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Automotive Electronics Market Share is Predicted to Exhibit Expansion at a High-Value CAGR of 8.2% by 2033: Fact.MR Report

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Rockville, April 27, 2023 (GLOBE NEWSWIRE) — The market value of automotive electronics is expected to increase to US$ 580.5 billion by the end of 2033 from its current level of US$ 261.8 billion in 2023. From 2023 to 2033, the global automotive electronics market is expected to grow at a significant CAGR of 8.2%.

Due to the accelerating acceptance of electrification trends in the automotive industry and the rising integration of modern electronic systems, the usage of electronics in vehicles has been developing quickly in recent years. Future shipments of automotive electronics are expected to benefit from governments around the world placing a greater emphasis on safety and implementing tight car safety regulations.

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        Automotive Electronics Market Scope
Report Coverage Details
Base year         2022
Historic period 2017-2021
Forecast period 2023-2033
Growth momentum & CAGR Accelerate at a CAGR of 8.2%
Market growth 2023-2033 US$ 580.5 Billion
Market structure Fragmented
Regional analysis North America, Europe, APAC, South America, and Middle East and Africa
Key countries US, Canada, UK, France, and Germany
Competitive landscape Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled Altera (Intel Corporation), Continental AG, Hella Gmbh & Co. Kgaa (Hella), Infineon Technologies AG, Microchip Technology Inc., DENSO CORPORATION, Panasonic Corporation, Broadcom Ltd., Robert Bosch GmbH, NXP Semiconductors N.V., Valeo Inc., Hitachi Automotive Systems Ltd., Visteon Corporation, Xilinx Inc., Texas Instruments Incorporated, ZF Friedrichshafen AG
Market dynamics Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Drivers

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  • The growing concern for safety among consumers has led to an increase in the demand for advanced safety features such as ADAS (Advanced Driver Assistance Systems), ABS (Anti-lock Braking Systems), and airbags.
  • With the rise of the Internet of Things (IoT), the automotive industry has witnessed a surge in connected car technology, enabling real-time communication between vehicles, infrastructure, and other devices.
  • The increasing demand for electric vehicles has led to a rise in the demand for automotive electronics such as batteries, power electronics, and electric motors.
  • Governments across the world are implementing strict regulations to reduce carbon emissions, which is driving the adoption of electric vehicles and other eco-friendly technologies.
  • Consumers are demanding more advanced infotainment systems with features such as navigation, entertainment, and connectivity.
  • The constant advancements in technology, such as the development of artificial intelligence and machine learning, are driving the growth of the automotive electronics market.
  • The rising disposable income of consumers is leading to an increase in the demand for premium and luxury cars that are equipped with advanced electronic features.

Key Market Trends

  • Vehicles are becoming increasingly connected, with features such as built-in Wi-Fi, GPS navigation, and Bluetooth connectivity. This trend is expected to continue, with a growing focus on the integration of vehicles with smart homes and smart cities.
  • Autonomous driving is a major trend in the automotive industry, with increasing investment in technologies such as lidar, radar, and camera sensors. This trend is expected to drive significant growth in the automotive electronics market, as vehicles become increasingly reliant on sophisticated control systems.
  • ADAS technologies, such as adaptive cruise control, lane departure warning, and automatic emergency braking, are becoming increasingly common in new vehicles. This trend is expected to continue, with a focus on improving safety and reducing accidents.
  • Lightweighting is a major trend in the automotive industry, with a focus on reducing vehicle weight to improve fuel efficiency and reduce emissions. This trend is driving significant innovation in the automotive electronics market, with a focus on developing lightweight materials and components.
  • As vehicles become increasingly connected and sophisticated, there is a growing focus on improving the user experience. This includes developing intuitive user interfaces, integrating voice and gesture recognition technologies, and providing personalized experiences for drivers and passengers.

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Market Restraints

  • The cost of automotive electronics can be significant, as they require specialized components, advanced manufacturing processes, and high levels of testing and certification. This can make them less accessible to some consumers, especially in emerging markets or for lower-end vehicles.
  • Automotive electronics require a high level of technical expertise to design and develop, as they must integrate with existing vehicle systems and meet strict safety and performance standards. This can limit the number of companies that can enter the market, as it requires significant investment in research and development.
  • Rapid advancements in technology can quickly make existing automotive electronics obsolete, requiring frequent updates and redesigns. This can be costly and time-consuming and may require manufacturers to collaborate closely with suppliers and technology partners to stay ahead of the curve.

Competitive Landscape:
Key companies in the market are focusing on advanced technologies to offer innovative electronic solutions for vehicles.

Autonomous driving technologies continue to advance rapidly, with companies investing heavily in self-driving vehicles.

  • Some of the major players in the market include Tesla, Waymo (a subsidiary of Alphabet), and Uber, which have been testing autonomous vehicles on public roads. This technology has the potential to significantly reduce the number of accidents on the road and increase efficiency.

The automotive industry is undergoing a shift towards electric vehicles (EVs) as governments across the world are increasingly pushing for a transition to cleaner and more sustainable transportation. As a result, the demand for automotive electronics has increased, particularly in areas such as battery management systems and charging infrastructure.

Key Segments of Automotive Electronics Industry Research

  • By Component:
    • Electronic Control Units
    • Sensors
    • Current Carrying Devices
    • Others
  • By Application:
    • ADAS
    • Infotainment
    • Body Electronics
    • Safety Systems
    • Powertrain Electronics
  • By Sales Channel:
    • OEMs
    • Aftermarket

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Key Questions Covered in the Automotive Electronics Market Report

  • What will be the estimated size of the Market in 2023?
  • At what rate will the global Automotive Electronics sales grow until 2033?
  • Which are the factors hampering the Automotive Electronics demand?
  • Which region will spearhead the growth in the global industry during 2023-2033?
  • Which are the factors driving sales in the Automotive Electronics Market during the forecast period?

Check out more related studies published by Fact.MR Research:
Automotive Power Electronics Market Demand: The global automotive power electronics market demand is anticipated to rise at a CAGR of 4.1% and reach a market valuation of US$ 6 billion by the end of 2033, up from US$ 4 billion in 2023.

Automotive Actuators Market Size: The global automotive actuators market size is estimated at USD 20.1 Billion in 2022 and is forecast to reach USD 38.3 Billion by 2032, growing with a CAGR of 6.6% during 2022-2032.

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Automotive Automatic Transmission Market Share: During the past year, the industry registered a Y-o-Y increase worth 8.2%. From 2022 to 2032, the automotive automatic transmission industry share is poised to flourish at a CAGR of 8.2% to reach a value of US$ 155 Billion by the end of 2032.

Automotive Accelerator Pedal Module Market Growth: The increasing demand for accelerator pedal modules from passenger and commercial vehicle OEMs is also anticipated to give traction to the growth of automotive accelerator pedal module market over the forecast period.

About Fact.MR
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Artificial Intelligence

ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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