New York, US, May 04, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Electronics Market Information by Product Type, Operating Platforms, and Region - Forecast till 2030", With a CAGR of 7.35 percent between 2022 and 2030, the automotive electronics market can surge from USD 252.70 billion in 2022 to USD 415.16 billion by 2030.
Automotive Electronics Market Overview
Since the invention of motorized vehicles, automotive electronics have been one of the most important segments of the automotive industry. There has been a significant change in the automobile industry from traditional gasoline cars to fully electrified vehicles like electric vehicles (EV) and autonomous vehicles (AV). The electronic systems in cars are dependent on a number of different automotive electronics, including ignition, engine management, telematics, radio, power windows, headlights, and emergency systems, among others. Autonomy, security, safety, and in-vehicle entertainment have all improved as a result of the Internet of Things, AI, and cloud computing's quick acceptance in the automotive industry.
Market Competitive Landscape:
The affluent firms in the automotive electronics industry are
- Robert Bosch GmbH (Germany)
- OMRON Corporation (Japan)
- Infineon Technologies AG (Germany)
- HGM Automotive Electronics (US)
- Hitachi Ltd. (Japan)
- Delta Electronics Inc. (Taiwan)
- Atotech (Germany)
- ZF Friedrichshafen AG (US)
- Denso Corporation (Japan)
- Koninklijke Philips N.V. (Netherlands)
- Among others.
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Automotive Electronics Market COVID 19 Analysis
Global trade, industrial operations, and supply chains for automotive electronics have all been significantly impacted by the COVID-19 epidemic. The number of automotive electronics produced was decreased as a result of the producers being forced by the COVID-19 epidemic to either shut down the plants or operate them at subpar production levels. The lack of raw materials has also hampered manufacturing because of supply disruptions brought on by border and trade restrictions. A select few key market players have continued to operate their plants, nonetheless. Additional factors that have contributed to surplus stocks and lowered output include the weak end-use sector demand and the declining cost of raw materials.
Automotive Electronics Market USP Covered:
Market Drivers:
Over the projected period, demand is anticipated to increase due to the increased integration and deployment of modern safety systems including automatic airbags, parking assistance systems, emergency braking, and lane departure warning to reduce traffic accidents. In addition, technologies including alcohol ignition interlocks, emergency call systems, and accident data recorder systems are being quickly implemented to protect passengers inside vehicles and are anticipated to propel market expansion during the projection period.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 415.16 billion |
| CAGR during 2022-2030 | 7.35% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| 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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In order to provide high-performance electronics and energy storage technologies at a reasonable price, the automobile industry is devoting a sizable number of resources to research and development. In order to reach a high level of safety, OEMs are now depending increasingly on electronics. However, the automobile sector is shifting away from hardware-driven cars and toward vehicles that are powered by software.
The market's growth is impacted by the average amount of electronic and software components per vehicle, which is growing significantly. The need for automotive electronics is being fostered by elements including the integration of IoT and AI into automobiles, the availability of autonomous cars, the desire for in-vehicle safety features, and an increase in the demand for entertainment services.
Market Restraints:
The high manufacturing costs and complicated mechanisms will impede the market's expansion as the world moves toward the electrification of vehicles. The production facilities in the automobile sector are changing quickly. Vehicle electrification is being pushed forward quickly in the automotive industry. The markets for autonomous vehicles (AV) and electric cars (EV) are expanding globally. The most rapidly expanding automotive systems are the high-tech ones, including infotainment, advanced driving assistance systems (ADAS), and others. Artificial intelligence and the Internet of Things power these systems.
To better serve their clients with new technology in automobiles, manufacturing companies are pouring a large portion of their financial resources into research. The high price of lithium-ion batteries used in cars, the complicated software they employ, and the significant capital investment needed are eventually driving up the cost of making cars. Additionally, throughout the projected period, market expansion is anticipated to be hampered by the complicated mechanism, a shortage of qualified laborers, expensive replacement and maintenance costs of these systems, and other factors.
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Automotive Electronics Market Segmentation
By Type
The Automotive Electronics Market is divided into many categories, in terms of type: ADAS, Body Electronics, Entertainment, Powertrain, Safety Systems, and Others. The safety systems industry had the largest market share in 2021, with over 29%.
By Sales
OEM and aftermarket are two segments of the automotive electronics industry, in terms of 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.
Application Insights
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 sector is growing as a result of the swift uptake of cutting-edge technology by manufacturers, including vehicle infotainment and driver assistance systems. Additionally, the government's stringent rules on fuel efficiency and the safety of both drivers and passengers are promoting the market growth. Electric cars (EVs) are rapidly growing in popularity. Due to increased fuel pollution and carbon footprints, automakers are being compelled to transition from producing traditional gasoline vehicles to electric ones. It's projected that this aspect's market would grow quickly.
Automotive Electronics Market Regional Insights
In 2021, the North American automotive electronics market had a value of USD 103.81 billion, and over the research period, it is anticipated to increase at a considerable CAGR. The enormous volume of motor vehicle manufacturing and the existence of companies like TRW Automotive, Continental Corporation, Robert Bosch GmbH, and Autoliv, Inc. that make automotive electronic components may be the cause of this.
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Due to the region's large car sales, Asia Pacific accounts for a sizeable portion of the worldwide automotive electronics market. A sizable portion of electronics and automobile manufacturers are found in developing nations like India, China, and Japan. By using cutting-edge technology in their manufacturing facilities in this area, automobile manufacturing businesses intend to boost the amount of their output.
Additionally, it is anticipated that the New Energy Vehicle (NEV) mandate launched by the Ministry of China in 2017 will enhance both the production and demand for electric and autonomous vehicles (AV) in this nation, opening up more opportunities for automakers to integrate cutting-edge technological devices and components in the automotive sector. As a result, the market in this area is expanding due to the rising production volume and quick adoption of technologically upgraded manufacturing facilities.
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