Automotive Electronics Market worth USD 415.73 Billion by 2030, registering a CAGR of 7.35% – Report by Market Research Future (MRFR)
New York, Nov. 16, 2021 (GLOBE NEWSWIRE) — Automotive Electronics Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Electronics Market Research Report, By Technology, By End Market, By Application, By Vehicle type and Region – Forecast till 2030” the market is projected to be worth USD 415.73 Billion by 2030, registering a CAGR of 7.35% during the forecast period (2022 – 2030), The market was valued at USD 233.61 billion in 2021.
List of the companies profiled in the automotive electronics market research report include –
- Robert Bosch GmbH (Germany)
- OMRON Corporation (Japan)
- Infineon Technologies AG (Germany)
- HGM Automotive Electronics (U.S.)
- Hitachi Ltd. (Japan)
- Delta Electronics Inc. (Taiwan)
- Atotech (Germany)
- ZF Friedrichshafen AG (U.S.)
- Denso Corporation (Japan)
- Koninklijke Philips N.V. (Netherlands).
- Among others.
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The global automotive electronics market is both fragmented as well as competitive for the presence of various international and also domestic industry players. The players have used innumerable innovative strategies to stay at the vanguard and also cater to the burgeoning need of the customers including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions, and more. Further, they are also investing in different research and development activities.
Market Research Future’s Review on Automotive Electronics Market
COVID-19 Analysis
The COVID-19 outbreak has severely impacted the auto industry due to the shutting down of different manufacturing facilities, supply chain disruption, and international trade barriers. The fall in demand from the consumers has made numerous automakers in cutting down their production capabilities for new cars. In mid of 2021, most automotive OEMs have revamped their production facilities for increasing their investments in auto electronics market, electric vehicles, and autonomous technologies for gaining a competitive edge in the market. Besides, increasing support from the government for auto OEMs for overcoming disruptions in sales for the pandemic will boost market growth.
Browse In-depth Market Research Report (188 pages) on Automotive Electronics
https://www.marketresearchfuture.com/reports/automotive-electronics-market-4191
Drivers
Rising Government Initiatives to Boost Market Growth
The rising initiatives by regulatory bodies and government towards emission control measures have accelerated the adoption of EVs that is boosting market growth.
Opportunities
Technological Innovations in Automotive Electronics Sector to offer Robust Opportunities
Technological innovations in the automotive electronics sector will offer robust opportunities for the market over the forecast period. The introduction of autonomous or driverless cars which offer a self-driven experience to users together with the launch of cost-effective EVs with improved features is fuelling market growth.
Restraints
High Prices to act as Market Restraint
The high prices of ADAS coupled with declining automotive production in the US may act as market restraint over the forecast period.
Challenges
Increasing Automobile System Complexities to act as Market Challenge
The increasing automobile system complexities and high replacement & maintenance cost may act as market challenge over the forecast period.
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Market Segmentation
The global automotive electronics market is bifurcated based on type, sales channel, and application.
By type, the safety systems will lead the market over the forecast period.
By sales channel, the OEM will dominate the market over the forecast period.
By application, the passenger cars will spearhead the market over the forecast period.
Regional Analysis
APAC to Command Automotive Electronics Market
The APAC region will command the automotive electronics market over the forecast period. The presence of prominent electronics key players, the flourishing electronic component manufacturing industry, manufacturers making huge investment opportunities for regional suppliers for reaping the perks of the local demand, snowballing significance of the automotive markets in China and India, electronics innovation, the amalgamation of the need for lessening production price, complying stricter standard, customizing vehicle features, and increasing product quality during shorter business cycles influencing an increasing emphasis on the role of electronics in the region’s automakers, and massive production of cars in Japan, South Korea, China, and India for the increasing availability of affordable raw materials and labor are adding to the global automotive electronics market growth in the region. Besides, leading automakers from across the world setting up manufacturing plants in regional countries that have made cars cheaper for inhabitants, high sales volume of automobiles, the presence of leading automotive and electronics manufacturers in Japan, China, and India, adoption of advanced technologies by automotive manufacturing companies, the new NEV mandate initiated in 2017 by the Ministry of China, upsurge in demand and production of autonomous vehicles and electric vehicles, and technologically advanced manufacturing facilities are also adding to the growth of the market in the region.
Segmentation of Market covered in the research:
Automotive Electronics Market Research Report: Information by Type (ADAS, Body Electronics, Entertainment, Powertrain, Safety Systems, Others), Sales (OEM and Aftermarket), Application (PV, LCV, HCV, EV, 2-wheeler) and Region – Forecast till 2030
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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