DUBLIN – The global automotive printed circuit board market is expected to reach more than $13 billion by 2023, growing at a CAGR of more than 8% from 2017 to 2023, says ResearchandMarkets.
The rising adoption of advanced driver assistance systems, infotainment systems, and telematics will boost demand for automotive PCBs in the global market, says the firm. The increasing focus on usage, transmission, battery capacity, and connectivity will help vendors launch innovative systems.
The increasing number of hybrid and electric vehicles on the road and the growing demand for advanced safety features in mid-segment vehicles will propel demand. The growing focus on rapid electrification of vehicles, stringent emission, fuel economy norms, and adoption of connected vehicle concept will augment growth, according to ResearchandMarkets.
Leading vendors are expanding business to new regions to gain a larger market share. Chinese manufacturers are planning to expand their businesses to the North American and European region, intensifying competition during the forecast period.