According to Market Research Future (MRFR), the automotive electronics market is expected to reach USD 415.73 BN by 2030, growing at a 7.35% CAGR during the review period (2022-2030). Augmenting demand for advanced driver assistance systems creates vast market demand.
Automotive Electronics Market Overview
The automotive electronics market is growing rapidly due to the rising demand for improved engine control, vehicle safety, and fuel efficiency. Software and electronics are more important to automakers and Tier 1 companies, as these enhance their capability to deliver compelling in-car experiences and stand out in the competition. Besides, the rising support and funding from public and private organizations impact the market growth positively. Rising investments by major OEMs, alongside technical innovations and advances in automotive electronics and electric vehicles, drive market growth.
Market Size till 2030
2030: USD 415.73 BN
7.35% CAGR (2022-2030)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities
Electronic fuel injection
Advanced driver assistance
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The rise in vehicle production, primarily led by the demand for passenger vehicles, is a key driving force behind the market development. Additionally, government regulations about vehicle safety and emission laws influence market value. Also, the growing focus on improving autonomous driving, automated guided vehicles (AGVs), and advanced driver assistance systems boost the market size.
Rising sales of electric vehicles and hybrid cars foster the sales of automotive electronic sensors. Moreover, the growing demand for engine control units (ECUs) and vehicle safety systems boosts market value. The increasing focus on developing a reliable, high-speed detection, near-field sensing, and perception system for vehicles propels the market demand, enabling the mass production of pre-crash airbags and other safety countermeasures.
The global automotive industry continues to see strong demand for various electronic systems. Considering the growing need for intelligence & sensing and high-performance computing with advanced system-on-chip connectivity, automotive electronics manufacturers strive to accelerate best-in-class solutions. Also, semiconductor companies, Tier 1 suppliers, and automotive OEMs join in creating the new world of transportation.
These companies are committed to promoting research, educational, and commercial cooperation and sharing knowledge of their research, as well as in-vehicle, connected, and highly automated vehicle technologies. To help speed up automotive electronics innovation, leading system IP providers accelerate system-on-chip (SoC) creation.
These players support intelligent transportation systems to enable autonomous driving, ADAS, cockpit & infotainment, vision, radar & lidar, body & chassis control, and other automotive subsystems.
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Automotive Electronics Market Segments
The automotive electronics market is segmented into types, sales channels, applications, and regions. The type segment comprises advanced driver assistance systems (ADAS), body electronics, entertainment, powertrain, safety systems, and others.
The sales channel segment comprises OEMs and aftermarkets. The application segment comprises passenger cars, light commercial vehicles, heavy commercial vehicles, electric vehicles, two-wheelers, and others. The region segment is bifurcated into Europe, the Americas, APAC, MEA, and rest-of-the-world.
Automotive Electronics Market Regional Analysis
North America heads the global automotive electronics market, witnessing significant growth in the automotive industry. Besides, the increasing adoption of infotainment systems and other automotive technologies & solutions across the region drive the market demand. Besides, growing investments in product developments and automotive technologies foster the region’s market shares. Simultaneously, augmenting demand for automated systems drives regional market growth.
The Asia Pacific region is another profiting market for automotive electronics. Increasing vehicle safety concerns and increased demand for electric vehicles & additional safety features boost market revenues. China, South Korea, and Japan are leading markets in the region, witnessing high vehicle manufacturing and greater use of modern electronics.
Automotive Electronics Market Competitive Analysis
The automotive electronics market appears highly competitive, witnessing increasing strategic deals, such as expansion, mergers & acquisitions, collaboration, and product launches. Major players also invest strategically in research and development activities and foster their expansion plans.
Leading automotive electronics manufacturers design a portfolio of technologies, combining the leading development, supply chain, technology, construction, and O&M expertise. Industry players unite the expertise required to achieve their goals of localizing the supply chain.
For instance, on Aug 23, 2022, Polyplastics Group (Japan), a specialized manufacturer & marketer of high-performance resins/ engineering plastics announced expanding its engineering plastics supply for automotive, electronics, and medical industries in Germany to bolster its presence in Europe.
The company will showcase its expanded engineering thermoplastics portfolio & material supply capabilities at the upcoming K 2022 exhibition in Düsseldorf, Germany. It has also made significant investments in enhancing production capacity to better respond to market growth in Europe, the MEA, Africa, and the Americas.
Key players active in the automotive electronics market are,
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