Global Automotive Electronics Market

Automotive Electronics Market Size, Share, Growth Analysis, By Component(Electronic Control Unit, Sensors), By Vehicle Type(Passenger Cars, Commercial Vehicles) - Industry Forecast 2024-2031

Report ID: SQMIG25A2165 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

Automotive Electronics Market Insights

Automotive Electronics Market size was valued at USD 225.4 billion in 2019 and is poised to grow from USD 244.9 billion in 2023 to USD 468.2 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).

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.

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Automotive Electronics Market size was valued at USD 225.4 billion in 2019 and is poised to grow from USD 244.9 billion in 2023 to USD 468.2 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).

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. 'Robert Bosch GmbH', 'Continental AG', 'Delphi Technologies', 'Denso Corporation', 'Infineon Technologies AG', 'Texas Instruments Inc.', 'Panasonic Corporation', 'Valeo SA', 'Aptiv PLC', 'STMicroelectronics NV', 'NXP Semiconductors NV', 'Hitachi Ltd.', 'Mitsubishi Electric Corporation', 'Lear Corporation', 'Yazaki Corporation', 'Faurecia SA', 'Magneti Marelli S.p.A.', 'ZF Friedrichshafen AG', 'Hella GmbH & Co. KGaA', 'TE Connectivity Ltd.'

The automotive electronics industry is anticipated to be driven by rising demand for cutting-edge vehicles and growing acceptance of safety systems to reduce traffic fatalities. The market will also be driven by stringent government requirements on fuel emission standards. In addition, over the coming few years, the switch to more advanced safety systems is anticipated to support market growth globally. Alcohol ignition interlocks, emergency call systems, and accident data recorder systems are a few of these cutting-edge safety technologies.

Technology advancements in the automotive electronics industry are a key trend. The market is expanding as a result of the advent of driverless or autonomous automobiles that give users a self-driving experience and the release of affordable electric vehicles with improved features. The need for automotive electronics is also being increased by a move toward hybrid and premium automobiles outfitted with in-car entertainment systems that provide a more sophisticated and engaging user experience. In addition, the use of advanced computing technologies to prevent accidents and fatalities, such as parking assistance, electrical suspensions, braking, and steering systems, is sharply rising demand for them among manufacturers and consumers.

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.

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Global Automotive Electronics Market

Product ID: SQMIG25A2165