Global Automotive Electronics Market Size 2024, Forecast To 2033
11 Mar, 2024
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.
Global Automotive Electronics Market Key Driver
The increasing penetration of electric vehicles is anticipated to propel the growth of the automotive electronics market. Electric vehicles, powered by electricity stored in batteries, are gaining prominence, driven by factors such as the COVID-19 pandemic response and a push toward achieving net-zero emissions. Automotive electronics, essential for the implementation of electric powertrain systems, play a pivotal role in providing high power to these vehicles. According to the Global EV Outlook 2022 report, electric vehicle (EV) sales doubled in 2021, reaching a new high of 6.6 million units. Additionally, the sales of electric cars worldwide in 2021 rose to 6,600,000 units from 2,980,000 units the previous year. Hence, the increasing adoption of electric vehicles is steering the growth of the automotive electronics market. In 2028, the market continues to evolve in response to the rising penetration of electric vehicles.
Get A Free Sample Of The Global Automotive Electronics Market ReportGlobal Automotive Electronics Market Segments
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
By Geography:The regions covered in the automotive electronics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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.
Major Automotive Electronics Industry Players
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, Škoda 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
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Automotive Electronics Market Overview
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.
Automotive Electronics Global Market Report 2023 provides data on the global automotive electronics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive electronics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.