PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299740
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299740
Automotive electronics market size was valued at USD 230,781.5 Million in 2022, expanding at a CAGR of 9.4% from 2023 to 2030.
The automotive electronics industry helps to deal with equipping vehicles with automatic and digital controls. Additionally, features include lighting, power windows, infotainment, safety features, changing ride modes, automatic ride controls and driver assistance such applications uses automotive electronics. Moreover, electronics are installed in several categories of vehicles including HCVs, LCVs, and passenger cars.
The rising implementation and integration of advanced safety systems including parking assistance systems, lane departure warning to minimize road accidents, and automatic airbags contributed to the boom in the market demand for the automotive electronics market. Additionally, major features including emergency call systems, alcohol ignition interlocks, and accident data recorder systems are adopted rapidly to safeguard in-vehicle passengers contributing to driving the market growth over the forecast period. However, the newly industrialized low adoption of automotive electronics and the rise in the overall cost of end-product due to the integration of automotive electronics may restrain the market growth of the automotive electronics market.
Moreover, the Increasing adoption of AI and LoT in automobiles, the increase in demand for infotainment features, and vehicles equipped with automated driving will likely propel the market growth. Furthermore, in smart grids, the investment toward autonomous driving of vehicles is anticipated to provide great opportunities for the automotive electronics market. The COVID-19 pandemic had affected the automotive electronics market negatively. The pandemic disrupted the supply chain and the shutdown of several production sites. Sales of commercial and passenger vehicles have suffered which further impacted the demand in the automotive industry.
The global automotive electronics market is segmented on the basis of component, application, sales channel, and region.
The market is divided into three categories based on components: electronic control units, sensors, current-carrying devices, and others. The current carrying devices segment is likely to hold the largest market share. Electronic switches, wiring harnesses, fuses, and connectors are products comprised of current-carrying devices.
The market is divided into five categories based on application: ADAS, infotainment, body electronics, safety systems, and powertrain electronics. The safety system segment is expected to grow at a pace. The segment comprises components that include electric power steering, suspension control, tire pressure monitoring systems, airbags, electronic brake distribution, electronic stability control, and keyless entry systems.
The market is divided into two categories based on sales channel: OEM and aftermarket. The aftermarket sector is likely to maintain its dominance over the forecast period. The aftermarket segment is defined as a secondary market in the automotive sector that is involved in the remanufacturing, retailing, production, installation, and distribution of all electrical vehicle accessories and parts following the vehicle sale by the OEM to consumers.
The rising implementation of advanced safety systems in the automotive industry is expected to increase the demand for the automotive electronics market. Additionally, key players are increasing R&D investment, growing consumer awareness, and rapid technological advancements are witnessed in the sales of automotive electronics. Moreover, Market players are focusing on organic and inorganic growth strategies to gain a foothold in the market. The strategies include new product launches, partnerships, and mergers & acquisitions. For instance, in December 2022, The Chinese government signed an investment agreement with the international technology company ZF Group. To construct a highly intelligent and automated plant for advanced driver assistance products and new electronics products in Guangzhou.
This proposed research study on automotive electronics market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for automotive electronics market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the automotive electronics market.
Impact of COVID-19 on automotive electronics market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on automotive electronics market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the automotive electronics market, we have also included competitive landscape and key innovator analysis for the automotive electronics market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the automotive electronics market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global automotive electronics market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: