New Delhi
India’s
automotive electronics market will cross $18 billion by 2027, from $6 billion
in 2020, with a CAGR of 17%, according to a new report by Counterpoint
Research's Smart Automotive Service.
As per the
report, automotive electronics sales will triple due to rising income levels
and increasing customer preference for in-vehicle digital experience.
Research analyst
Soumen Mandal said that passenger vehicles are expected to capture nearly
two-thirds of the Indian automotive electronics market. The rising usage of the
telematics control unit (TCU), infotainment, on-board diagnostics (OBD),
electronic control unit (ECU) and anti-lock braking systems (ABS) will ensure the
growth.
The report
explained that telematics penetration in India remained low compared to global
standards.
The mainstream
features for premium segment cars included head-up display (HUD), blind-spot
monitoring system, auto-dimming mirror, advanced driver assistance systems
(ADAS) and automatic transmission features. The average electronic component
cost per passenger vehicle is projected to reach nearly $2,685 by 2027.
While the
country's overall automotive sales declined 26% (on-year) in 2020 owing to the
pandemic, the report noted that the next six years through 2027 will see a
strong boost in automotive sales.
The report said
that the electric vehicle (EV) penetration in the two-wheeler segment was 1% in
2020 and is estimated to rise to 15% by 2027.
Source – ET Auto
Image Source: Photo by James Penner on Unsplash
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