Categories: Market Research

Automotive Electronics Market Growth Outlook Through 2024-2033

Overview and Scope
AAutomotive electronics is an area of electronic engineering that focuses solely on the creation of electrical and electronic systems specifically tailored for installation in automobiles. These are used in automobiles to enhance the driving act, fuel efficiency, and comfort of both drivers and passengers.

Sizing and Forecast
The automotive electronics market size has grown strongly in recent years. It will grow from $274.67 billion in 2023 to $299.56 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in demand for commercial vehicles, increased demand for passenger vehicles and rise in disposable income..

The automotive electronics market size is expected to see strong growth in the next few years. It will grow to $420.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to growing demand for electric vehicles, increasing automobile production, rising government support and increasing demand for safety features in automobiles.. Major trends in the forecast period include artificial intelligence technology, launch of advanced power electronics, integration of augmented reality (ar), new and innovative products introduction, strategic partnerships and collaborations to expand their product portfolio and drive revenues..

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Segmentation & Regional Insights
The automotive electronics market covered in this report is segmented –

1) By Type: Advanced Driver Assistance Systems, Body Electronics, Entertainment, Powertrain, Safety Systems, Other Types
2) By Component: Electronic Control Units, Sensors, Current Carrying Devices, Other Components
3) By Vehicle Type: Light Commercial Vehicles, Passenger Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
4) By Sales Channel: OEM, Aftermarket

Asia-Pacific was the largest region in the automotive electronics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing penetration of electric vehicles is expected to propel the growth of the automotive electronics market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. Automotive electronics are used in the electric vehicle for the implementation of the electric powertrain system that provides high power to the vehicles. For instance, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing penetration of electric vehicles is driving the growth of the automotive electronics market.

Key Industry Players

Major companies operating in the automotive electronics market report are Denso Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Hitachi Ltd., Aptiv PLC, Continental AG, Infineon Technologies AG, NXP Semiconductors N.V., STMicroelectronics N.V., Texas Instruments, Delphi Automotive, Mahindra Electric, Tata Elxsi, BYD Auto, Huawei Technologies, Tencent Auto, Baidu, Contemporary Amperex Technology Co. Limited, Panasonic Automotive, Aisin Seiki Co., Ltd., Sony Corporation, Pioneer Corporation, Electro 80, Autron Automotive Electronics, REDARC Electronics, Integrated Micro-Electronics, Inc. (IMI), Valeo, Faurecia, Actia Group, Exagan, Hella GmbH and Co. KGaA, Brembo, Marelli Holdings Co., Ltd., Renesas Electronics Europe, Smiths Group, AVTOVAZ, Elektrobit (EB) Russia, Autoliv Romania, Bitdefender, Elba Timisoara, Can-Pack Group, Å koda Auto, Honeywell Czech Republic, Auto Town Classics, Prevail, LLC, Exkalibr, Auto Concepts, Metalenz Inc., Sila Nanotechnologies, Actnano, Citrine Informatics, PreAct Technologies, Manufacturing Technology, Inc., Nidec Mobility Brazil Ltda, Martins Store, Electronic Components Ltd., Silva, Express Micro Informatica, Anno Domini Ltda, Bom Papel Import E Export Ltda, Amp Intl Fzc, Manoj Electronics Group of Companies, Prime Motors, Carhome Services Llc, Chapin Enterprise Co., Ltd., Shenzhen Vigreat Electronic Co., Ltd., Essa Al Qassab Trading, Seveni Pros Auto, HDM Auto Electrical Parts, Lances Auto Repairs, Enduro Gearbox, Automax Service and Fitment Centre, Maidstone Auto Electrical, Sonic Vision Technologies Pty Ltd

The automotive electronics market report table of contents includes:

1. Executive Summary
2. Automotive Electronics Market Characteristics
3. Automotive Electronics Market Trends And Strategies
4. Automotive Electronics Market – Macro Economic Scenario
5. Global Automotive Electronics Market Size and Growth
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31. Automotive Electronics Market Other Major And Innovative Companies
32. Global Automotive Electronics Market Competitive Benchmarking
33. Global Automotive Electronics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Electronics Market
35. Automotive Electronics Market Future Outlook and Potential Analysis
36.Appendix

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