Automotive Electronics Market Projected to Reach USD 415.16 billion, at a 7.35% CAGR by 2030 – Report by Market Research Future (MRFR)
Automotive Electronics Market Research Report Information By Type (ADAS, Body Electronics, Entertainment, Powertrain, Safety Systems and Others), By Sales (OEM and Aftermarket), Application (Passenger cars, Light commercial vehicle, Heavy commercial vehicle, Electric vehicle and Two wheeler), And By Region (North America, Europe, Asia-Pacific, And ROW) – Market Forecast Till 2030
New York, US, Feb. 23, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Electronics Market Research Report Information By Type, By Sales, Application, And By Region – Market Forecast Till 2030”, From USD 252.70 billion in 2022 to USD 415.16 billion in 2030, the Automotive Electronics market sector is anticipated to expand at a compound annual growth rate (CAGR) of 7.35% (2022 – 2030).
Automotive Electronics Market Research Insights
Autonomous driving, connected vehicles, electrification of the powertrain, and shared mobility (ACES) are developments in the automotive sector that build on one another. These are all having an effect on and disrupting the whole automobile value chain. They also provide significant contributions to the electrical and electronic (E/E) and automotive software markets, which are expected to grow from $238 billion to $469 billion between 2020 and 2030.
Throughout the same time period, it is expected that the whole automotive industry would expand at a compound rate of 3%, exceeding the growth of the software and E/E sectors by a wide margin. Because of this, the majority of automobile companies and their executives are now focused on software and electronics.
Major players in the Automotive Electronics market, including
- ZF Friedrichshafen AG (US)
- Hitachi Ltd. (Japan)
- Delta Electronics Inc. (Taiwan)
- Atotech (Germany)
- MRON Corporation (Japan)
- Infineon Technologies AG (Germany)
- HGM Automotive Electronics (US)
- Hitachi Ltd. (Japan)
- Koninklijke Philips N.V. (Netherlands)
- Among others
are working to increase market demand by investing in research and development activities.
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The car industry spends a lot of money on R&D to produce high-performance electronics and energy storage technologies at a competitive price. Manufacturers also depend more on electronics to guarantee excellent safety. By 2020, electronic components will account for roughly 35% of the price of an automobile. Nonetheless, it is estimated that by 2030, automotive electronic components would account for almost 50% of the cost of a car due to technological developments.
Market dynamics predict that as hybrid electric vehicles (HEV) and electric cars (EV) are utilized more often, the need for automotive electronics components will rise. Another method that electronics may satisfy the many objectives of the automotive industry while enhancing reliability and lightning wire harnesses is by substituting electronic components for mechanical ones, such as employing electronic switches rather than relays. Government regulations aimed at reducing traffic accidents and technical advancements related to in-vehicle safety are also expected to boost demand, according to industry forecasts.
|Market Size 2030||USD 415.16 billion|
|CAGR during 2022-2030||7.35% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Operating Platforms, and Region|
|Key Market Opportunities||Electronic fuel injection Advanced driver assistance|
|Key Market Dynamics||Active safety system demand for cutting-edge infotainment systems is increasing.|
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The growing demand for in-car entertainment systems because of their increased comfort, efficiency, and convenience is what is driving the need for in-vehicle data storage to allow advanced functionality.
The Automotive Electronics Market is divided into many categories based on type: ADAS, Body Electronics, Entertainment, Powertrain, Safety Systems, and Others. The safety systems industry had the largest market share in 2021, with over 29%. Some of the components that make up safety systems include airbags, tyre pressure monitoring systems, keyless entry, electronic brake distribution, electronic stability control, electric power steering, and suspension control.
OEM and aftermarket are two segments of the automotive electronics industry based on sales. With a share of almost 68% in 2021, the OEM category had the largest market share. The OEM sector led the automotive electronics market in 2020 as a result of the increased durability and shelf life of electronic components.
The PV, LCV, HCV, EV, and 2-wheeler applications are included in the Automotive Electronics Market statistics. The passenger car segment now has the largest market share for automotive electronics because of the rise in passenger vehicle sales and production across the world.
The region with the most rise was the Asia Pacific Automotive Electronics market. Taiwan, South Korea, Malaysia, and Thailand are just a few of the countries that have significantly aided the growth of the automotive electronics sector because of their robust electronic component manufacturing operations. For the most part, the Asia-Pacific area has its automotive electronics needs met by China and Japan. Nonetheless, the sparse supply of car electronics manufacturers offers tremendous business opportunities for local suppliers to capitalize on domestic demand, making the rest of Asia Pacific a sought-after investment destination.
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Moreover, the region’s fastest-growing market for automotive electronics was India, while the Chinese market had the biggest market share.
The region with the most growth was the European Automotive Electronics market. Europe is also seeing an exponential market boom as a result of the rising concern for the safety and security of people and automobiles. It is helpful that this region is home to reputable automakers like VW, Skoda, Audi, BMW, and Daimler, among others. Also, the European Union has put in place a number of regulations to lower traffic accidents and require safety features in all cars, which has contributed to the ADAS industry’s success in this Area. These factors collectively are driving the market for automotive electronics to grow. Moreover, the biggest market share for automotive electronics was maintained by Germany.
Leading industry companies are spending a lot of money on R&D to diversify their product lines, which will propel the automotive electronics market even higher. Market participants are engaging in a variety of strategic activities to increase their global presence in conjunction with significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Players in the Automotive Electronics business must offer reasonably priced items in order to develop and thrive in a market that is getting more and more cutthroat.
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One of the primary business strategies the Automotive Electronics sector employs to service consumers and expand the market sector is local manufacturing to reduce operating costs. Some of the most significant benefits lately offered to medicine by the automotive electronics sector.
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