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Automotive Electronics Market Driving Forces: Automotive Electronics Components Market Trends and Innovations Will Reach at $ 355.6 billion by 2030.

02-23-2024 11:28 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: SNS Insider Pvt Ltd

Automotive Electronics Market

Automotive Electronics Market

The Automotive Electronics Market increasing adoption of hybrid and electric vehicles is driving up the demand for automotive electronic components. These vehicles rely heavily on electronic systems for propulsion, energy management, and other functionalities.

Market Size-

The SNS Insider report indicates that the Automotive Electronics Market was valued at USD 230 billion in 2022, and it is projected to achieve a market size of USD 355.6 billion by 2030, with a compound annual growth rate (CAGR) of 5.6% expected over the forecast period from 2023 to 2030.

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Market Key Players:

Continental AG, DENSO Corp, Hella GmbH, Infineon Technologies, Robert Bosch, Valeo, ZF Friedrichshafen, Hitachi Automotive Systems, Xilinx, Visteon and others.

Market Report Scope -

Automotive electronics refers to the use of electronic systems and components in vehicles for a variety of purposes, including vehicle control, safety, communication, entertainment and connectivity. It is intended to improve the performance, efficiency, comfort and overall user experience of vehicles by means of these electrical systems and parts. This market has seen significant growth over the past few years, mainly due to rising demand for safety features, Advanced Drive. A wide range of electronic components and systems used in the automotive industry, which includes motor vehicle engines, infotainment systems, advanced sensors, controls etc., are represented on this market. Although the market is characterized by a complex regulatory framework, high development costs and cyber security concerns which restrict its growth. Market growth is being driven by the increasing sales of eVs, growing demand for interconnected vehicles and technological advances in ADAS.

Market Growth Factors -

In view of market dynamics, it is expected that the demand for automotive electronics components will continue to grow in line with increasing use of hybrids and EVs. In addition, another way for electronics to meet the different demands of the automotive industry while boosting reliability and lightning wire harness is replacing mechanical parts with electronic components such as electrical switches rather than relays. Market forecasts also foresee that demand will be increased by government legislation on reducing traffic accidents and technological improvements in the field of vehicle safety. The growing demand for incar entertainment systems, owing to increased comfort, efficiency and convenience, is the driving force behind the need of vehicle data storage so that advanced features can be created. The market for incar infotainment applications is affected by this factor.

Segmentation Analysis -

The market was led by the current carriage device segment, which accounted for 40.2% in 2023. Due to the transmission of electrical power and signals throughout the vehicle's electrical system, current carrying equipment is an essential component of the automotive industry. Due to the high cost and a large number of electronic components used in vehicles, such as switches, fuses, connectors or wires harnesses, there is an increasing demand for current carrying devices among component segments.
The largest revenue share in 2023 was attributed to the safety systems sector. There is a growing demand for effective, safe and comfortable driving experiences as well as stringent safety rules. Manufacturers such as Continental AG, DENSO Corporation, Infineon Technologies AG, and Robert Bosch GmbH are developing safety systems vehicles to cater to the increasing demand for light and heavy commercial vehicles. Factors such as increased focus on vehicle safety, and the increasing number of traffic fatalities

By Application

ADAS
Infotainment
Body Electronics
Safety Systems
Power trainElectronics

By Sales Channel

OEM
Aftermarket

By Component

Electronic Control Unit
Sensors
Current Carrying Devices
Others

Key Regional Development -

The market for automotive electronics was led by the Asia Pacific region, with 41.4% share in 2023. The key drivers of the Asia Pacific market are growing demand for advanced electronics in vehicles, increasing consumer purchasing power and rising awareness among consumers on safety features in developing countries. Modern production technologies are intended to increase the volume of vehicle production by car manufacturers. The market is expected to grow significantly during the forecast period at North America level. Several automotive electronics companies are active in the region, which have implemented partnerships and collaboration initiatives to gain market share. For example, in January 2023, a US based supplier of automotive electronics announced a technology collaboration with a chip and software manufacturer, Qualcomm, for the development of an advanced automotive cockpit domain controller.

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Key Takeaway's-

A major driver of the automotive electronics market is the proliferation of connected cars and the Internet of Things. Sophisticated infotainment systems, telematics solutions and connectivity features that enhance the driver experience and convenience are becoming more common in today's vehicles. These systems allow for real time navigation, remote diagnostics, over the air updates and seamless integration with other devices such as smartphones and tablets. The automotive electronics industry is looking for reliable and effective connectivity solutions that can cope with the challenges of different environments while ensuring a secure, comfortable drive experience as consumers seek to bring together technology and transport in an integrated way.

Recent Developments -

NXP and Delta Electronics entered into a Strategic Partnership in December 2022 to develop platforms for the next generation of automobiles. Also, the collaboration laboratories of both companies have been made publicly available. The objectives of this partnership are to improve electricity alternatives, and to implement realtime products based on NXP S32E and SZ32 processors. Smart actuation, security processing, domain and zonal control of the EV is developed using a S32E microcontroller.
December 2022: A strategic partnership has been established between NXP and Delta Electronics to develop platforms for the next generation of automobiles. The two companies' cooperation laboratories have also been made publicly available. Its objectives are to enhance the options for electric vehicles and use actualtime goods based on NXP S32E and S32Z processors. The S32K39 microcontroller is used to develop smart actuation, safety processing, domain and zone control, and EV control.

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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Automotive Electronics Market, By Application
9. Automotive Electronics Market, By Sales Channel
10. Automotive Electronics Market, By Component
11. Regional Analysis
12 Company profile
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion

Contact Us:

Akash Anand - Head of Business Development Strategy
Email:info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
Website: https://www.snsinsider.com

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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