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Jun 09, 2021 (Market Stats News via COMTEX) — The automotive electronics market, in terms of value, is projected to grow at a healthy CAGR of 7.64% from 2021 to 2030. The market was accounted for US$ 255.98 billion in 2020 and is expected to reach a market size of US$ 640.56 Billion by the end of 2030. In this study, 2020 has been considered the base year, and 2021 to 2030 the forecast period for estimating the market size of the market.
The global automotive electronics market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2021 to 2030. The study analyzes and forecasts the market size, in terms of volume (units) and value (USD million), of the market. The report segments the market and forecasts its size, by volume and value, on the basis of Type, Sales Channel, Application, and Regional Outlook.
The report discusses the market for automotive electronics in terms of volume & value. The regions covered in the report are North America, Europe, Asia Pacific and the Rest of the Worlds.
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Automotive electronics are designed electronics dedicated to utilize in automobiles. Automotive electronics are systems employed in vehicles such as ignition, engine management, radio, carputers, in-car entertainment systems, and telematics among others. Engine, transmission and ignition electronics are also found in motorcycles, trucks, off-road vehicles, and other internal combustion powered machinery including tractors, excavators and forklifts. Associated elements for control of pertinent electrical systems are also observed in electric cars and on hybrid vehicles.
There are diverse electronic systems are utilized in automobiles for operations such as enhancing the driving act, well-being of the drivers and rider and fuel effectiveness. Automotive electronics can be subjected to more extensive temperature ranges in comparison with commercial electronics. Majority of the electrical devices are produced in numerous temperature grades and individual manufacturer define its particular temperature rating. Snowballing speed of revolution in electronics for the automotive sector will offer path for users to better exploit their time in transit to relish novel services. As a result, consumers will have more time to capitalize in personal activities and thus an electronically smart car will always demand for improved features.
Report Highlights
- Asia Pacific anticipated constituting prime share in the global automotive electronics market in terms of revenue throughout the assessment period
- Accident data recorder system, alcohol ignition interlock, and emergency call system are achieving attention that drives the demand for advanced electronic in the automotive sector
- Advanced driver-assistance systems or ADAS application segment of the market is predicted to grow at the fastest rate during years to come due to numerous steps undertaken by the governments to augment the security and safety of drivers along with the vehicles
Growth Factors
Automotive electronics technologies like all-electric cars, autonomous driving, and in-car infotainment are the new-fangled trends in the automotive sector. Automotive vehicles are renovating into the definitive electronic devices. Automotive electronics are foretold to occupy near a 3rd of the total price of the whole car. The automotive renovations offer escalation to new features and encounters such as all-electric cars and autonomous driving with extreme high power, and secure communications, high-speed and infotainment among others.
The future of cars is about sharing, autonomous driving, electric power, and links to external networks (i.e. vehicle-to-everything/ V2X) and automotive electronics will be leveraged for all 4 of these segments. Rising automotive electronics acceptance to offer safety features like emergency call systems, alcohol ignition interlocks, and calamity data recorder systems are anticipated to boost growth of the market. Cumulative acceptance by OEMs on high-volume traditional executions is also expected to amend the governing framework.
However, on account of COVID-19, most of the nations obeyed a complete lockdown that has impacted vehicle production across the world. Manufacturing units have been closed; thus, sales of vehicles have dropped and impacted production on a global level. Though few OEMs have restarted production; the drive by wire market may perceive noteworthy decline in 2020. Though, the COVID-19 outbreak disturbed the ICE vehicle production, numerous automakers are still concentrating on expansions in numerous drives by wire systems.
COVID-19 Impact:
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The automotive electronics report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
Regional Snapshots
Rapidly rising automotive sector in the region due to varying living standards and cumulative purchasing power of users is expected flourish revenue growth of automotive electronics market in Asia Pacific during forecast period. Furthermore, increasing automotive aftermarket is anticipated to subsidize revenue development of automotive electronics market in APAC. China occupied for over 28% of global motor production. It was the front-runner in passenger car sales and production with 23.7 million and 23.5 million correspondingly, in 2018.
North America is predictable to develop at the considerable CAGR of throughout the estimate period. The U.S. is expected to govern the regional market due to the occurrence of crucial manufacturers including ZF Friedrichshafen AG, Continental AG, Autoliv, Inc, and Robert Bosch GmbH and others.
Why should you invest in this report?
The company's expert team has been always monitoring the automotive electronics market for few years, which has assisted them to include actionable insights that can consult the regarded reader with the influence to grow their venture with a high CAGR and gain stellar Return on initial capital investment in the market.
If you are aiming to enter the global automotive electronics market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for automotive electronics are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Key Players & Strategies
Competitive pressure and consumer demand have forced manufacturers to manufacture better intelligence in trucks, automobiles and other highway vehicles. For instance, the Chevy Volt employs around 100 microprocessors running around 10 million lines of code in whole, which places the Chevy Volt's software content over head the present generation of jet fighters and original space shuttle i.e., Boeing 787 Dreamliner.
The majority of the automotive design is progressively dependent on more sophisticated electronic systems. Since past few years, automotive electronics market was dominated by leading key manufacturers holding substantial shares such as Bosch and Continental AG. Few other market competitors are ZF Friedrichshafen, Delphi, TRW and Denso among others.
Market Segmentation
Major Market Segments Covered:
By Type
- Sensors
- Electronic Control Unit
- Current Carrying Devices
By Sales Channel
- OEM
- Aftermarket
By Application
- Body Electronics
- ADAS
- Infotainment
- Safety Systems
- Powertrain Electronics
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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The post Automotive Electronics Market Size Worth US$ 640.56 Bn by 2030: Precedence Research appeared first on Market Stats News.
COMTEX_388025933/2746/2021-06-09T03:29:25
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