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Global Automotive Electrical Products Market 2023: Extensive Application in EVs to Heighten Demand
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The rising adoption of electric vehicles (EVs) has been a significant factor driving the growth of the automotive electrical products market. EVs require advanced electrical components such as high-capacity batteries and power electronics to provide sufficient power to the electric powertrain. This has led to the development of new and advanced electrical products that can meet the unique requirements of EVs.
Companies
Altera (Intel Corporation)
BBB Industries Ltd
Broadcom Ltd.
Continental AG
DENSO CORPORATION
Hella Gmbh & Co. Kgaa (Hella)
Hitachi Automotive Systems, Ltd.
Infineon Technologies AG
Microchip Technology, Inc.
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The Asia-Pacific region has been a major contributor to the growth of the automotive electrical products market. The region accounts for a significant share of the global automotive production and is home to several major automotive OEMs. The growth of the automotive electrical products market in the region can be attributed to the increasing demand for passenger and commercial vehicles, particularly in emerging economies such as China and India.
Another factor driving the growth of the automotive electrical products market is the increasing adoption of advanced safety features in vehicles, such as ADAS. These features require advanced sensors, processors, and electrical components to function correctly, which has led to the development of new and advanced electrical products to meet these requirements.
However, the automotive electrical products market faces challenges such as the high cost of advanced electronics and the availability of alternative technologies such as fuel cells and hydrogen-powered vehicles. Nevertheless, the increasing demand for advanced electrical components and features in vehicles is expected to sustain the growth of the automotive electrical products market in the coming years.
Regional Outlook of Automotive Electrical Products Market
North America is expected to pivot the global automotive electrical products market share, attributed to immense spawning of the EV industry. Over the years, numerous startups offering EV automotive electrical products and solutions have come into existence. According to the U.S. Department of Energy, sales of plug-in electric vehicles (PEVs) rose impressively between 2011 and 2018, reaching over 300,000 units. Sales have moderately declined amid the COVID-19 crisis, but are anticipated to remain on an upward trajectory, owing to reduced dependence on conventional fossil-fuel cars.
By 2021-end, it is anticipated that, more than 7 out of 10 people will own an EV. Consequently, companies such as Intvo, Udelv, and Lordstown Motors have significantly enhanced their presence across the North American market. Moreover, government regulations are encouraging EV uptake, spiking electrical products sales in this domain.
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Key Segments of Global Automotive Electrical Products Market
Product
Light Equipment
Automotive Batteries
Automotive Connectors
Alternators & Starters
Ignition Systems & Parts
Others
Vehicle
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles
Region
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East Africa
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