Global Automotive Electronics Market to Reach US$ 558.5 Billion by 2032, Impelled by Rising Demand for Enhanced Safety and Comfort

April 27, 2022 | Automotive Industry

According to the latest report by IMARC Group, titled "Automotive Electronics Market Report by Component (Electronic Control Unit, Sensors, Current Carrying Devices, and Others), Vehicle Type (Light Commercial Vehicles, Passenger Vehicles, Heavy Commercial Vehicles, and Others), Distribution Channel (OEM, Aftermarket), Application (ADAS, Infotainment, Body Electronics, Safety Systems, Powertrain), and Region 2024-2032," the global automotive electronics market reached a value of US$ 322.2 Billion in 2023. Automotive electronics refer to electronic-operated systems that are generally equipped in automobiles. They are specially designed electronics intended for vehicle utilization that are considered to be essential components in the automotive architecture. Some of the commonly used automotive electronics include engine and transmission electronics and passive safety, driver assistance, and entertainment systems. They aid in assisting drivers during blind spot detection and emergency braking while enabling driving assistance functions and gasoline, engine and tire pressure monitoring for an enhanced driving experience.

Global Automotive Electronics Market Trends:

The global market is primarily driven by the rising adoption of automobiles among the masses. Along with this, the inflating disposable income levels, the shifting lifestyle preferences of individuals and the escalating need for enhanced comfort and safety to reduce the occurrence of road accidents are propelling the product demand across the globe. Moreover, continual technological advancements in the automotive sector are creating a positive market outlook. For instance, the widespread integration of artificial intelligence (AI) and machine learning (ML) for improving safety features is favorably impacting the market growth. Additionally, numerous leading players are heavily investing in launching autonomous or self-driving vehicles in order to transform the transportation system while minimizing the need for human drivers, thereby contributing to the uptake of automotive electronics. Other factors, including continuous improvements in the automotive sector, the increasing demand for in-car infotainment systems, and extensive research and development (R&D) activities conducted by key players, are also favorably influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 558.5 Billion by 2032, exhibiting a CAGR of 6.1% during 2024-2032.

Market Summary:

  • On the basis of the component, the market has been segmented into the electronic control unit, sensors, current-carrying devices and others.
  • Based on the vehicle type, the market has been segregated into light commercial, passenger, heavy commercial vehicles and others. 
  • On the basis of the distribution channel, the market has been bifurcated into OEM and aftermarket.
  • Based on the application, the market has been classified into ADAS, infotainment, body electronics, safety systems, and powertrain.
  • On the basis of the region, the market has been divided into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Omron Corporation, Robert Bosch GmbH, Infineon Technologies AG, HGM Automotive Electronics, Hitachi, Ltd., Delta Electronics, Inc., Atotech Deutschland GmbH, TRW Automotive, Continental AG, Bosch Group, Altera Corporation, Lear Corporation, Aptiv, Texas Instruments, Altera Corporation and Denso Corporation.

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Global Automotive Electronics Market to Reach US$ 558.5 Billion by 2032, Impelled by Rising Demand for Enhanced Safety and Comfort
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