USD 225452.08 billion
Report ID: SQSG25A2009 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 64 | Figures: 75
Automotive Electronics Market size was valued at USD 225452.08 billion in 2021 and is poised to grow from USD 244954.5 billion in 2022 to USD 468165.7 billion by 2030, growing at a CAGR of 8.6% in the forecast period (2023-2030).
Automotive industry refers to all businesses and initiatives concerned with the production of motor vehicles, including the majority of its parts, such as their bodywork and engines, but excluding their tyres, batteries, and gasoline. Passenger cars and light trucks, including pickups, vans, and sport utility vehicles, are the main products of the sector. Despite being crucial to the business, commercial vehicles (such as delivery trucks and huge transport trucks, sometimes known as semis), are only second. The articles automobile, truck, bus, and motorbike cover the design of contemporary automobiles, while the articles gasoline engine and diesel engine describe automobile engines. Transportation, History of: The Rise of the Vehicle discusses the development of the automobile.
The adoption of IoT and AI in automobiles, the availability of automated vehicles, the desire for in-vehicle safety features, and the rise in entertainment feature demand are some of the factors that are boosting the automotive electronics market share, according to the industry. On the other hand, the low adoption of automotive electronics in recently industrialized nations and the rise in the overall cost of the finished product as a result of the integration of automotive electronics restrain the market's expansion. Additionally, the market for automotive electronics is anticipated to benefit greatly from investments made in smart grids for autonomous car technology.
US Automotive Electronics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 225452.08 billion
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Global Automotive Electronics Market is segmented based on the Component, Vehicle Type, and region. Based on the Component, the Global Automotive Electronics Market is segmented as Electronic Control Unit, Sensors, Current Carrying Devices, and Others. Based On Vehicle Type, the Global Automotive Electronics Market is segmented as Passenger Cars, Commercial Vehicles, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Automotive Electronics Market Analysis by Product
Based on the Product, in 2021, the current carrying devices market accounted for about 41% of total revenue. Products like electrical switches, fuses, connectors, and wiring harnesses are examples of current carrying devices. The huge market share of current-carrying devices in the component segment is due to the high cost and numerous electronic components used in vehicles, including electronic switches, fuses, connectors, and wiring harness. The increasing desire for connection, convenience, and safety features in both passenger automobiles and commercial vehicles can also be credited with the segment's growth.
Automotive Electronics Market Analysis by Vehicle Type
Global Automotive Electronics market has been segmented on the basis of vehicle type as Passenger Cars, Commercial Vehicles, and others. Among these, on account of the rising demand for improved safety systems, electrification, and infotainment systems in vehicles, the passenger car sector accounted for over 85% of the market share for automotive electronics in 2021 and is predicted to experience a 7% CAGR through 2028. In order to promote road safety, a number of countries around the world have introduced new rules requiring ADAS technology and safety features to be incorporated into next passenger car models, which is driving the market during the forecast market.
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Asia Pacific held the largest share of the Automotive Electronics market. It is predicted to maintain its lead throughout the forecast period with a CAGR higher than 8.3%. Due to the growing electronic component manufacturing operations, nations including Taiwan, South Korea, Malaysia, and Thailand have considerably contributed to the market expansion. China and Japan supply the majority of the automotive electronics needed in the Asia Pacific region. However, the small number of automotive electronics producers presents a fantastic business opportunity for regional suppliers to take advantage of the domestic demand, making the rest of Asia Pacific a desirable location for investments.
Additionally, North America is anticipated to increase significantly because of the region's high level of auto production and the presence of companies like TRW Automotive, Continental Corporation, and Robert Bosch
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Automotive Electronics Market Driver
Automotive Electronics Market Restraint
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Global Automotive Electronics market is relatively fragmented, with a high level of competition. Companies use a variety of market strategies, including new launches, product development, teamwork, partnerships, and others, to expand their markets. In order to test driverless vehicles, Nvidia released a simulator that uses cloud computing resources. To test the vehicle's response time, the programme can simulate sunset sunlight, snowstorms, risky circumstances, and poor transportation conditions.
Automotive Electronics Market Top Player's Company Profiles
Automotive Electronics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Automotive Electronics Market Analysis, in terms of vehicle type, Due to growing demand for improved safety systems, electrification, and infotainment systems in vehicles, the passenger car sector, which held over 85% of the automotive electronics market share in 2020, is expected to see a 7% CAGR through 2027. The market forecast is being driven by new laws that several countries around the world have introduced requiring the incorporation of ADAS technologies and safety features into incoming passenger vehicle models.
|Market size value in 2021||USD 225452.08 billion|
|Market size value in 2030||USD 244954.5 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Automotive Electronics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Electronics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Electronics Market:
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Product ID: SQSG25A2009