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May 8, 2019 | Globe NewswireEstimated reading time: 2 minutes
As per an analysis of the automotive PCB market conducted by Market Research Future, the market is projected to capture a CAGR of 5.98 % in the duration of the forecast period from 2018 to 2023. The amplified pace of progress in the automotive sector has given way to the expansion of various ancillary devices such as automotive PCBs. The increased incorporation of computers in automobiles has led to the need for sophisticated automotive printed circuit boards to make them function effectively. As a result, the escalated demand for PCBs is expected to create a favorable tone for the advance of the automotive PCB market in the future.
Lately, the demand for automotive PCBs is gathering a substantial market share due to the integration of essential and luxury features in automobiles especially due to the surge in demand for connected cars. The upsurge in the number of vehicles being bought per household is intensifying due to an escalation in disposable income levels. Additionally, the accelerated growth of the automotive industry globally is likely to create new openings for the expansion of the automotive PCB market. The use of PCBs in an extensive range of automotive components is also anticipated to hasten the development of the market for automotive PCBs in the coming years. Furthermore, the mounting use of ECU systems that control engines, anti-lock brake systems, and other safety and security features, along with GPS navigation systems that require PCBs are expected to contribute to the overall market expansion in the forthcoming period.
Market Segmentation
The study of the segments in the automotive PCB market has been carried out on the basis of end user, type, level of autonomous driving, vehicle type, application, and region. On the basis of type, the automotive PCB market has been segmented into double-sided, single-sided, and multi-layer. Based on vehicle type, the automotive PCB market has been segmented into hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), and internal combustion engine (ICE) vehicles. The application basis of segmenting the automotive PCB market comprises of body and comfort, infotainment system, ADAS, powertrain components, and others. On the basis of the level of autonomous driving, the automotive PCB market is segmented into semi-autonomous, autonomous, and conventional. By end user, the automotive PCB market is segmented into passenger car and commercial vehicle. The regions included in the automotive PCB market are Asia Pacific, North America, Europe and the Rest of the World.
Sensor Applications to Set the Tone for Growth of the Automotive PCB Market by 2023
The regional outlook of the automotive PCB market globally covers regions such as Asia Pacific, North America, Europe and the rest of the world. The analysis observes that the Asia Pacific region leads the Automotive PCB Market globally. The Asia Pacific region is tailed by the European and North American regions respectively. The lead obtained by the Asia Pacific region is accredited to the continual growth in vehicle production levels across the region. Besides, the speedy industrialization in nations such as India and China are found to be linked to the uptick in demand for vehicles in the region. In terms of the revenue earned, the Asia Pacific region presently is responsible for 47.9% share of the global market, and the trend is expected to carry on in 2019.
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