- Driver monitoring cameras are estimated to be the fastest-growing segment of the automotive control panel market.
- Electric windows are estimated to constitute the largest segment of the automotive control panel market.
- The sales statistics for Asia-Pacific indicate promising growth potential.
Automotive Control Panel Market is projected to grow from $74.65 billion in 2016 to $110.18 billion by 2021, at a CAGR of 8.10%. Market growth is primarily driven by innovations and technological advancements in the automotive industry. The rising demand for electric vehicles also boosts the demand for automotive electronic components and control panels. The control panel provides easy access to various comfort and convenience features in the vehicle.
Key Players of Automotive Control Panel Market:
The automotive control panel market report covers various globally established vehicle interior and control system manufacturers. Major market players include Faurecia S.A. (France), Magna International Inc. (Canada), Lear Corporation (U.S.), Continental AG (Germany), Johnson Controls, Inc. (U.S.), and Hyundai Mobis Co. Ltd. (South Korea). These companies have the technological capabilities required to develop advanced automotive control panels.
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Driver Monitoring Camera: Fastest-Growing Segment
Driver monitoring cameras are estimated to be the fastest-growing segment of the automotive control panel market. These cameras detect any risky behavior on the part of the driver, and thereby help to avoid potentially dangerous situations during driving. The increasing incidence of road accidents caused by driver drowsiness or fatigue is driving the installation of driver monitoring camera systems. Increasing traffic in urban areas is also a key factor responsible for the rising number of road accidents. The rising demand for safety features in vehicles would accelerate the growth of the driver monitoring camera market.
Electric Window: Largest Market Segment
Electric windows are estimated to constitute the largest segment of the automotive control panel market (by value). Power windows or electrically operated windows are a common feature found in vehicles. Given its widespread adoption in all vehicle segments, the electric window segment is poised to hold the largest market share. OEMs have begun offering an additional switch that locks all the windows of the vehicle to enhance safety. The buying behavior of consumers is heavily influenced by the safety standards; thus, such additions will likely trigger the growth of the electric window market.
Asia-Pacific: Largest Regional Market Segment
The automotive control panel market has been segmented into Asia-Pacific, North America, Europe, and RoW. Asia-Pacific is estimated to lead the automotive control panel market. OEMs in this region are enhancing their technologically capabilities and are thus able to offer better interior facilities for vehicles. The sales statistics for Asia-Pacific indicate promising growth potential, due to the increased comfort and safety levels in premium and luxury cars. North America is estimated to be the second-largest market for automotive control panels. The North American market is primarily driven by the increasing demand for enhanced comfort and convenience features.