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Automotive Components Market by Manufacturers, Countries, Type and Application, Forecast to 2024

The global advanced driver assistance system (ADAS) market should grow from $27.2 billion in 2019 to reach $66.9 billion by 2024 at a compound annual growth rate (CAGR) of 19.7% for the period of 2019-2024.

Report Scope:

The topics analyzed within the report include a detailed analysis of the global markets within automotive industry. The scope of this report extends to sizing of the automotive components market and an analysis of global market trends with market data for materials, components, and technology types at global level in 2018, which is being considered as the base year, 2019 as the estimate year and forecast for 2024 with projection of CAGR from 2019 to 2024.

The report focuses on assessment of automotive materials, components suppliers and an analysis of companies/ manufacturers and the related system providers. Market dynamics such as drivers, restraints, opportunities and challenges are also discussed in the report.

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While this report contains a significant amount of technical information due to the inherent nature of the subject and thus provides information valuable to engineers and scientists, it is primarily aimed at business professionals in field of automotive. These may include manufacturers and their suppliers, financiers and investors, researchers with backgrounds in engineering and sciences, marketing and sales professionals, renewable energy advocates, and others.

This report may also prove valuable to professional analysts, investors, public policy advisors and others who are seeking a better understanding and definition of how automotive components and materials fit into the broader global automotive market.

Report Includes:

– A brief general outlook and holistic overview of the global market for automotive components
– Analyses of the global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
– Assessment of key trends related to technology, industry, and regional factors that shape and influence the overall analytics industry
– Outlining details of manufacturers and developers of automotive components driven mainly by miniaturization and increased functionality with greater performance, and how they are increasingly used in industries such as automotive, medical electronics, aerospace, and defense
– Information on government regulations, environmental concerns, current trends and technological updates that can shape future marketplace in this ever-expanding market
– Patent analysis covering all major categories
– Company profiles of major global players within the industry, including 3M, AkzoNobel NV, Ametek Inc., BASF Corp., and Clariant AG

Summary

The automotive component industry is characterized by a high level of diversity, creativity and flexibility. It includes technological solutions ranging from commercially viable and mass-produced automotive products to experimental technologies that are in the early stages of being transferred from academic and private research institutions and consortiums to viable profit-seeking enterprises.

The automotive industry is shifting towards electric powertrain due to the increasing government regulations over fuel emission vehicles and increasing interest from customers towards BEV’s and HEV’s.

The usage of advanced technologies such as sensors, battery management systems, advanced driver assistance systems, head-up displays, and automotive coatings would impact the automotive industry positively. For instance, the global automotive sensor industry is characterized by the increasing amount of electronic content in vehicles, especially for power train and safety sensors. The sensor industry is expected to experience robust growth due to mandatory emission regulations and automotive electronics, as well as the development of potential applications toward enhanced comfort, safety, air conditioning, humidity and climate controls.

The automotive components included in this report are electric motors for electric vehicles, and hybrid electric vehicle components. Components for hybrid electric vehicles will experience continuous market growth with three factors driving worldwide market development. First, European (ACEA), Korean (KAMA), and Japanese (JAMA) automotive manufacturers are working towards emission reduction. This is a result of voluntary commitments as well as current a nd future emissions laws (especially regarding CO2 emission). Secondly, further environmental protection issues, such as those regarding particle emissions, will play an increasingly important role. Finally, the added value that hybrid vehicles can offer through improved driving dynamics without increased energy consumption is a decisive factor.

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Another trend observed in the industry. Over the past few years, buyers’ growing concern about automotive safety has resulted in increased demand for advanced safety features, particularly for midpriced vehicles. The overall dynamics of the global automotive industry is changing at a rapid pace. Automobile manufacturers believe that the overall demand for mid-priced vehicles is expected to increase by REDACTED to REDACTED by 2024. These vehicles have been designed and manufactured following buyers’ preferences, in addition to being equipped with basic components. Companies such as Continental AG and Autoliv are entering into partnerships with OEMs to develop and manufacture lowcost assistance systems.

This in turn helps manufacturers reduce the price of ADAS and attain economies of scale. As this takes place, implementation of ADAS in low-cost cars will increase in the coming years. A consistent increase in demand for compact and mid-size automobiles equipped with advanced safetyfeatures is also expected to propel the growth of this market. The Global Advanced Driver Assistance System (ADAS) market was valued at REDACTED billion in 2018 and is expected to reach a value of nearly REDACTED billion by 2024, growing at a CAGR of REDACTED during the forecast period of 2019 to 2024. The accelerating need for road safety systems along with demand for fuel-efficient vehicles willhelp to boost the global demand for ADAS significantly.

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