windshield washer pump, and windshield wiper methods. It also comprises equipment that are electrically functioned systems built into vehicles likewise fuel injection systems, airbags, and progressive driver assistance systems.
According to the report analysis, ‘Motor Vehicle Electrical and Electronic Equipment Global Market Report 2020’ states that in the motor vehicle electrical and electronic equipment global market there are several corporates which presently functioning more actively for leading the highest market growth and dominating the handsome value of market share around the globe throughout the inflowing years while spreading the awareness related to the applications of such, decreasing the linked prices, employing the young work force, implementing the profitable strategies, analyzing and studying the strategies and policies of the competitors and government, establishing the several research and development programs and enhancing the specifications of the production technologies includes Bosch, General Motors Corp., Tennaco, DENSO Manufacturing Tennessee, Delphi Corp, Hyundai, Hella, Technitrol Delaware Inc, Ford Motor Co. and Technitrol Delaware Inc.
The worldwide motor vehicle electrical and electronic equipment manufacturing market reached a value of approximately USD 48.2 billion in 2019, having increased at a compound annual growth rate (CAGR) of 8.72% since 2015, and is probable to grow at a CAGR of 10.05% to approximately USD 70.7 billion by 2023.The motor vehicle electrical and electronic equipment market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the greatest region in the motor vehicle electrical and electronic equipment manufacturing market throughout 2019.
The motor vehicle electrical and electronic equipment market is propelled by the growth in the ultimatum for safer vehicles installed with electrical and electronic safety equipment to diminish the perils of road accidents. The increase in the number of accidents is a result of uncontrolled driving, over speeding, degeneration to follow traffic rules, and drunken driving. Electrical and electronic systems such as anti-lock braking systems (ABS) intensifications the safety of the vehicle by precluding wheels from locking up during a fast braking progression. According to the report by WHO during 2018, nearly 1.35 million people die each year as a result of road traffic crashes. In order to lower the perils of such accidents, the United States under the comestibles of Federal Motor Vehicle Safety Standard (FMVSS 126), authorized ABS in all passenger cars sold in the U.S. During 2017, the Ministry of Road Transport & Highways (MoRTH) India directives ABS in all cars sold from 2019. The requirement for vehicles that are less prone to accidents controls a constructive impact on the growth of the motor vehicle electrical and electronic equipment market.
The motor vehicle electrical and electronic equipment manufacturers are underwriting in advancing the electronic sensors utilized in motor vehicles such as cars, trucks to augment visibility and awareness. Some vehicle sensors involve ambient light, battery current, discrepancy oil temperature, door open warning, anti-lock braking system (ABS), auto door lock position, battery temperature, brake power booster. Corporates comprised in the market are now developing sensors coupled with the artificial intelligence and mobile connectivity. For instance, BMW during 2019 established its BMW natural interaction system that utilizes voice commands, gesture control, and facial recognition to set temperatures according to predilections of the driver, to open windows through a combination of the driver pointing and providing verbal instruction. The new sensory technology is said to be utilized in iNext vehicle to be launched during 2021. The advancement in sensor technology marks the modern trend among the corporate included in the motor vehicle electrical and equipment market.
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Ankur Gupta, Head Marketing & Communications