Automotive Electronics Market Size to Hit $385.43 Billion, Globally, by 2030 – Exclusive Report by The Insight Partners
Automotive Electronics Market is growing at a CAGR of 5.9% from 2022 to 2030.
Pune, India, Oct. 04, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Automotive Electronics Market Size and Forecasts (2020-2030), Global and Regional Share, Trends, and Growth Opportunity Analysis, Report Coverage: By Type (ECU/DCU, Sensors, Power Electronics, and Others), By Application (Body, Chassis, Powertrain, Infotainment, ADAS/AD, Others), By Vehicle Type (Passenger Cars, and Commercial Vehicles),” the market size is expected to grow from US$ 244.23 billion in 2022 to US$ 385.43 billion by 2030; it is estimated to grow at a CAGR of 5.9% from 2022 to 2030. The increased demand for the automated driving assistance system with rising sales of electric vehicles drives the market growth. However, lack of standardization, complexity, security and reliability issues is expected to hinder the market growth.
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The automotive industry has shown a significant demand for digital transformation technologies, driven by increased demand for electric vehicles, connected cars, and autonomous vehicles. Several factors are contributing to the growth of the automotive electronics market, which includes the rising adoption of shared mobility and the increased adoption of smart vehicles and electric vehicles. Currently, vehicles have undergone digital evolution with the increasing popularity of the advanced electronic components in vehicles. Further, the adoption of the automotive electronics market is driven by several factors, such as increased demand for safety, better vehicle performance, rising demand for integrated components, and rapid adoption of electric vehicles. Currently, the rising demand for advanced features such as Automated Driving Assistance Systems (ADAS), integrated driver information displays and Electronics Stability Control (ESC) systems is driving the market growth. Globally, electric car sales account for around 14% of the total car sales and are expected to account for around 25% of the total car sales by 2030, according to the International Energy Agency. Several OEMs have adopted investments to cater to the growing demand for EVs. This has increased the demand for automotive electronics around the globe. In general, the rising adoption of certain features such as reverse parking sensors, keyless entry, and anti-lock braking systems is gaining popularity in the market.
Automotive electronics consist of several automotive electronic components used for various purposes, including vehicle safety, vehicle infotainment, communication systems, and vehicle connectivity systems. These automotive electronic systems are designed to enhance vehicle performance, comfortable driving, and efficiency and increase the user experience of automobile driving.
Automotive Electronics Market Analysis: Competitive Landscape and Key Developments
Continental AG, Robert Bosch GmbH, SONY Corporation, Aptiv PLC, Hyundai Mobis, ZF Friedrichshafen AG, Autoliv Inc., Magna International Inc., Aisin Seiki Co. Ltd., and Philips N.V. are a few of the key companies operating in the smart toilet market. The market leaders focused on expansion and diversification, mergers and acquisitions, as well as new product development strategies to remain competitive in the market.
In April 2023- HARMAN International subsidiary of Samsung Electronics Ltd. Invested a considerable amount to establish the Automotive Engineering Centre in Chennai, India.
In August 2023, Littelfuse, Inc., an industrial manufacturing firm, launched advanced Current Sensing Resistors for automotive electronics applications. These resistors are designed to offer a cost-effective solution for voltage and current monitoring and power management of various functions, including battery charging motor speed measurement and offer current protection in an automobile.
Automotive Electronics Market: Segmental Overview
Based on type, the market is segmented into ECU/DCU, sensors, power electronics, and others. The ECU/DCU segment held the largest share of the market in 2022, whereas the power electronics segment is anticipated to register the highest CAGR in the market during the forecast period. Based on the application, the market is segmented into body, chassis, powertrain, infotainment, and ADAS/AD. Based on the vehicle type, the market is divided into passenger cars and commercial vehicles. Among these, the passenger cars segment is expected to have the largest share in 2022, owing to increasing demand for connected cars around the globe. Passenger cars consist of hatchbacks, sedans, wagons, SUVs, multiutility vehicles, passenger electric cars and vans. This is a prominent segment owing to the increasing demand for comfortable and safe vehicles. Rising demand for premium luxury vehicles around the globe is the major driving factor for the market. According to the International Organization of Motor Vehicle Manufacturers (OICA), passenger car sales reached 57.5 million units in 2022, increased by 1.9% compared to 2021.
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Increased Popularity of the Automated Driver Assistance Systems (ADAS) for Better Comfortable Driving Drives the Market Growth:
ADAS is gaining popularity to offer enhanced driving awareness, better accessibility, comfortable driving, and improved safety. OEMs and automotive component suppliers are considerably investing in adopting these additional advanced technology-based vehicles. Various hardware and software providers in automotive offer various advanced ADAS systems, including adaptive front lights, adaptive cruise control, emergency braking systems, blind spot detection systems, cross-traffic alert systems, and others, to various OEMs and automotive component manufacturers. Increased demand for vehicle safety and stringent rules and regulations with strong support by the various country’s governments to adopt the safety systems is a major driving factor for the automotive electronics market. Various OEMs have planned to invest in the development of advanced ADAS systems to meet the safety requirements of the vehicles. For instance, in July 2023, Kia India launched an advanced vehicle, Seltos, with an ADAS system for the Indian market. This updated SUV launched as the most affordable car with an ADAS system for the Indian market.
Further, in September 2023, Hyundai launched SUVs with advanced features for the Indian market. The newly launched model consists of advanced driver assistance systems (ADAS) that offer a more comfortable driving experience. The rising adoption of automotive electronics to offer safety features such as ignition interlocking systems, e-call systems, automotive infotainment systems and data recording systems is driving the market growth. Increasing adoption of these features-based vehicles, the OEMs, and rising replacement of the mechanical components of the vehicles by the manufacturers is expected to create significant demand for the automotive electronics market.
Further, increasing strict government rules and regulations to adopt safety features in vehicles is creating massive demand for the automotive electronics market. Also, government support for the in-house production of automotive electronics components across North America and European countries drives the market growth. For instance, the US government granted duty-free treatment for the vehicles and their parts produced in North America. Also, the government incentivized by offering investments in the North American automotive industry.
Go through further research published by The Insight Partners:
Automotive Airbag Electronics Market – Global Analysis and Forecast to 2030
Automotive Electronic Control Unit Market – Global Analysis and Forecast to 2028
Automotive Electronic Stability Control Market – Global Analysis and Forecast to 2030
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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