According to a new market research report "Vehicle Power Distribution Market by Type (Hardwired and Configurable), Component, EV Type, Off-Highway Vehicle (Agricultural Tractors and Construction Equipment), Vehicle Type (PC, LCV, and HCV), and Region - Global Forecast to 2025", published by Marketsand Markets™, the global market is projected to grow at a CAGR of 4.15%, from USD 6.47 billion in 2018 to USD 8.60 billion by 2025.
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The inclusion of basic safety systems such as ABS, anti-lock braking systems, TPMS, and electronic stability programs, along with the rising demand for advanced cockpit electronics and advanced telematics are expected to drive the Vehicle Power Distribution Market. Additionally, the market growth can be attributed to the increasing demand for BEVs and PHEVs, which have more electronic components than conventional ICE vehicles.
The configurable segment is estimated to be the largest segment in the Vehicle Power Distribution Market
The configurable segment is estimated to be the largest segment, in terms of value, of the Vehicle Power Distribution Market during the forecast period. The rising demand for advanced electronics such as windshield HUDs, infotainment & navigation units, rear seat entertainment, drive mode selector, electric powertrain, and advanced telematics is expected to drive the configurable segment market.
BEV is estimated to be the fastest growing segment in the Vehicle Power Distribution Market
The Vehicle Power Distribution Market for Battery Electric Vehicles segment is estimated to grow at the highest rate during the forecast period. Factors such as strict emission norms by the government, the rise in ecological imbalance due to excessive carbon emission, and less energy consumption are promoting the growth of BEVs. Asia Pacific is projected to be the fastest growing regional market for automotive shielding
Asia Pacific: Largest region in Vehicle Power Distribution Market
The Asia Pacific is the largest regional Vehicle Power Distribution Market. The Asia Pacific region is the largest market for automobiles with a market share of around 50% of the global automobile production. The region comprises emerging economies such as China and India along with developed nations such as Japan and South Korea. The increasing penetration of advanced electronics in vehicles, growing purchasing power of the population, and increasing consumer awareness for safety features in developing countries are the key factors driving the Vehicle Power Distribution Market in the Asia Pacific region.