The automotive electronics market is projected to reach USD 249.653 billion in 2023 and is expected to grow at a CAGR of 4.6%, reaching USD 391.43 billion by 2033. This growth is driven by the increasing integration and adoption of advanced safety systems such as automated airbags, parking assistance, emergency braking, and lane departure warning systems, all aimed at reducing traffic accidents.
In-vehicle passenger safety features like alcohol ignition interlocks, emergency call systems, and accident data recorders are being rapidly implemented and are anticipated to significantly drive the expansion of the automotive electronics market throughout the forecast period.
With few automotive electronics manufacturers, local providers have a great opportunity to meet domestic demand and attract investors. India has shown impressive growth in the automotive electronics industry, while China has the leading market share.
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Key Takeaways
- During the forecast period, Chinese automotive electronics business to expand at a CAGR of 5.5%.
- From 2023 to 2033, the United Kingdom automotive electronics industry to register at a 3.3% CAGR.
- Through 2033, the Indian automotive electronics market to record a CAGR of 6%.
- Between 2023 and 2033, the United States might increase its market share by 21.8%.
- Germany may control 7.6% of the automotive electronics industry between 2023 and 2033.
- Between 2023 and 2033, Japan’s share of the automotive electronics industry might reach 8.3%.
- From 2023 to 2033, Australia to hold a 0.2% share of the automotive electronics industry.
- The body electronics segment to acquire a substantial market share of 22.4% in the type category between 2023 and 2033.
- The passenger cars sector to grab a significant market share of 68.9% in the vehicle type category between 2023 and 2033.
Insights into Regional Developments
The automotive electronics market in Europe is witnessing significant growth. Europe is experiencing a market boom due to the increasing concern for safety and security in the automotive industry. This region benefits from reputable automakers like Volkswagen, Skoda, Audi, BMW, and Daimler.
The ADAS industry has thrived due to regulations implemented by the European Union to reduce traffic accidents and promote vehicle safety equipment. These factors are collectively surging the market growth of automotive electronics.
The automotive electronics business in Asia-Pacific is experiencing substantial growth. Through their robust electronic component manufacturing activity, nations like Taiwan, South Korea, Malaysia, and Thailand have made a substantial contribution to the automotive electronics industry. China and Japan are the primary automotive electronics suppliers in the Asia-Pacific region.
Competitive Landscape
Major automotive electronics manufacturers spend much on research and development to diversify their product lines, propelling the automotive electronics market even higher.
The automotive electronics manufacturers are engaging in various strategic measures to extend their worldwide footprint. These measures include important industry changes such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
Leading Automotive Electronics Manufacturers: A Profile of Leading Automotive Electronics Companies
- Continental AG
- DENSO Corporation
- Hella GmbH & Co. KGaA
- Infineon Technologies AG
- Robert Bosch GmbH
- Valeo Inc.
- ZF Friedrichshafen AG
- Hitachi Automotive Systems Ltd.
- Visteon Corporation
- Xilinx Inc.
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Latest Advancements
- Texas Instruments Partners with Smart Eye
Texas Instruments, a renowned semiconductor manufacturer, established a partnership with Smart Eye, an AI firm that specialises in human insight, in March 2023. The goal of the partnership was to give manufacturers with creative interior sensing technologies that improved driver safety and the in-cabin experience.
- Renesas Electronics Corporation Collaborates with Microsoft
Renesas Electronics Corporation announced its collaboration with Microsoft to hasten the development of connected cars in January 2021. As a development environment for the MCVP (Microsoft Connected Vehicle Platform), Renesas’ R-Car Starter Kit, built on the R-Car Automotive SoC, is now available.
Key Segmentations
By Application:
- Advanced Driver Assistance Systems (ADAS)
- Body Electronics
- Entertainment
- Powertrain
- Safety Systems
By Vehicle:
- Light Commercial Vehicles
- Passenger Vehicles
- Heavy Commercial Vehicles
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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