Global Automotive Electronics Market to Reach $382.16 Bn, at 7.3% CAGR by 2026: Allied Market Research
The growth of the global automotive electronics market is driven by acceptance of IoT and AI in the automobiles, surge in demand for in-vehicle safety features, and rise in vehicles equipped with automated driving.
Wilmington, Delaware, Nov. 05, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Automotive Electronics Market by Vehicle Type (Passenger Car, LCV and HCV), Component (Sensors, Actuators, Processors, Microcontrollers, and Other), Application (ADAS, Infotainment, Body Electronics, Safety System, Power Train and Others), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global automotive electronics market was valued at $228.34 billion in 2019, and is anticipated to hit $382.16 billion by 2026, registering at a CAGR of 7.3% from 2019 to 2026.
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Prime Determinants of Growth
The growth of the global automotive electronics market is driven by acceptance of IoT and AI in the automobiles, surge in demand for in-vehicle safety features, and rise in vehicles equipped with automated driving. However, surge in cost of automobile with more automated features and low adoption of automotive electronics in newly industrialized countries restrain the market growth. On the contrary, investment toward autonomous driving of vehicles in smart grids offers new opportunities to the industry in the near future.
Report Coverage & Details:
|Forecast Period||2019 to 2026|
|Market Size in 2019||$228.34 Billion|
|Market Size in 2026||$382.16 Billion|
|No. of Pages in Report||341|
|Segments covered||Vehicle Type, Components, Application, Distribution Channel and Region.|
|Drivers||Adoption of IoT and AI in the automobiles Rise in vehicles equipped with automated driving Rise in demand for in-vehicle safety feature|
|Opportunities||Investment toward autonomous driving of vehicles in smart grids|
|Restraints||Low adoption of automotive electronics in newly industrialized countries Increase in cost of automobile with more automated features|
The Microcontrollers Segment Estimated to Maintain its Dominance by 2026
On the basis of components, the microcontrollers segment held the largest share of the global automotive electronics market, contributing to more than one-fourth of the total market in 2019, and is expected to maintain its lead throughout the forecast period. The is due to the increase in demand for smart electronics in automotive. However, the processors segment is anticipated to witness the highest CAGR of 8.6% from 2019 to 2026. The processors play a major role in electronic system, which drives the growth of the segment.
The Passenger Car Segment to lead Throughout the Forecast Period
On the basis of type, the HCV segment is expected to manifest the highest CAGR of 9.0% from 2019 to 2026. The electronic installation in HCV for driver assistance and safety offers lucrative growth to the segment. On the other hand, the passenger car segment accounted for nearly two-fifths of the total share of the global automotive electronics industry in 2019, and is estimated to continue to dominate throughout the forecast period. The passenger cars share a major part of the mobile categories that boosts the demand of the customer for electronic controls, thereby driving the growth of the segment.
Europe to Maintain its lead status by 2026
On the basis of region, LAMEA is registered to portray the largest CAGR of 10.0% from 2019 to 2026. The rapid adoption of autonomous vehicle controls in this province, leads the growth of the market in this region. However, Europe contributed to the highest market share in 2019, accounting for nearly one-third of the global automotive electronics market, and is estimated to maintain its lead status in terms of revenue by 2026. This is attributed to the presence of leading market players in the region.
Leading Market Players
- Aptiv PLC
- STMicroelectronics N.V.
- Texas Instruments
- NXP Semiconductors N.V.
- Continental AG
- NVIDIA Corporation
- Hitachi Ltd.
- Renesas Electronics Corporation
- Infineon Technologies AG
- Robert Bosch
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Key Benefits For Stakeholders:
- As per the automotive electronics market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive electronics market analysis from 2022 to 2032 to identify the prevailing automotive electronics market opportunities.
- The automotive electronics Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive electronics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive electronics market trends, key players, market segments, application areas, and automotive electronics Market growth strategies.
Automotive Electronics Key Segments:
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Body Electronics
- Safety System
- Power Train
By Distribution Channel
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)
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