The automotive electronics market is expected to reach USD 249.653 billion in 2023, with projections indicating growth at a CAGR of 4.6%, resulting in an estimated value of USD 391.43 billion by 2033. This growth is primarily driven by the increasing integration and adoption of advanced safety systems, including automated airbags, parking assistance, emergency braking, and lane departure warning systems, all designed to enhance road safety and reduce traffic accidents.
The rapid implementation of in-vehicle passenger safety features—such as alcohol ignition interlocks, emergency call systems, and accident data recorders is anticipated to significantly contribute to the expansion of the automotive electronics market throughout the forecast period.
With a limited number of automotive electronics manufacturers, local suppliers have substantial opportunities to meet domestic demand and attract investment. India has demonstrated notable growth in the automotive electronics sector, while China holds the largest market share.
Comprehensive Market Insights: Full Report Overview
Key Takeaways
- The Chinese automotive electronics market is projected to expand at a CAGR of 5.5% during the forecast period.
- The United Kingdom’s automotive electronics industry is expected to register a CAGR of 3.3% from 2023 to 2033.
- India’s automotive electronics market is anticipated to grow at a CAGR of 6% through 2033.
- The United States may increase its market share by 21.8% during the same period.
- Germany is expected to control 7.6% of the automotive electronics market from 2023 to 2033.
- Japan’s share of the automotive electronics market could reach 8.3% during this period.
- Australia is projected to hold a 0.2% share of the automotive electronics industry from 2023 to 2033.
- The body electronics segment is expected to capture a substantial market share of 22.4% in the type category between 2023 and 2033.
- The passenger cars segment is anticipated to dominate the vehicle type category, accounting for 68.9% of the market share during the forecast period.
Insights into Regional Developments
The automotive electronics market in Europe is witnessing significant growth. Europe is experiencing a market boom due to the increasing concern for safety and security in the automotive industry. This region benefits from reputable automakers like Volkswagen, Skoda, Audi, BMW, and Daimler.
The ADAS industry has thrived due to regulations implemented by the European Union to reduce traffic accidents and promote vehicle safety equipment. These factors are collectively surging the market growth of automotive electronics.
The automotive electronics business in Asia-Pacific is experiencing substantial growth. Through their robust electronic component manufacturing activity, nations like Taiwan, South Korea, Malaysia, and Thailand have made a substantial contribution to the automotive electronics industry. China and Japan are the primary automotive electronics suppliers in the Asia-Pacific region.
Competitive Landscape
Major automotive electronics manufacturers spend much on research and development to diversify their product lines, propelling the automotive electronics market even higher.
The automotive electronics manufacturers are engaging in various strategic measures to extend their worldwide footprint. These measures include important industry changes such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
Leading Automotive Electronics Manufacturers: A Profile of Leading Automotive Electronics Companies
- Continental AG
- DENSO Corporation
- Hella GmbH & Co. KGaA
- Infineon Technologies AG
- Robert Bosch GmbH
- Valeo Inc.
- ZF Friedrichshafen AG
- Hitachi Automotive Systems Ltd.
- Visteon Corporation
- Xilinx Inc.
Latest Advancements
- Texas Instruments Partners with Smart Eye
Texas Instruments, a renowned semiconductor manufacturer, established a partnership with Smart Eye, an AI firm that specialises in human insight, in March 2023. The goal of the partnership was to give manufacturers with creative interior sensing technologies that improved driver safety and the in-cabin experience.
- Renesas Electronics Corporation Collaborates with Microsoft
Renesas Electronics Corporation announced its collaboration with Microsoft to hasten the development of connected cars in January 2021. As a development environment for the MCVP (Microsoft Connected Vehicle Platform), Renesas’ R-Car Starter Kit, built on the R-Car Automotive SoC, is now available.
Key Segmentations
By Application:
- Advanced Driver Assistance Systems (ADAS)
- Body Electronics
- Entertainment
- Powertrain
- Safety Systems
By Vehicle:
- Light Commercial Vehicles
- Passenger Vehicles
- Heavy Commercial Vehicles
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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