Soaring Sales of Automobiles Driving Automotive Electronics Market Growth

Due to the surging sales of automobiles and the increasing enactment of policies and regulations by the governments of several countries for making automobiles safer and more fuel-efficient, the global automotive electronics market is exhibiting huge expansion. According to the forecast of the market research company, P&S Intelligence, the revenue of the market will rise from $235.7 billion in 2019 to $615.3 billion by 2030, while the market is expected to advance at a CAGR of 9.3% from 2020 to 2030 (forecast period).

The surging sales of vehicles, including autonomous and electric vehicles, especially in the Asia-Pacific (APAC) region, is one of the major factors driving the expansion of the automotive electronics market. Presently, automotive electronics account for around 35% of the total cost of a vehicle, as compared to its 5% share in 1970. This share is expected to rise even more and reach 50% by 2030. According to the findings of the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2018, 95.1 million vehicles were sold across the world and automobile sales grew at a CAGR of 1.8% during 2014-2018.

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As automotive electronics are crucial components of autonomous and electric vehicles, the surging sales of these vehicles are positively impacting their demand all over the world. Besides this factor, the increasing incorporation of advanced driver assistance systems (ADAS) in automobiles is also generating lucrative growth opportunities for the players operating in the automotive electronics market. The rising prevalence of road accidents and the surging concerns being raised over passenger and vehicle safety are pushing up the requirement for ADAS.

This is because these systems mitigate the chances of driver negligence and errors, which, in turn, reduces the chances of accidents. Depending on component type, the market is classified into current carrying device, sensor, and electronic control unit (ECU). Amongst these, the current carrying device category is predicted to exhibit the fastest growth in the market throughout the forecast period. In additions, the sensor category is also expected to register huge expansion in the coming years, primarily because of the growing incorporation of position and temperature sensors in automobiles.

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Moreover, position sensors are critical components of pedals, hybrid engines, clutch plates, and steering. Geographically, the automotive electronics market is predicted to register the fastest growth in the Asia-Pacific (APAC) region over the next few years. This will be because of the booming sales of automobiles in regional countries such as China, Indonesia, India, and South Korea. In addition, many international automobile manufacturing companies are setting up their manufacturing plants in the region in order to leverage the availability of affordable raw materials and cost-effective labor in the region.

Therefore, it can be said with full surety that the demand for automotive electronics will soar in the forthcoming years, primarily because of the surging sales of automobiles and the growing incorporation of ADAS in vehicles, on account of the rising requirement for greater vehicle safety, all over the world.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.