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Motor Vehicle Electrical and Electronic Equipment Market Growing Popularity and Emerging Trends
Motor Vehicle Electrical and Electronic Equipment Market Report
As per the report, the motor vehicle electrical and electronic equipment market size has grown strongly in recent years. It will grow from $186.73 billion in 2023 to $203.83 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. 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%.
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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.
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.
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
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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
Contents of the report:
1. Executive Summary
2. Motor Vehicle Electrical and Electronic Equipment Market Report Structure
3. Motor Vehicle Electrical and Electronic Equipment Market Trends And Strategies
4. Motor Vehicle Electrical and Electronic Equipment Market - Macro Economic Scenario
5. Motor Vehicle Electrical and Electronic Equipment Market Size And Growth
…..
27. Motor Vehicle Electrical and Electronic Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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