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3. New Product Development was the most Dominant Strategy Adopted by the Automotive Gesture Recognition Systems Market

The Automotive GRS market is projected to grow at a CAGR of 30.5% during the forecast period, to reach USD 3,144.8 Million by 2021. The base year for the report is 2015 and the forecast year is 2021. The growth in autonomous and electric vehicles in automobile industry is projected to be the major driving factor for the global automotive GRS market

New product development was the most dominant strategy adopted by market players to achieve growth in the automotive GRS market. Continental AG (Germany), Synaptics Incorporated (U.S), HARMAN International Industries (U.S.), and Visteon Corp (U.S) are some of the leading market players that adopted this strategy to expand their automotive gesture recognition systems business at the global level. Merger and acquisition was another strategy adopted by industry players to gain a stronger foothold in the global automotive gesture recognition systems market. This was the second most adopted strategy after new product development during the same period. Major players such as NXP Semiconductors (Netherlands), HARMAN International Industries (U.S.) and Visteon Corp. (U.S.) adopted this strategy to strengthen their business.  

Continental AG, headquartered in Hanover, Germany, is one of the top players in the automotive GRS market. It is an industry leader in the production and sales of automotive GRS application, with overall revenue of about USD 43.55 billion in 2015. The interior division caters to the Human Machine Interface solutions. Continental AG’s major customer base includes Ford Motor Company (U.S.), Volkswagen AG (Germany), Renault Nissan Deutschland AG (Germany), General Motors Powertrain Germany GmbH (Germany), and Daimler AG (Germany). The company is present in North America, Europe, and the Asia- Pacific region. In May 2015, the company acquired the automotive software unit of Elektrobit (Finland) for USD 680 million. With this acquisition, Continental aims to strengthen its automotive software business, which can be helpful for the development of its gesture recognition software.

Harman International Industries, Inc., headquartered in Stamford, U.S., is involved in the designing and engineering of connected products and solutions for automakers, consumers and enterprises worldwide. The company has a major presence in the Americas, Europe and Asia and operates through different segments such as Connected Car, Lifestyle Audio, Professional Solutions, Connected Services and others. The company has expertise in key domains including safety, design, navigation, connectivity, networking, HMI, and gesture recognition systems. In November 2016, Samsung Electronics (South Korea) and Harman International Industries, Incorporated signed an agreement under which Samsung will acquire Harman for an equity value of USD 8.00 Billion.

Related Reports:

Automotive Gesture Recognition Systems Market by Component Type (Touch Based Systems, and Touchless Systems), Authentication Type (Hand/Fingerprint/Leg, Face, Vision/iris), Application (Lighting System), and Region - Global Forecast to 2021

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