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Alarming increase in automotive electronics market
The global automotive electronics market size is estimated to reach $382.16 billion by 2026, says a new report.
Emerging advancements of IoT and AI, rapid adoption of automated features in automobiles and demand for in-vehicle safety features fuels the growth of the global automotive electronics market, says the Allied Market Research’s new report.
- Electronics in heavy commercial vehicle is on the rise due to increase in demand for in-vehicle safety.
- Infotainment electronics is increasing due to surge in adoption of multimedia features in cars.
In addition, the advancements in electronic components such as microcontrollers, sensors, and others, fuels the market growth.
The passenger car segment was the highest contributor to the automotive electronics market growth in 2019, whereas, HCV experienced fastest growth with a CAGR of 9.0% during the forecast period.
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