Automobile Electronics Market to Reach USD 441.20 Million by 2030, Propelled by a Strong CAGR of 7.7%.
According to the analysts at Zion Market Research, global demand for Automobile Electronics Market is poised for significant growth, targeting an impressive valuation of h USD 441.20 billion by 2030 with a This ambitious projection is underpinned by a robust Compound Annual CAGR of 7.7%.
Rising Integration And Adoption Of Advanced Safety-Systems To Surge Market Growth
The rising integration and adoption of advanced safety systems, like Automatic Emergency Braking (AEB), Lane Departure Warning (LDW), and airbags, are projected to surge the automobile electronics’ demand in the coming period. Features, like alcohol ignition interlocks, emergency call systems, and accident data recorder systems, are also getting recognition and are projected to boost the growth of the market in the years to come. There is a rise in spending by OEMs in research and development to build high-performance products that are cost-effective and are emphasizing more on energy storage technology. Furthermore, the existing class of manufacturers has turned out to be more dependent on electronics, allowing them to offer higher safety levels. The rising recognition of hybrid electric vehicles (HEVs) and electric vehicles (EVs) is also projected to spur the product demand as it assists in decreasing the overall weight of the vehicle, thus escalating reliability. In addition, government rules to decrease road mishaps and technological developments associated with in-vehicle safety are propelling the need for advanced safety systems, thus boosting the market growth.
Based On Component, The Current Carrying Devices Segment To Lead The Market
The global automobile electronics market is bifurcated on the basis of sales channel, application, component, and region. The component segment of the market is divided into electronic control unit, sensors, current carrying devices, and others. In 2018, the market was dominated by the current carrying devices segment on account of high prices and large volumes of wires, electronic switches, & fuses fitted in vehicles. The sales channel segment of the automobile electronics market is categorized into aftermarket and OEM. The market, on the basis of application, is classified into infotainment, ADAS, safety systems, powertrain, and body electronics.
Asia Pacific Anticipated To Govern The Global Market During The Forecast Period
In 2018, the automobile electronics market in Asia Pacific was capitalized at around USD 94.01 billion. Asian countries, specifically South Korea, Taiwan, Thailand, and Malaysia have considerably contributed to the expansion of the market owing to the flourishing electronic component manufacturing industry. Asia Pacific is expected to be followed by North America. This regional market is projected to be ruled by the U.S. on account of the existence of major manufacturers, like Continental Corporation, TRW Automotive, Autoliv, Inc., & Robert Bosch GmbH, and higher automobile production in the country. Further, stringent emission control rules and fuel economy are also projected to propel the powertrain electronics segment in this region.
The key players participating vigorously in the global automobile electronics market comprise -
- Robert Bosch GmbH
- Continental Corporation
- Autoliv
- Delphi Technologies
- Samsung Group
- ZF Friedrichshafen AG
- Denso Corporation.
The global automobile electronics market is segmented as follows:
By Component
- Electronic Control Unit
- Sensors
- Current Carrying Devices
- Others
By Application
- ADAS
- Infotainment
- Body Electronics
- Safety Systems
- Powertrain
By Sales Channel
- OEM
- Aftermarket
By Region
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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