Auto electronics market to rise to $244billion by 2017?
1 min read
The demand for automotive electronic systems is to enjoy 'significant recovery' according to a report by Strategy Analytics. The Automotive Electronics Service (AES) report, forecasts that the market will rise from its 2009 low of $125billion to reach over $244bn by 2017.
Ian Riches, director, Global Automotive Practice said that aside from the economic recovery, it is advanced powertrain systems that are driving this growth, as vehicle manufacturers seek to improve the fuel efficiency of their vehicles to meet increasing legislative and consumer demand.
Riches said: "Strategy Analytics expects to see the value of powertrain electronic control units (ECUs) installed in light vehicles grow at a compound average annual growth rate of 14% over the period 2009 to 2014 – outpacing the overall market growth of 11%."
Chris Webber, vp, Global Automotive Practice, added: "While the number of hybrid and electric vehicles sold will remain relatively low, the demand for electronics for these vehicles will grow to around 20% of the demand for powertrain electronics by 2014. This strong growth in demand is due to the much higher electronics content in these vehicles."
