The global automotive electronics market size is likely to account for USD 493.69 billion in 2027, as per a new report by Million Insights. It is predicted that the market would register 9.0% CAGR from 2020 to 2027. Increasing sales of hybrid and electric vehicles are proliferating the growth of the market. In addition, integration of advanced systems such as ABS, sensors, airbags and others is supplementing the market growth for automotive electronics.
In addition, governments across the globe are focusing on implementing ADAS systems to ensure road safety. The integration of warning systems for lane departure and automatic emergency braking has been mandated in Europe, U.S and China. Such regulations have led to the installation of various electronics components in the production stage of the vehicles.
North America and Europe are witnessing significant growth for in-vehicle infotainment systems, which, in turn, is likely to supplement the market growth. However, Asia Pacific accounted for the largest share in the market in 2019. This is large because of increasing vehicle sales in China and Japan. India, on the other hand, is showing promising growth as well.
Key players in the market are Panasonic Corporation,Aptiv PLC,Continental AG, Intel Corporation, ZF Friedrichshafen AG, and Broadcom Ltd among others. These companies are focusing on expanding their market presence in emerging countries. New product development and partnerships are some of the major strategic initiatives adopted by these companies.
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Further key findings from the report suggest:
• By components, the current-carrying division accounted for the highest share in the automotive electronics marketin 2019, owing to the growing focus on safety features.
• The safety category is likely to account for the highest share in the market throughout the forecast duration.
• In 2019, OEMs held the highest share in the market as most of the electronic components are integrated during the manufacturing process itself.
• Asia Pacific is projected to witness over 9% CAGR from 2020 to 2027 owing to rising vehicle demand from India and China.
Million Insights segmented the global automotive electronics market based on component, application, sales channel, and region:
Automotive Electronics Component Outlook (Revenue, USD Million, 2016 - 2027)
• Electronic Control Units
• Current Carrying Devices
Automotive Electronics Application Outlook (Revenue, USD Million, 2016 - 2027)
• Body Electronics
• Safety Systems
• Powertrain Electronics
Automotive Electronics Sales Channel Outlook (Revenue, USD Million, 2016 - 2027)
• OEM (Original Equipment Manufacturer)
Automotive Electronics Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)