A recent report on the global automotive integrated circuits market suggests that we can expect to see the market grow in the next few years. The report by Research and Markets provides an in-depth market analysis of IC within the automotive market during the period 2017-2021, finding that the global automotive IC market can be expected to grow at a compound annual growth rate of 6.61%.
The findings of the report suggest that one of the key trends contributing to the growth of the automotive IC market is the emergence and rapid progress of the Internet of Things, or IoT. In recent times, automotive companies have invested considerably in IoT technology as this is one of the key interests of not only vehicle buyers, but also big investors. As a result, IoT connected cars and other automobiles have considerable potential for growth in the next few years.
With 40% of all vehicles on UK roads predicted to have at least two types of Advanced Driver Assistance systems fitted by 2020, we can expect ADAS to have a considerable effect on the automotive engineering industry in the next few years.
Whilst in the past, ADAS devices were limited to only very high-end vehicles due to their costs, ADAS has been getting less expensive on a yearly basis and as a result, these safety features are becoming much more widespread. Manufacturers are actively starting to include ADAS such as automated emergency breaking (AEB) as part of high-value safety packs for most models, not just more premium vehicles.
Since inception in 2001, the M-Tec organisation has found considerable success in all of our key markets. During this period, we have built a strong, and successful portfolio of operating companies whom, this year have soared to record heights in performance, customer satisfaction, and revenue.
As with any organisation of our kind, the customer and stakeholder journey is a topic that is at the fore of considerations when we perform day to day business. In order to further enhance this customer and stakeholder journey, the leadership team within M-Tec have taken the decision to reorganise and rebrand our operations.