Automotive Electronics Market is Expected to Evolve at a High 8.6% CAGR through 2031 | SkyQuest Technology
Westford,USA, Dec. 04, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the automotive electronics market size will attain a value of USD 468.2 billion by 2031, with a CAGR of 8.6% over the forecast period (2024-2031). Growing electrification of vehicles and the rising use of advanced digital technologies in vehicles are projected to bolster sales of automotive electronics in the future. Rising emphasis on fuel efficiency and the use of advanced safety systems are also expected to benefit automotive electronics market growth in the long run.
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Browse in-depth TOC on “Automotive Electronics Market”
- Pages – 157
- Tables – 64
- Figures – 75
Automotive Electronics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 244.9 Billion |
| Estimated Value by 2031 | $ 468.2 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Component, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing automotive electrification |
| Key Market Opportunities | Development of electronics for autonomous and electric vehicles |
| Key Market Drivers | Rising use of advanced safety and efficiency systems in vehicles |
Current Carrying Devices are Slated to Account for a Prominent Chunk of Automotive Electronics Market Share
Current carrying devices are essential in any kind of vehicle as they play a crucial role in ensuring the proper functioning of multiple electronic components. electrical switches, fuses, connectors, and wiring harnesses are some key essential components that are classified under this segment thereby allowing it to account for a high share of the global automotive electronics industry.
Use of Automotive Electronics in Commercial Vehicles is Expected to Rise Rapidly
Growing imposition of stringent regulations for commercial vehicles regarding safety and efficiency are slated to help boost sales of automotive electronics in this segment. Developing special automotive electronics for commercial vehicle use and growing sales of commercial vehicles are projected to create new opportunities for market players in the long run. Efforts to reduce operational costs in commercial industries will also create new business scope for automotive electronics companies going forward.
Asia-Pacific Estimated to Spearhead Global Automotive Electronics Demand Outlook
The presence of a strong automotive manufacturing industry and key automotive manufacturers are helping this region maintain its dominant automotive electronics market share. Moreover, the presence of leading automotive electronics manufacturers in countries such as China, Japan, Taiwan, and South Korea is also helping the Asia Pacific region maintain its top spot in the global automotive electronics market outlook. Cheap labor and supportive government initiatives will continue to create new opportunities in this region through 2031 and beyond.
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Automotive Electronics Market Insights:
Drivers
- Growing electrification of vehicles
- Rising use of advanced technologies and digital systems in vehicles
- Surging demand for electric vehicles and autonomous vehicles
Restraints
- Stringent regulations for automotive electronics development and use
- High costs of development
- Low adoption in developing and lower income countries
Prominent Players in Automotive Electronics Market
The following are the Top Automotive Electronics Market Companies
- Robert Bosch GmbH
- Continental AG
- Delphi Technologies
- Denso Corporation
- Infineon Technologies AG
- Texas Instruments Inc.
- Panasonic Corporation
- Valeo SA
- Aptiv PLC
- STMicroelectronics NV
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Key Questions Answered in Automotive Electronics Market Report
- Targeting which region will help companies maximize their revenue generation?
- Which type of vehicles are slated to lead automotive electronics market outlook?
- Which countries are expected to be the leading manufacturers of automotive electronics?
- How can companies overcome the issue of high automotive electronics development costs?
This report provides the following insights:
- Analysis of key drivers (increasing vehicle electrification, growing sales of electric vehicles and autonomous vehicles), restraints (high costs of development, stringent regulations for usage), and opportunities (development of custom automotive electronics for autonomous and electric vehicles) influencing the growth of automotive electronics market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the automotive electronics market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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