The automotive electric capacitors market is projected to witness a compound annual growth rate of 6.44% during the forecast period to reach a market size of US$4,023.17 million by 2023, increasing from US$2,766.137 million in 2017. Like all electronic products and systems, automotive systems make extensive use of capacitors and rising demand for cars using alternative propulsion technologies where operation and management of electrical current and circuits are becoming more important is leading towards the expanding role of capacitors.
IMPACT OF GROWING IN-VEHICLE ELECTRONICS
Technological advancements in the semiconductor industry have led to the development of electric capacitors technologies that are used particularly in the automotive industry. There is an increasing demand for electronic systems within the automotive industry owing to increasing attention towards the vehicle-to-vehicle and vehicle-to-infrastructure communications, convenience as well as onboard safety, thus driving the growth of the market during the forecast period. Adoption of electronic systems is growing as technology becomes more widely available on mid-range and entry-level cars, providing another avenue for capacitor manufacturers to generate higher revenues. we have covered all segment of this market in market research report
In addition, due to benefits of smart sensor like high reliability, low power consumption and failure detection also boost the demand for vehicle electronics which is further expected to propel the market growth opportunities for the automotive electric capacitor market in the coming years. As regulations are becoming more stringent and consumers are increasingly demanding for comfort, connectivity, safety and efficiency, in-vehicle electronics continues to control over new and existing functions in vehicles. Simultaneously, wireless connectivity allows the car to become a platform for the drivers and passengers to use their transient time for personal work. Such advancement leads to an increasing demand for in-vehicle electronics which is further expected to boost the market for automotive electric capacitors during the forecast period. In fact, it is estimated that the cost of electronics as a percentage of the overall vehicle cost is expected to increase from 30% in 2005 to 50% in 2030 (source: NXP Semiconductors).
AUTOMOTIVE ELECTRIC CAPACITOR MARKET BY GEOGRAPHY
By Geography, the automotive electric capacitor market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific is estimated to hold a major share in the automotive electric capacitor market in 2017 on account of the presence of key players and with the majority of the automotive production taking place in the region. Simultaneously, the anticipated improvement in the economic environment is expected to push up the contribution of the automotive industry’s GDP to the overall EU- GDP of 6.8% during the course of the forecast, thus driving the growth of the market while focus on supporting domestic manufacturing by the government of the United States is projected to provide significant growth opportunities for the electric capacitor manufacturers.
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