Automotive Electronics Market to be Worth $361.6 Billion by 2030

Meticulous Research®-a leading global market research company, published a report titled, 'Automotive Electronics Market by Component (ECU, Sensors, ICs), Material (Silicon, Germanium), Application (ADAS, Infotainment Systems), Vehicle Type (ICE, Hybrid, Electric Vehicles, ), Channel (OEMs, Aftermarket), and Geography - Global Forecast to 2030.'

According to the latest publication from Meticulous Research®, the automotive electronics market is projected to reach $361.6 billion by 2030, at a CAGR of 6.7% during the forecast period of 2023 to 2030. The growth of this market is attributed to the surge in vehicle electrification, the increasing need for energy-efficient electronic devices, and the rising demand for safety and control systems. In addition, the growing demand for ADAS & AD and the high demand for adaptive lighting systems in passenger and entry-level SUVs are expected to offer significant opportunities for the growth of this market. However, the high cost of electronic systems hampers the growth of this market. In addition, fluctuating raw material prices is a major challenge to the growth of this market.

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The automotive electronics market is segmented by component, material, application, vehicle type, and distribution channel. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the automotive electronics market is segmented into electronic control units, sensors, integrated circuits, head-up displays, actuators, IP modules, and other components. In 2023, the electronic control units segment is expected to account for the largest share of the automotive electronics market. This segment's large market share is attributed to increasing demand for technologically advanced vehicles in developed and developing countries, such as hybrid and pure electric cars, rising government regulations pertaining to fuel consumption, and the growing need for better mileage of vehicles by the middle-class population. ECUs are responsible for collecting data from sensors throughout the vehicle and making decisions or executing commands based on that information. They control and coordinate the operation of different systems, ensuring optimal performance, efficiency, and safety.

However, the sensors segment is projected to register the highest CAGR during the forecast period. The high market growth is driven by the rising demand for sensors in hybrid powertrains, growing awareness about reducing vehicles' carbon footprint, and the increasing need to monitor and optimize temperature, pressure, and position for compliance with various emission norms and regulations.

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Based on material, the automotive electronics market is segmented into silicon, germanium, and other materials. In 2023, the silicon segment is expected to account for the largest share and is projected to register the highest CAGR during the forecast period. This segment's large market share is attributed to its compact size, powerful and extremely efficient in supporting electromobility, enabling fast recharging, improving battery control, saving energy, and increasing the range of electric cars. Silicon-based integrated circuits play a vital role in automotive electronics. These ICs are fabricated on silicon wafers using semiconductor manufacturing processes. They integrate multiple electronic components, such as transistors, diodes, resistors, and capacitors, onto a single chip. ICs enable the miniaturization, high performance, and complexity required for various automotive applications.

Based on application, the automotive electronics market is segmented into tire pressure monitoring systems, engine management & powertrain systems, fuel injection systems, infotainment systems, ADAS, body control & comfort, safety, architecture & networking, HVAC systems, autonomous mobility, lighting systems, and other applications. In 2023, the body control & comfort segment is expected to account for the largest share of the automotive electronics market. This segment's large market share is attributed to increasingly stringent engine management requirements for EVs, the rising number of premium comfort features in lower vehicle segments, and the growing deployment of V2V and V2X connectivity technologies.

However, the ADAS segment is projected to register the highest CAGR during the forecast period. The high market growth is driven by the rising collaboration between major automakers, technology companies, and semiconductor manufacturers to develop advanced electronic systems and technologies to support autonomous driving, growing demand for luxury vehicles, and increasing demand for safety & driving comfort features.

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Based on vehicle type, the automotive electronics market is segmented into internal combustion engine, hybrid, and electric vehicles. In 2023, the internal combustion engine segment is expected to account for the largest share of the automotive electronics market. ICE engines are more durable and require less maintenance than electric motors, and stringent government norms with respect to fuel efficiency are some of the drivers for the growth of this segment.

However, the electric vehicles segment is projected to register the highest CAGR during the forecast period. The high market growth in electric vehicles is driven by decreasing prices of batteries, rising environmental concerns, and increasing investments by leading automotive OEMs.

Based on distribution channel, the automotive electronics market is segmented into OEMs and aftermarket. In 2023, the OEMs segment is expected to account for the larger share of the automotive electronics market. However, the aftermarket segment is projected to register the highest CAGR during the forecast period.

Based on geography, the automotive electronics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia- Pacific is expected to account for the largest share of the market and is also expected to grow during the forecast period. The large market share is attributed to increasing demand for EVs, growing number of manufacturers offering numerous advanced automotive electronics in the mobility industry, and incentive programs for EV adopters.

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Key Players

The key players operating in the automotive electronics market are Infineon Technologies AG (Germany), Robert Bosch GmbH (Germany), Valeo Inc. (France), Continental AG (Germany), Hitachi, Ltd. (Japan), Aptiv PLC (Ireland), Texas Instruments Incorporated (U.S.), STMicroelectronics International N.V. (Switzerland), NXP Semiconductors (Netherlands), ZF Friedrichshafen AG (Germany), Visteon Corporation (U.S.), Advanced Micro Devices, Inc. (U.S.), Magna International Inc. (Canada), DENSO CORPORATION (Japan), and Hyundai Mobis Co., Ltd. (South Korea).

Key questions answered in the report-

Which are the high-growth market segments based on component, material, application, vehicle type, and distribution channel?
What was the historical market size for automotive electronics?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the automotive electronics market?
Who are the major players, and what shares do they hold in the automotive electronics market?
How is the competitive landscape in the automotive electronics market?
What are the recent developments in the automotive electronics market?
What are the different strategies adopted by the major players in the automotive electronics market?
What are the key geographic trends, and which are the high-growth countries?

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This release was published on openPR.