Automotive Electronic Market Report Will Worth USD 527.72 billion by 2029 at a CAGR of 7.30%: Exactitude Consultancy
The increasing integration and implementation of advanced safety systems are one of the major factors that will escalate the growth of the automotive electronics market.
PUNE, India, April 13, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Electronic Market.
The Automotive Electronic Market is expected to grow at 7.30% CAGR from 2022 to 2029. It was valued 260.857 billion at 2020. It is expected to reach above USD 527.72 billion by 2029.
The in-vehicle safety features will drive the automotive electronic market due to rise in demand for infotainment features.
The dynamics such as penetration of lot and Al in the automobiles, vehicles offered with autonomous driving feature, the need of in-vehicle safety features, rise in demand for infotainment features drive the automotive electronics market. On the contrary, lower level of penetration of automotive electronics in newly industrialized countries and increase in overall cost of end-product due to integration of automotive electronics hampers the automotive electronics market share. Further, the investment toward autonomous driving of vehicles in smart grids is expected to provide lucrative opportunities in the automotive electronics market.
Also, the advancement of loT and Al has changed the way functionalities in automobiles operate. Over the passing year, it has increased driver connectivity with the vehicle and has enhanced the ride assistance features. For instance, the vehicles are provided with cameras and sensors that assist drivers in car parking or any other proximity features, which is expected to drive the automotive electronics industry growth globally.
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Growth Drivers
The increasing integration and implementation of advanced safety systems are one of the major factors that will escalate the growth of the automotive electronics market.
Safety systems such as automatic emergency, braking, airbags, parking assistance systems, and lane departure warning to decrease road accidents are the factors which will drive the automotive electronic market growth. In addition, features such as emergency call systems, alcohol ignition interlocks, and accident data recorder systems are rapidly adopted to safeguard in-vehicle passengers and are anticipated to propel the market growth during the forecast period.
Automotive manufacturers are making substantial capital investments in research and development activities to develop energy storage technology and high-performance electronics at a reasonable cost. Moreover, OEMs are becoming more dependent on electronics to deliver a high safety level. In 2020, electronic components in the automotive accounted for around 35% of the total vehicle cost. However, with advances in technologies, automotive electronic components are expected to account for around 50% of the total vehicle cost by 2030. These factors are expected to augment the growth of the Automotive Electronics Market in the forthcoming years.
Recent Developments
April 26, 2022: Denso Corporation and United Semiconductor Japan Co., Ltd., which are major mobility providers. ("USJC"), a subsidiary of United Microelectronics Corporation ("UMC"), a global semiconductor foundry announced that the two companies will begin production of power semiconductors at his USJC's 300mm fab. Denso provided his IGBT device and process technology that is system oriented, and USJC will provide his 300mm wafer fabrication capability to bring his 300mm IGBT process to volume production.
November 22, 2022 Continental Wins BMW Group Supplier Innovation Award for CoSmA UWB Digital Vehicle Access Solution
Continental has reason to celebrate at this year's BMW Supplier Innovation Awards: The technology company won in the digitalization category with its CoSmA UWB vehicle access solution. Following the award at the PACE Awards, this is the second honor bestowed on the innovative digital access solution. CoSmA UWB is the first system to use ultra-wideband radio to offer drivers completely new functions related to vehicle access via smartphone. Continental's CoSmA transceiver is already in use in the BMW iX and provides drivers with a digital user experience even before they get into the vehicle.
Browse the full "Automotive Electronic Market is Segmented by Component (Electronic Control Unit, Sensors, Current Carrying Devices, Others), Application (ADAS, Infotainment, Body Electronics, Safety Systems, Powertrain Electronics), Sales Channel (OEM, Aftermarket) and Region, Global trends and forecast from 2022 to 2029" Report and TOC at https://exactitudeconsultancy.com/reports/14254/automotive-electronic-market/
Segment Overview
The Automotive Electronic Market is segmented by Component, and By Application. .
By Component |
By Application |
· Electronic control unit · Sensors · Current carrying devices · others |
· ADAS · Infotainment · Body electronics · Safety systems · Powertrain electronics |
Regional Insights
Asia Pacific region is expected to show higher Automotive Electronic market growth in the forecast period.
Asia Pacific (40% Largest Market)- The Asia-Pacific region is expected to become a major region of the global automotive electronics market. The leading position in the market is due to the presence of major electronics industry players in the region. The thriving electronic component manufacturing industry is he one of the major drivers of the global automotive electronics market. Additionally, the number of manufacturers provides excellent investment opportunities for regional suppliers to tap into the region's demand, which accounts for a large share of the global automotive electronics market.
What`s New for 2023?
- coverage of the danger of a recession, supply chain disruptions, global trade tensions, the Russia-Ukraine War, global inflation, recovery analysis from COVID-19, and global inflation
- Positions of the main competitors and global competition
- influence in the market across several geographic areas - Strong/Active/Niche/Trivial
Some Important Points Answered in this Market Report Are Given Below:
- Outline of product portfolio including product development, planning and positioning
- Details key operational strategies focusing on R&D strategies, corporate structures, localization strategies, manufacturing capabilities, and financial performance of various companies.
- Detailed analysis of market returns over the forecast period.
- Examine different market prospects using Porter's Five Forces Analysis, PEST and SWOT analysis.
- Study of the segment expected to dominate the market.
- A study on analysis of regions projected to register the highest growth during the forecast period
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/14254/automotive-electronic-market/
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