The global automotive cockpit electronics market is expected to grow significantly, increasing from approximately USD 42.5 billion in 2023 to around USD 81.9 billion by 2031. This represents a compound annual growth rate (CAGR) of about 8.8 per cent. This optimistic growth outlook is driven by rapid technological advancements such as Advanced Driver Assistance Systems (ADAS), improved infotainment and connectivity features, and the rising incorporation of electric and autonomous vehicles. In contrast, the Indian cockpit electronics market is considerably smaller. Recent market studies estimate the value of the Indian Cockpit Electronics Market to be around USD 210â220 million in 2022, with projections indicating it could reach approximately USD 296 million by 2031, yielding a modest CAGR of about 3.9 per cent.
This gap is largely due to differences in vehicle penetration and consumer demand. While mature markets in North America, Europe, and parts of AsiaPacific are heavily investing in advanced cockpit systems, Indiaâs cost-sensitive market and the lower average cost of vehicles are believed to limit the domestic adoption of these technologies. However, with ongoing government initiatives aimed at enhancing digitalisation, a push for electrification, and increasing consumer aspirations, the Indian market is expected to experience gradual growth.
India may currently represent a small segment of the global cockpit electronics market, but it has significant long-term growth potential. This was evident at the Bharat Mobility Global Expo - The Components Show, where leading companies like Minda Corporation Ltd. (Minda Corp), the flagship company of Spark Minda, showcased their advancements. The booth, inaugurated by Ashok Minda, Chairman & Group CEO, and Aakash Minda, Executive Director of Minda Corporation, attracted Original equipment manufacturer (OEM) interest, reflecting the companyâs influence.
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