Global On-Board Electrical Systems Market was valued at USD 3.2 Billion in 2022 and is projected to reach USD 4.8 Billion by 2030, growing at a CAGR of 6.1% from 2024 to 2030.
The on-board electrical systems market is experiencing significant growth, driven by the increasing electrification of vehicles and the demand for advanced automotive technologies. As of 2023, the market was valued at approximately USD 15.2 billion and is projected to reach USD 25.5 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.0% during this period. This expansion is primarily fueled by the rising adoption of electric and hybrid vehicles, which require sophisticated electrical systems to manage power distribution, battery management, and regenerative braking. Additionally, the integration of advanced driver assistance systems (ADAS) and autonomous driving technologies is propelling the need for reliable and efficient electrical architectures. These systems support various sensors, cameras, and computing units essential for autonomous functionalities. Furthermore, the growing consumer demand for enhanced connectivity and infotainment systems in vehicles is contributing to the market's growth. Modern vehicles are equipped with sophisticated connectivity features, such as in-car Wi-Fi and advanced audio systems, all of which rely on robust electrical infrastructure. The development and adoption of 48V electrical architectures are also significant trends in the market. These systems offer higher efficiency and power capacity compared to traditional 12V systems, benefiting features like start-stop systems and electric turbochargers. The focus on lightweight and miniaturized components is another key factor driving market growth. Reducing the weight of electrical systems contributes to overall vehicle weight reduction, improving fuel efficiency and reducing emissions. Manufacturers are exploring advanced materials to create lighter electrical components without compromising durability and performance. In terms of regional outlook, Asia Pacific is anticipated to dominate the market, driven by the presence of major automotive manufacturers and the rapid adoption of electric vehicles in countries like China and Global. North America and Europe are also significant markets due to their advanced automotive industries and stringent emission regulations. Latin America, the Middle East, and Africa are expected to witness moderate growth, with increasing investments in automotive infrastructure and rising vehicle ownership rates contributing to market expansion. The on-board electrical systems market is evolving rapidly, driven by trends such as vehicle electrification, advanced driver assistance systems, enhanced connectivity, the development of 48V architectures, and the focus on lightweight components. These trends reflect the broader shifts in the automotive industry towards more efficient, reliable, and sophisticated vehicle technologies. As these trends continue to shape the market, manufacturers and suppliers must innovate and adapt to meet the growing demands for advanced electrical systems that power the future of mobility. The evolution of on-board electrical systems is not just about powering vehicles but also about enhancing the overall driving experience, safety, and sustainability.
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Siemens
Emerson
Delta (Eltek)
GE
ABB
Jenoptik
Atlas Marine Systems
Thales Group
Lite-On Technology
Acbel Polytech
Salcomp
Fischer Panda
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global On-Board Electrical Systems Market
Rail Vehicles
Commercial Vehicles
Ships
Transport Industry
Based on Types the Market is categorized into Below types that held the largest On-Board Electrical Systems market share In 2023.
On-Board AC Electrical System
On-Board DC Electrical System
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global On-Board Electrical Systems Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global On-Board Electrical Systems Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global On-Board Electrical Systems Market, By Type
6. Global On-Board Electrical Systems Market, By Application
7. Global On-Board Electrical Systems Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global On-Board Electrical Systems Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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