Rockville, April 27, 2023 (GLOBE NEWSWIRE) -- The market value of automotive electronics is expected to increase to US$ 580.5 billion by the end of 2033 from its current level of US$ 261.8 billion in 2023. From 2023 to 2033, the global automotive electronics market is expected to grow at a significant CAGR of 8.2%.
Due to the accelerating acceptance of electrification trends in the automotive industry and the rising integration of modern electronic systems, the usage of electronics in vehicles has been developing quickly in recent years. Future shipments of automotive electronics are expected to benefit from governments around the world placing a greater emphasis on safety and implementing tight car safety regulations.
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| Automotive Electronics Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2033 |
| Growth momentum & CAGR | Accelerate at a CAGR of 8.2% |
| Market growth 2023-2033 | US$ 580.5 Billion |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Altera (Intel Corporation), Continental AG, Hella Gmbh & Co. Kgaa (Hella), Infineon Technologies AG, Microchip Technology Inc., DENSO CORPORATION, Panasonic Corporation, Broadcom Ltd., Robert Bosch GmbH, NXP Semiconductors N.V., Valeo Inc., Hitachi Automotive Systems Ltd., Visteon Corporation, Xilinx Inc., Texas Instruments Incorporated, ZF Friedrichshafen AG |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Drivers
- The growing concern for safety among consumers has led to an increase in the demand for advanced safety features such as ADAS (Advanced Driver Assistance Systems), ABS (Anti-lock Braking Systems), and airbags.
- With the rise of the Internet of Things (IoT), the automotive industry has witnessed a surge in connected car technology, enabling real-time communication between vehicles, infrastructure, and other devices.
- The increasing demand for electric vehicles has led to a rise in the demand for automotive electronics such as batteries, power electronics, and electric motors.
- Governments across the world are implementing strict regulations to reduce carbon emissions, which is driving the adoption of electric vehicles and other eco-friendly technologies.
- Consumers are demanding more advanced infotainment systems with features such as navigation, entertainment, and connectivity.
- The constant advancements in technology, such as the development of artificial intelligence and machine learning, are driving the growth of the automotive electronics market.
- The rising disposable income of consumers is leading to an increase in the demand for premium and luxury cars that are equipped with advanced electronic features.
Key Market Trends
- Vehicles are becoming increasingly connected, with features such as built-in Wi-Fi, GPS navigation, and Bluetooth connectivity. This trend is expected to continue, with a growing focus on the integration of vehicles with smart homes and smart cities.
- Autonomous driving is a major trend in the automotive industry, with increasing investment in technologies such as lidar, radar, and camera sensors. This trend is expected to drive significant growth in the automotive electronics market, as vehicles become increasingly reliant on sophisticated control systems.
- ADAS technologies, such as adaptive cruise control, lane departure warning, and automatic emergency braking, are becoming increasingly common in new vehicles. This trend is expected to continue, with a focus on improving safety and reducing accidents.
- Lightweighting is a major trend in the automotive industry, with a focus on reducing vehicle weight to improve fuel efficiency and reduce emissions. This trend is driving significant innovation in the automotive electronics market, with a focus on developing lightweight materials and components.
- As vehicles become increasingly connected and sophisticated, there is a growing focus on improving the user experience. This includes developing intuitive user interfaces, integrating voice and gesture recognition technologies, and providing personalized experiences for drivers and passengers.
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Market Restraints
- The cost of automotive electronics can be significant, as they require specialized components, advanced manufacturing processes, and high levels of testing and certification. This can make them less accessible to some consumers, especially in emerging markets or for lower-end vehicles.
- Automotive electronics require a high level of technical expertise to design and develop, as they must integrate with existing vehicle systems and meet strict safety and performance standards. This can limit the number of companies that can enter the market, as it requires significant investment in research and development.
- Rapid advancements in technology can quickly make existing automotive electronics obsolete, requiring frequent updates and redesigns. This can be costly and time-consuming and may require manufacturers to collaborate closely with suppliers and technology partners to stay ahead of the curve.
Competitive Landscape:
Key companies in the market are focusing on advanced technologies to offer innovative electronic solutions for vehicles.
Autonomous driving technologies continue to advance rapidly, with companies investing heavily in self-driving vehicles.
- Some of the major players in the market include Tesla, Waymo (a subsidiary of Alphabet), and Uber, which have been testing autonomous vehicles on public roads. This technology has the potential to significantly reduce the number of accidents on the road and increase efficiency.
The automotive industry is undergoing a shift towards electric vehicles (EVs) as governments across the world are increasingly pushing for a transition to cleaner and more sustainable transportation. As a result, the demand for automotive electronics has increased, particularly in areas such as battery management systems and charging infrastructure.
Key Segments of Automotive Electronics Industry Research
- By Component:
- Electronic Control Units
- Sensors
- Current Carrying Devices
- Others
- By Application:
- ADAS
- Infotainment
- Body Electronics
- Safety Systems
- Powertrain Electronics
- By Sales Channel:
- OEMs
- Aftermarket
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Key Questions Covered in the Automotive Electronics Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Automotive Electronics sales grow until 2033?
- Which are the factors hampering the Automotive Electronics demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Automotive Electronics Market during the forecast period?
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