Press release
Strong Growth Ahead: Automotive Electronics Market Size To Grow At Arecord 9.2% Cagr By 2029
Automotive Electronics Market Size
How Big Is the Automotive Electronics Market Size Expected to Be by 2034?
There has been a significant expansion in the size of the automotive electronics market in the past few years. The market value is set to rise from $295.42 billion in 2024 to $320.36 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.4%. The substantial growth observed in the historic period can be credited to the robust economic progress in developing markets, escalated demand for commercial and passenger vehicles, and an increase in individuals' disposable income.
In the coming years, robust expansion is projected for the automotive electronics market, with its value anticipated to reach $454.87 billion by 2029, discovering a compound annual growth rate (CAGR) of 9.2%. Causes for this surge during the forecast period comprise of the escalating demand for electric cars, expansion of automobile production, ample government backing, and a rising call for safety aspects in cars. Key tendencies for the forecast duration are the integration of artificial intelligence technology, the unveiling of sophisticated power electronics, the deployment of augmented reality (AR), the introduction of novel and innovative products, and strategic partnerships and collaborations for extending their product assortment and boosting revenues.
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What Are the Emerging Segments Within the Automotive Electronics Market?
The automotive electronics market covered in this report is segmented -
1) By Type: Advanced Driver Assistance Systems, Body Electronics, Entertainment, Powertrain, Safety Systems, Other Types
2) By Component: Electronic Control Units, Sensors, Current Carrying Devices, Other Components
3) By Vehicle Type: Light Commercial Vehicles, Passenger Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
4) By Sales Channel: OEM, Aftermarket
Subsegments:
1) By Advanced Driver Assistance Systems (ADAS): Adaptive Cruise Control, Lane Departure Warning, Collision Avoidance Systems
2) By Body Electronics: Power Window Systems, Central Locking Systems, Lighting Control Systems
3) By Entertainment: Infotainment Systems, Audio Systems, Navigation Systems
4) By Powertrain: Engine Control Units (ECUs), Transmission Control Units, Hybrid And Electric Powertrain Systems
5) By Safety Systems: Airbag Control Systems, Electronic Stability Control, Traction Control Systems
6) By Other Types: Telematics Systems, Battery Management Systems, HVAC Control Systems
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What Long-Term Drivers Are Shaping Automotive Electronics Market Trends?
The rise in adoption of electric automobiles is anticipated to catalyze the growth trajectory of the automotive electronics market. These vehicles primarily incorporate a motor powered by electricity stored in batteries. The pressing need for coronavirus defense, coupled with the desire for net-zero emissions, has prompted a sudden adoption of electric and hybrid vehicles. These automotive electronics play a critical role in electric vehicles, facilitating the operationalization of the electronic powertrain system that delivers high power. For instance, a report released by The U.S. Energy Information Administration (EIA) in August 2024 demonstrated that the consolidated U.S. sales of hybrid, plug-in hybrid, and battery-powered vehicles had climbed from 17.8% of the entire new light-duty vehicle (LDV) sales in the first quarter of 2024 to 18.7% in the second quarter. Hence, the increasing adoption of electric vehicles is fueling the expansion of the automotive electronics market.
Who Are the Top Competitors in Key Automotive Electronics Market Segments?
Major companies operating in the automotive electronics market include Denso Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Hitachi Ltd, Aptiv PLC,Continental AG, Infineon Technologies AG, NXP Semiconductors N.V., STMicroelectronics N.V., Texas Instruments, Delphi Automotive, Mahindra Electric, Tata Elxsi, BYD Auto, Huawei Technologies, Tencent Auto, Baidu, Contemporary Amp Technology Co. Limited, Panasonic Automotive, Aisin Seiki Co., Ltd, Sony Corporation, Pioneer Corporation, Electro 80, Autron Automotive Electronics, REDARC Electronics, Integrated Micro-Electronics, Inc. (IMI), Valeo, Faurecia, Actia Group, Exagan, Hella GmbH and Co. KGaA, Brembo, Marelli Holdings Co., Ltd., Renesas Electronics Europe, Smiths Group, AVTOVAZ, Elektrobit (EB) Russia, Autoliv Romania, Škoda Auto, Honeywell Czech Republic, Metalenz Inc, Sila Nanotechnologies, Actnano, Citrine Informatics, PreAct Technologies, Manufacturing Technology, Inc, Nidec Mobility Brazil Ltda, Shenzhen Vigreat Electronic Co., Ltd, Maidstone Auto Electrical, Sonic Vision Technologies Pty Ltd
What Automotive Electronics Market Trends Are Gaining Traction Across Different Segments?
Leading enterprises in the automotive electronics market are concentrating on the advancement of electronic elements, such as high-amperage surface-mount fuses, to strengthen reliability and security in automotive and industrial electronic systems. These compact electrical parts are designed to shield circuits from excessive currents and stave off overloads and short circuits. For example, Littelfuse, a US-based circuit protection and electronic components producer, unveiled the Ultra-High Amperage SMD Fuse Series in October 2023. This series is specifically designed for circuit protection across a range of applications, notably in automotive and industrial electronics. The fuses standout with their capacity to manage high current ratings and feature a sleek surface-mount design. The success of this series lies in its ability to promote reliability and safety in electronic systems by avoiding overloads and short circuits. The fuses also benefit from a low profile, assisting in meeting the needs of high-density applications and making them perfect for contemporary electronic devices.
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Which Regions Are Becoming Hubs for Automotive Electronics Market Innovation?
Asia-Pacific was the largest region in the automotive electronics market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Electronics Market?
2. What is the CAGR expected in the Automotive Electronics Market?
3. What Are the Key Innovations Transforming the Automotive Electronics Industry?
4. Which Region Is Leading the Automotive Electronics Market?
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