Automotive Electronic Market Report Will Worth USD 527.72 billion by 2029 at a CAGR of 7.30%: Exactitude Consultancy
The increasing integration and implementation of advanced safety systems are one of the major factors that will escalate the growth of the automotive electronics market.
PUNE, India, April 13, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Electronic Market.
The Automotive Electronic Market is expected to grow at 7.30% CAGR from 2022 to 2029. It was valued 260.857 billion at 2020. It is expected to reach above USD 527.72 billion by 2029.
The in-vehicle safety features will drive the automotive electronic market due to rise in demand for infotainment features.
The dynamics such as penetration of lot and Al in the automobiles, vehicles offered with autonomous driving feature, the need of in-vehicle safety features, rise in demand for infotainment features drive the automotive electronics market. On the contrary, lower level of penetration of automotive electronics in newly industrialized countries and increase in overall cost of end-product due to integration of automotive electronics hampers the automotive electronics market share. Further, the investment toward autonomous driving of vehicles in smart grids is expected to provide lucrative opportunities in the automotive electronics market.
Also, the advancement of loT and Al has changed the way functionalities in automobiles operate. Over the passing year, it has increased driver connectivity with the vehicle and has enhanced the ride assistance features. For instance, the vehicles are provided with cameras and sensors that assist drivers in car parking or any other proximity features, which is expected to drive the automotive electronics industry growth globally.
Click & Get Free Sample Report in Minutes: https://exactitudeconsultancy.com/reports/14254/automotive-electronic-market/#request-a-sample
Growth Drivers
The increasing integration and implementation of advanced safety systems are one of the major factors that will escalate the growth of the automotive electronics market.
Safety systems such as automatic emergency, braking, airbags, parking assistance systems, and lane departure warning to decrease road accidents are the factors which will drive the automotive electronic market growth. In addition, features such as emergency call systems, alcohol ignition interlocks, and accident data recorder systems are rapidly adopted to safeguard in-vehicle passengers and are anticipated to propel the market growth during the forecast period.
Automotive manufacturers are making substantial capital investments in research and development activities to develop energy storage technology and high-performance electronics at a reasonable cost. Moreover, OEMs are becoming more dependent on electronics to deliver a high safety level. In 2020, electronic components in the automotive accounted for around 35% of the total vehicle cost. However, with advances in technologies, automotive electronic components are expected to account for around 50% of the total vehicle cost by 2030. These factors are expected to augment the growth of the Automotive Electronics Market in the forthcoming years.
Recent Developments
April 26, 2022: Denso Corporation and United Semiconductor Japan Co., Ltd., which are major mobility providers. ("USJC"), a subsidiary of United Microelectronics Corporation ("UMC"), a global semiconductor foundry announced that the two companies will begin production of power semiconductors at his USJC's 300mm fab. Denso provided his IGBT device and process technology that is system oriented, and USJC will provide his 300mm wafer fabrication capability to bring his 300mm IGBT process to volume production.
November 22, 2022 Continental Wins BMW Group Supplier Innovation Award for CoSmA UWB Digital Vehicle Access Solution
Continental has reason to celebrate at this year's BMW Supplier Innovation Awards: The technology company won in the digitalization category with its CoSmA UWB vehicle access solution. Following the award at the PACE Awards, this is the second honor bestowed on the innovative digital access solution. CoSmA UWB is the first system to use ultra-wideband radio to offer drivers completely new functions related to vehicle access via smartphone. Continental's CoSmA transceiver is already in use in the BMW iX and provides drivers with a digital user experience even before they get into the vehicle.
Browse the full "Automotive Electronic Market is Segmented by Component (Electronic Control Unit, Sensors, Current Carrying Devices, Others), Application (ADAS, Infotainment, Body Electronics, Safety Systems, Powertrain Electronics), Sales Channel (OEM, Aftermarket) and Region, Global trends and forecast from 2022 to 2029" Report and TOC at https://exactitudeconsultancy.com/reports/14254/automotive-electronic-market/
Segment Overview
The Automotive Electronic Market is segmented by Component, and By Application. .
By Component |
By Application |
· Electronic control unit · Sensors · Current carrying devices · others |
· ADAS · Infotainment · Body electronics · Safety systems · Powertrain electronics |
Regional Insights
Asia Pacific region is expected to show higher Automotive Electronic market growth in the forecast period.
Asia Pacific (40% Largest Market)- The Asia-Pacific region is expected to become a major region of the global automotive electronics market. The leading position in the market is due to the presence of major electronics industry players in the region. The thriving electronic component manufacturing industry is he one of the major drivers of the global automotive electronics market. Additionally, the number of manufacturers provides excellent investment opportunities for regional suppliers to tap into the region's demand, which accounts for a large share of the global automotive electronics market.
What`s New for 2023?
- coverage of the danger of a recession, supply chain disruptions, global trade tensions, the Russia-Ukraine War, global inflation, recovery analysis from COVID-19, and global inflation
- Positions of the main competitors and global competition
- influence in the market across several geographic areas - Strong/Active/Niche/Trivial
Some Important Points Answered in this Market Report Are Given Below:
- Outline of product portfolio including product development, planning and positioning
- Details key operational strategies focusing on R&D strategies, corporate structures, localization strategies, manufacturing capabilities, and financial performance of various companies.
- Detailed analysis of market returns over the forecast period.
- Examine different market prospects using Porter's Five Forces Analysis, PEST and SWOT analysis.
- Study of the segment expected to dominate the market.
- A study on analysis of regions projected to register the highest growth during the forecast period
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/14254/automotive-electronic-market/
Browse Other Related Research Reports from Exactitude Consultancy
Automotive Relay Market-> Size to Reach USD Size to Reach USD 22.6 Billion by 2029
The lack of consistency in relay design will affect the automotive relay market growth.
Because of changes in automotive technology, increased demand for electric vehicles is significantly boosting market growth for Automotive Relays. Rising government incentives for EV adoption, particularly in Europe, are propelling the Automotive Relay Market. Furthermore, the rising consumer trend toward sustainable living as a consequence of the increased use of electric vehicles is driving the market for Automotive Relays. The lack of standardization, as well as the numerous elements associated with the various types of designs utilized during relay construction, may hamper the global Automotive Relay market's growth.
Automotive Electronic Control Unit Market-> to Hit USD 148.67 billion, Driven by The Increasing Sales of Passenger Automobiles in the Forecast Period Of 2023-2029
Integrated ECUs and protecting customer data is a major factor which will draw growth in the market:
Recently, automotives have been included with highly dispersed control units. Each ECU has specific functional requirements as a result of the electronic equipment in cars, thus, the accompanying physical components for each ECU (such as wiring, computing platforms, and sensors) have become more complex. The majority of cars have more than 125 control units, and these apparatuses occupy a significant amount of space within the car.
Automotive Engine Belt & Hose Market-> to Generate USD 36.18 billion by 2029, it is estimated to grow at a CAGR of 6.69% from 2023 to 2029
Urbanization is a trend that is rapidly expanding, which is boosting the average income of the urban population and allowing them to improve their quality of life. Additionally, the increased demand for passenger cars is driving up manufacturers' output levels, which is in turn boosting the global automotive belt market.
About Exactitude Consultancy
Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.
Contact us
for your special interest research needs at sales@exactitudeconsultancy.com and we will get in touch with you within 24hrs and help you find the market research report you need.
Website: https://exactitudeconsultancy.com/
Contact: Irfan Tamboli
sales@exactitudeconsultancy.com
+91-7507-07-8687
Logo: https://mma.prnewswire.com/media/1871697/Exactitude_Consultancy_Logo.jpg
Share this article