Automotive Electronics Market is projected to reach $361.6 billion by 2030, at a CAGR of 6.7% during the forecast period of 2023 to 2030. The growth of this market is attributed to the surge in vehicle electrification, the increasing need for energy-efficient electronic devices, and the rising demand for safety and control systems. In addition, the growing demand for ADAS & AD and the high demand for adaptive lighting systems in passenger & entry-level SUVs are expected to offer significant opportunities for the growth of this market. However, the high cost of electronic systems hampers the growth of this market. In addition, fluctuating raw material prices is a major challenge to the growth of this market.
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Surge in Vehicle Electrification to Drive the Growth of the Automotive Electronics Market
The growing availability of EVs, government incentives for EV adoption, the decreasing total cost of EV ownership, and the phasing out of fossil fuel-powered vehicles are driving the adoption of electric vehicles across the globe. Considering this gradual shift, the increasing need for automotive electronics is also expected to increase as they enhance electric vehicles' performance, efficiency, and safety. For example, BMS is a critical electronic system in EVs that monitors and controls the battery pack's performance. It ensures the optimal charging and discharging of the batteries, manages the temperature, and provides safety features to prevent overcharging or overheating. The transition to electrified vehicles has created a need for more advanced and reliable automotive electronic components to control and manage various aspects of the vehicle's operations, such as sensor technology, microcontrollers, and communication interfaces.
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Based on component, the automotive electronics market is segmented into electronic control units, sensors, integrated circuits, head-up displays, actuators, IP modules, and other components. This segment's large market share is attributed to increasing demand for technologically advanced vehicles in developed and developing countries, such as hybrid, pure electric cars, rising government regulations pertaining to fuel consumption, and the growing need for better mileage of vehicles by the middle-class population. However, the sensors segment is projected to register the highest CAGR during the forecast period.
Based on vehicle type, the automotive electronics market is segmented into internal combustion engine, hybrid, and electric vehicles. In 2023, the internal combustion engine segment is expected to account for the largest share of the automotive electronics market. ICE engines are more durable and require less maintenance than electric motors, and stringent government norms with respect to fuel efficiency are some of the drivers for the growth of this segment.
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However, the electric vehicles segment is projected to register the highest CAGR during the forecast period. The high market growth in electric vehicles is driven by decreasing prices of batteries, rising environmental concerns, and increasing investments by leading automotive OEMs.
Based on distribution channel, the automotive electronics market is segmented into OEMs and aftermarket. In 2023, the OEMs segment is expected to account for the larger share of the automotive electronics market. However, the aftermarket segment is projected to register the highest CAGR during the forecast period.
Based on geography, the automotive electronics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia- Pacific is expected to account for the largest share of the market and is also expected to grow during the forecast period. The large market share is attributed to increasing demand for EVs, growing number of manufacturers offering numerous advanced automotive electronics in the mobility industry, and incentive programs for EV adopters.
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Key Players
The key players operating in the automotive electronics market are Infineon Technologies AG (Germany), Robert Bosch GmbH (Germany), Valeo Inc. (France), Continental AG (Germany), Hitachi, Ltd. (Japan), Aptiv PLC (Ireland), Texas Instruments Incorporated (U.S.), STMicroelectronics International N.V. (Switzerland), NXP Semiconductors (Netherlands), ZF Friedrichshafen AG (Germany), Visteon Corporation (U.S.), Advanced Micro Devices, Inc. (U.S.), Magna International Inc. (Canada), DENSO CORPORATION (Japan), and Hyundai Mobis Co., Ltd. (South Korea).
Automotive Electronics Market is projected to reach $361.6 billion by 2030, at a CAGR of 6.7% during the forecast period of 2023 to 2030. The growth of this market is attributed to the surge in vehicle electrification, the increasing need for energy-efficient electronic devices, and the rising demand for safety and control systems. In addition, the growing demand for ADAS & AD and the high demand for adaptive lighting systems in passenger & entry-level SUVs are expected to offer significant opportunities for the growth of this market. However, the high cost of electronic systems hampers the growth of this market. In addition, fluctuating raw material prices is a major challenge to the growth of this market.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/automotive-electronics-market-5531
Surge in Vehicle Electrification to Drive the Growth of the Automotive Electronics Market
The growing availability of EVs, government incentives for EV adoption, the decreasing total cost of EV ownership, and the phasing out of fossil fuel-powered vehicles are driving the adoption of electric vehicles across the globe. Considering this gradual shift, the increasing need for automotive electronics is also expected to increase as they enhance electric vehicles' performance, efficiency, and safety. For example, BMS is a critical electronic system in EVs that monitors and controls the battery pack's performance. It ensures the optimal charging and discharging of the batteries, manages the temperature, and provides safety features to prevent overcharging or overheating. The transition to electrified vehicles has created a need for more advanced and reliable automotive electronic components to control and manage various aspects of the vehicle's operations, such as sensor technology, microcontrollers, and communication interfaces.
Download Sample Report Here :https://www.meticulousresearch.com/download-sample-report/cp_id=5531
Based on component, the automotive electronics market is segmented into electronic control units, sensors, integrated circuits, head-up displays, actuators, IP modules, and other components. This segment's large market share is attributed to increasing demand for technologically advanced vehicles in developed and developing countries, such as hybrid, pure electric cars, rising government regulations pertaining to fuel consumption, and the growing need for better mileage of vehicles by the middle-class population. However, the sensors segment is projected to register the highest CAGR during the forecast period.
Based on vehicle type, the automotive electronics market is segmented into internal combustion engine, hybrid, and electric vehicles. In 2023, the internal combustion engine segment is expected to account for the largest share of the automotive electronics market. ICE engines are more durable and require less maintenance than electric motors, and stringent government norms with respect to fuel efficiency are some of the drivers for the growth of this segment.
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However, the electric vehicles segment is projected to register the highest CAGR during the forecast period. The high market growth in electric vehicles is driven by decreasing prices of batteries, rising environmental concerns, and increasing investments by leading automotive OEMs.
Based on distribution channel, the automotive electronics market is segmented into OEMs and aftermarket. In 2023, the OEMs segment is expected to account for the larger share of the automotive electronics market. However, the aftermarket segment is projected to register the highest CAGR during the forecast period.
Based on geography, the automotive electronics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia- Pacific is expected to account for the largest share of the market and is also expected to grow during the forecast period. The large market share is attributed to increasing demand for EVs, growing number of manufacturers offering numerous advanced automotive electronics in the mobility industry, and incentive programs for EV adopters.
Customize Report: https://www.meticulousresearch.com/request-customization/cp_id=5531
Key Players
The key players operating in the automotive electronics market are Infineon Technologies AG (Germany), Robert Bosch GmbH (Germany), Valeo Inc. (France), Continental AG (Germany), Hitachi, Ltd. (Japan), Aptiv PLC (Ireland), Texas Instruments Incorporated (U.S.), STMicroelectronics International N.V. (Switzerland), NXP Semiconductors (Netherlands), ZF Friedrichshafen AG (Germany), Visteon Corporation (U.S.), Advanced Micro Devices, Inc. (U.S.), Magna International Inc. (Canada), DENSO CORPORATION (Japan), and Hyundai Mobis Co., Ltd. (South Korea).
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