Categories: Automotive

Automotive Electronics Market to Surpassing US$ 528.71 Billion By2032

The global automotive electronics market size was valued at US$ 294.51 billion in 2022 and is expected to expand over US$ 528.71 billion by 2030, growing at a CAGR of 7.64% during the forecast period 2022 to 2030.

Crucial factors accountable for market growth are:

Rising adoption and incorporation of automotive electronics in recent vehicles to carry improved comfort and safety boosts the growth of automotive electronics industry
The escalating automotive production right away influences the revenue sales and volume of electronic components
Increasing focus of automotive manufacturers on increasing safety of vehicles
Growing popularity of Driver-Assisted technology.
Launch of electric vehicles

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Automotive electronics are designed electronics dedicated to utilize in automobiles. Automotive electronics are systems employed in vehicles such as ignition, engine management, radio, carputers, in-car entertainment systems, and telematics among others. Engine, transmission and ignition electronics are also found in motorcycles, trucks, off-road vehicles, and other internal combustion powered machinery including tractors, excavators and forklifts. Associated elements for control of pertinent electrical systems are also observed in electric cars and on hybrid vehicles.

There are diverse electronic systems are utilized in automobiles for operations such as enhancing the driving act, well-being of the drivers and rider and fuel effectiveness. Automotive electronics can be subjected to more extensive temperature ranges in comparison with commercial electronics. Majority of the electrical devices are produced in numerous temperature grades and individual manufacturer define its particular temperature rating. Snowballing speed of revolution in electronics for the automotive sector will offer path for users to better exploit their time in transit to relish novel services. As a result, consumers will have more time to capitalize in personal activities and thus an electronically smart car will always demand for improved features.

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Automotive Electronics Market Growth Factors

Automotive electronics technologies like all-electric cars, autonomous driving, and in-car infotainment are the new-fangled trends in the automotive sector. Automotive vehicles are renovating into the definitive electronic devices. Automotive electronics are foretold to occupy near a 3rd of the total price of the whole car. The automotive renovations offer escalation to new features and encounters such as all-electric cars and autonomous driving with extreme high power, and secure communications, high-speed and infotainment among others.

The future of cars is about sharing, autonomous driving, electric power, and links to external networks (i.e. vehicle-to-everything/ V2X) and automotive electronics will be leveraged for all 4 of these segments. Rising automotive electronics acceptance to offer safety features like emergency call systems, alcohol ignition interlocks, and calamity data recorder systems are anticipated to boost growth of the market. Cumulative acceptance by OEMs on high-volume traditional executions is also expected to amend the governing framework.

However, on account of COVID-19, most of the nations obeyed a complete lockdown that has impacted vehicle production across the world. Manufacturing units have been closed; thus, sales of vehicles have dropped and impacted production on a global level. Though few OEMs have restarted production; the drive by wire market may perceive noteworthy decline in 2020. Though, the COVID-19 outbreak disturbed the ICE vehicle production, numerous automakers are still concentrating on expansions in numerous drives by wire systems.

Report Highlights

Asia Pacific anticipated constituting prime share in the global automotive electronics market in terms of revenue throughout the assessment period
Accident data recorder system, alcohol ignition interlock, and emergency call system are achieving attention that drives the demand for advanced electronic in the automotive sector
Advanced driver-assistance systems or ADAS application segment of the market is predicted to grow at the fastest rate during years to come due to numerous steps undertaken by the governments to augment the security and safety of drivers along with the vehicles.

Regional Snapshots

Rapidly rising automotive sector in the region due to varying living standards and cumulative purchasing power of users is expected flourish revenue growth of automotive electronics market in Asia Pacific during forecast period. Furthermore, increasing automotive aftermarket is anticipated to subsidize revenue development of automotive electronics market in APAC. China occupied for over 28% of global motor production. It was the front-runner in passenger car sales and production with 23.7 million and 23.5 million correspondingly, in 2018.

North America is predictable to develop at the considerable CAGR of throughout the estimate period. The U.S. is expected to govern the regional market due to the occurrence of crucial manufacturers including ZF Friedrichshafen AG, Continental AG, Autoliv, Inc, and Robert Bosch GmbH and others.

Key Players & Strategies

Competitive pressure and consumer demand have forced manufacturers to manufacture better intelligence in trucks, automobiles and other highway vehicles. For instance, the Chevy Volt employs around 100 microprocessors running around 10 million lines of code in whole, that places the Chevy Volt’s software content over head the present generation of jet fighters and original space shuttle i.e., Boeing 787 Dreamliner.

Majority of the automotive design is progressively dependent on more sophisticated electronic systems. Since past few years, automotive electronics market was dominated by leading key manufacturers holding substantial shares such as Bosch and Continental AG. Few other market competitors are ZF Friedrichshafen, Delphi, TRW and Denso among others.