Avnet turns to autonomous driving car market for growth

Major equipment suppliers for autonomous driving cars are vying for the electronic component market, which will reach an estimated $150 billion by 2030, and Arizona-headquartered US firm Avnet is one of them.

The number of electronic parts and components used in a car has seen a huge increase in the past decade, as their combined value per car surged from 20 yuan ($3.17) to 30 yuan 10 years ago to 400-500 yuan currently, said Frederick Fu, president of Avnet Asia-Pacific, a leading global distributor of electronic components and technology solutions provider.

"The ongoing driverless trend is going to create a bigger electronic components market than that in the smartphone sector," Fu said.