U.S. car infotainment and audio company Harman International Industries, a wholly-owned subsidiary of Samsung Electronics Co., has won a string of deals from major automakers in the past year, helping the Korean tech giant rapidly solidify its position in the global automotive electronics market.

Samsung Electronics completed the acquisition of the U.S. company in a $8 billion deal in March 2017, the biggest buyout not only for the firm but also the local industry. It had bought the shares at a premium of 28 percent but the seemingly high investment will likely be paid off sooner than expected thanks to Harman’s winning streak since it came under the technology giant.

Earlier this month, Harman teamed up with France’s PSA Group, the owner of Peugeot and Citroen, at the 2018 Geneva Motor Show to conduct joint research and development on cyber security solutions. It also received a Daimler Supplier Award from Mercedes-Benz for its superior technology and innovation in the user experience infotainment system.

Earlier this year, Harman signed a deal to supply its digital cockpit, an IoT platform jointly developed with its parent company, to an unnamed global automaker.

Last year in June, it clinched a deal with Japan’s Yamaha to provide infotainment and navigation solutions to its Star Venture touring motorcycle. In April, it agreed to supply infotainment and car audio systems to Chinese automakers including Great Wall Motors Company and Guangzhou Automobile Group. It received the Excellence in Software Award from Cisco in September.

The automotive electronics market is expanding rapidly, with firms in the industry seeing an upward swing in their share prices. The global market is projected to grow an annual 13 percent through 2025.

With collaboration with Harman, the world’s top semiconductor and smartphone maker aims to expand its presence in a large and rapidly burgeoning market for connected technologies, particular automotive electronics, which has been the company’s strategic priority for future growth.

Harman celebrated its one year of collaboration with Samsung Electronics on Monday, posting on its website that the two companies have formed “a global connected technologies powerhouse responsible for multiple incredible innovations across the automotive, audio and connected services industries.”

By Hwang Hyung-gyu and Kim Hyo-jin

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]