The automotive electronics market forecast was estimated to be worth US$ 300.3 billion in 2022, and it is anticipated to develop at a CAGR of 7.30% from 2022 to 2032, reaching US$ 607.5 billion in 2032. The advancement of sensor technology and signal processing algorithms are fueled by the increasingly strict safety regulations, which are a significant factor in the growth of automotive electronics.
The demand for automotive electronics is expected to grow in the future, driven by the increasing adoption of advanced safety, comfort, and infotainment features in vehicles.
Automotive electronics refers to the use of electronic systems and devices in automobiles, including safety features such as anti-lock braking systems, electronic stability control, and advanced driver assistance systems, as well as infotainment features such as multimedia systems and navigation.
The growth in the demand for automotive electronics is expected to be driven by the increasing adoption of advanced safety features in vehicles, particularly in developed markets such as the US, Europe, and Japan, where stringent safety regulations have been implemented.
In addition, the trend towards connected and autonomous vehicles, which require a range of advanced electronic systems to function, is expected to further drive the demand for automotive electronics. This includes technologies such as radar and LiDAR sensors, vehicle-to-vehicle communication systems, and advanced driver assistance systems.
Key Takeaways:
The largest automotive electronics market share is in Europe. From 2022 to 2032, the region is anticipated to grow at a rate of over 27.0%.
Automotive Electronics are anticipated to experience significant growth opportunities in North America, where they are projected to account for 12.0% of global sales by 2022.
With promising opportunities for automotive electronics market expansion, Asia-Pacific is anticipated to expand and reach a sizeable share of 10.4% in 2022.
MEA is anticipated to offer significant automotive electronics market growth opportunities and is projected to hold a 4.8% share in 2022.
From 2021 to 2028, the ADAS automotive electronics market is anticipated to grow at a CAGR of more than 10.6%.
In 2020, the safety systems market segment held the largest automotive electronics market share, at about 29%.
For more information: https://www.futuremarketinsights.com/reports/automotive-electronics-market
Competitive Landscape:
Among the leading companies operating in the automotive electronics market are:
Hitachi Automotive Systems, Ltd., Visteon Corporation, Hella GmbH& Co. KGaA, Infineon Technologies AG, Robert Bosch GmbH, Valeo Inc., ZF Friedrichshafen AG, Continental AG, DENSO Corporation, and Xilinx, Inc.
The automotive electronics market is extremely competitive, which can be attributed to the large number of participants. A number of regional level players are also active across key growth regions, particularly in Europe. Global players, such as Continental AG, DENSO Corporation, Hella GmbH& Co. KGaA, and Infineon Technologies AG, account for a sizeable portion of the automotive electronics market.