Press release
Automotive Electronics Market to Witness 9.3% CAGR during 2020-2030
Owing to these factors, the global automotive electronics market is expected to generate a revenue of $615.3 billion by 2030, rising from $235.7 billion in 2019, advancing at a 9.3% CAGR during the forecast period (2020-2030).
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Out all these, chassis electronics system is the most basic and has extensive applications in vehicles, which is why its demand was the highest in the past. Automotive electronics are distributed through aftermarket and original equipment manufacturer distribution channels.
The demand for these electronics is predicted to rise considerably from aftermarket in the coming years because of the strong regulations which are compelling people to get their old vehicles fitted with innovative electronics at services centers and garages.
Due to the high automotive sales in countries such as India, South Korea, China, and Japan, Asia-Pacific (APAC) emerged as the largest automotive electronics market in 2019. In addition to this, various international automobile manufacturers are also setting up their facilities in the region in order to take advantage of the cost-effective raw materials and labor.
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Moreover, the growing adoption of electric vehicles in APAC is also predicted to result in the rising requirement for automotive electronics.
In conclusion, the demand for automotive electronics is growing due to the surging automobile sales and technological advancements.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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