The Global Market for Automotive Electrical Products is Forecast to Reach US$90.5 Billion by 2022
Growing Complexity of the
Electrical Anatomy of a Car Lays the Foundation for the Growth of Automotive Electrical Products, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Automotive Electrical
Products market. The global market
for Automotive Electrical Products is forecast to reach US$90.5 billion by 2022, driven by the
increasing complexity of vehicle electrical systems as a result of increased integration
of in-car entertainment and communication systems, engine electronics and advanced
safety and driver assistance system.
Cars
over the decades have evolved from a simple mechanical piece of engineering to an
electrical marvel. From limited electrical systems such as alternators,
batteries, solenoids, spark plugs and lighting systems of the 1980s, the
electrical anatomy of a car has undergone a revolution. Modern cars are today
integrated with numerous electrical components that control various integrated
systems ranging from ECUs, ABS brakes, GPS navigation equipment, sensors,
driver assistance systems, power windows, heated seats to sunroofs. Given that
flow of electrical current from one component to another is vital to ensure all
components work effectively in unison, electrical products are indispensable in
automotive engineering. They represent the lifeblood of every vehicle. Automotive
electrical systems are important as they play a vital role in managing on-board
electronics. The battery, for instance, utilizes electricity to start the
engine and other electrical systems contained inside the vehicle. Electrical
power consumption by an automobile has risen by over 50% as compared to the
1970s. A good and well calibrated electrical system offers numerous advantages
such as improved electrical system stability; lower vehicle noise, vibration,
and harshness; improved fuel efficiency; downsized wiring and overall reduction
in electrical system cost.
The
market is also benefiting from the migration of engineering design concepts
from conventional hydraulic technology to electrically powered components for
lower energy consumption. Standing testimony to the trend is the rise of X by
wire technologies such as electric power steering; electromechanical brakes;
electrical HVAC systems; electromagnetic valve trains; integrated
starter-generators, and electronic ride control systems. Supported by the growing
awareness over the economic and environmental drawbacks of fossil fuelled
transportation systems, the growing focus on electric cars is expected to
benefit the market given the unique electrical architecture of these vehicles. Electric
vehicles
unlike conventional vehicles require electromagnetic interference shielding
systems for greater safety. These vehicles additionally require more robust
connectors capable of handling operating voltages that range from
400V up to 750V and carrying currents as high as 400A. The vehicles
additionally require vehicle charging interfaces like charging cables, Vehicle
inlets and cordsets, among others.
As
stated by the new market research report on Automotive Electrical
Products, Asia-Pacific
represents the largest market worldwide. The region is also forecast to emerge
as the fastest growing market with a CAGR of 7.6% over the analysis period, led
by factors such as stable GDP growth, growing disposable income, rise in per
capita car ownership, the growing trend towards automobile "electronification",
increase in average operating life of a vehicle and the ensuing frequency of
electrical upgrades in the aftermarket, and rise of Asian countries as manufacturing
hubs for auto parts including electrical products.
Major
players in the market include Automotive Lighting Reutlingen GmbH, BBB
Industries LLC, Continental AG, Delphi Automotive PLC, Denso Corporation, East
Penn Manufacturing Company Inc., Exide Technologies Inc., Federal-Mogul LLC,
BERU, FIAMM Energy Technology SpA, GS Yuasa Corporation, Hella KGaA Hueck &
Co., Hitachi Automotive Systems Americas Inc., Ichikoh Industries Ltd., Japan
Aviation Electronics Industry Limited, Johnson Controls Inc., Koito
Manufacturing Company Ltd., NGK Spark Plug Co. Ltd., OSRAM GmbH, Osram
Sylvania, Philips North America Corporation, Remy International Inc., Robert
Bosch GmbH, Stanley Electric Co. Ltd., Sumitomo Wiring Systems Ltd., TE
Connectivity Ltd., Valeo SA, and Yazaki Corporation, among others.
The
research report titled “Automotive Electrical
Products: A Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies.
The report provides market estimates and projections for all major
geographic markets such as the US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and
Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and
Rest of World. The report also analyzes the Automotive Electrical Products
market by product segments – Automotive Batteries, Automotive Connectors,
Alternators & Starters, Ignition System & Parts, Lighting Equipment,
and Others (Includes Coil Bobbins,
Relays, and Other related products).
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