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Motor Vehicle Electrical and Electronic Equipment Market Analysis, Share, Drivers, Growth 2024-2033: Strategic Examination
Motor Vehicle Electrical and Electronic Equipment Market
The motor vehicle electrical and electronic equipment market size is expected to see strong growth in the next few years. It will grow to $288.14 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to electric and hybrid vehicle growth, autonomous vehicles, connectivity and iot integration, environmental regulations, electrification of commercial vehicles. Major trends in the forecast period include advanced driver assistance systems (adas), cybersecurity in vehicles, vehicle-to-everything (v2x) communication, electrification of auxiliary systems, user interface and human-machine interaction.
Market Overview -
Motor vehicle electrical and electronic components are electrically regulated components that draw power from the batteries and feed it back through the furnace to the battery.
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Rising Road Accidents Drive Demand For Enhanced Motor Vehicle Electrical And Electronic Components
The motor vehicle electrical and electronic equipment market is driven by the increase in the demand for safer vehicles equipped with electrical and electronic safety equipment to minimize the risk of road accidents. The rise in the number of accidents is a result of reckless driving, overspeeding, a decline in following traffic rules, and drunken driving. Electrical and electronic systems such as anti-lock braking systems (ABS) increase the safety of the vehicle by preventing wheels from locking up during a fast-breaking process. For instance, NHTSA (National Highway Traffic Safety Administration) estimates that 8,730 people died in motor vehicle crashes in the first three months of 2021 in its most recent report, Early Estimate of Motor Vehicle Traffic Fatalities. This figure was up by 10.5% as compared to the 7,900 fatalities projected by the agency for the first quarter of 2020. Hence, the Global New Car Assessment Programme (Global NCAP) has initiated a goal of the UN Decade of Action for Road Safety and also established new goals for 2030 to avoid these road crashes and maintain safety. The demand for vehicles that are less prone to accidents has a positive impact on the growth of the motor vehicle electrical and electronic equipment market.
Competitive Landscape -
Major companies operating in the motor vehicle electrical and electronic equipment market include Bosch Limited, General Motors Corporation, Tenneco Inc., DENSO Manufacturing Tennessee Inc., Delphi Technologies Inc., Hyundai Motor Company, Hella GmbH & Co. KGaA, Technitrol Delaware Inc., Ford Motor Company, Honeywell International Inc., Mars Incorporated, Raytheon Technologies Corporation, ZF Friedrichshafen AG, ITT Inc., Textron Inc., Cummins Inc., Infineon Technologies AG, Hitachi Ltd., HGM Automotive Electronics, Delta Electronics, Atotech Deutschland GmbH & Co. KG, JTEKT Corporation, Knorr-Bremse AG, Nexteer Automotive Group Limited, thyssenkrupp AG, Magna International Inc., Aisin Seiki Co. Ltd., Continental Automotive Systems Inc., Asama Coldwater Manufacturing Inc., Global Steering Systems LLC, Maval Industries LLC, American Showa Inc., Atsco Remanufacturing Inc., KYB Americas Corporation, Raytech Powertrain LLC
Advancements In Vehicle Sensor Technology Transforming The Motor Vehicle Electrical And Electronic Components Market
Motor vehicle electrical and electronic equipment market manufacturers are investing in improving the electronic sensors used in motor vehicles such as cars and trucks to increase visibility and awareness. Some vehicle sensors include ambient light, battery current, differential oil temperature, door open warning, anti-lock braking system (ABS), auto door lock position, battery temperature, and brake power booster. Companies involved in the market are now developing sensors to help improve battery life in cars. For instance, in May 2022, Continental AG, a German automotive parts manufacturing company launched new sensors for electric vehicles, the Current Sensor Module (CSM) and Battery Impact Detection (BID). These two solutions are focused on protecting batteries and/or preserving battery parameters. A compact, single-unit CSM measures current independently by integrating both shunt technology and hall technology to support strict functional safety requirements The improvement in sensor technology marks the latest trend among the companies involved in the motor vehicle electrical and equipment market.
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Key Segments -
The motor vehicle electrical and electronic equipment market covered in this report is segmented -
1) By Product Type: Lighting Equipment, Automatic Voltage And Voltage-Current Regulators, Insulated Ignition Wiring Sets, Generators For Internal Combustion Engines, Spark Plugs For Internal Combustion, Other Product Types
2) By Vehicle Type: Two-Wheelers, Passenger Cars, Commercial Vehicles
3) By Vehicle Class: Mid-Priced, Luxury
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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