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Press Release: Automotive Electronics Market is expected to Exhibit a CAGR of 7.40% during the Forecast Period (2021 - 2028)
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Automotive electronics components are being used in vehicles for enhancing the performance of an automotive vehicle and increasing the safety of vehicles by integrating various safety devices such as airbags and lane management systems. Automotive electronics components are majorly being used in various automotive components such as electronic fuel injection, infotainment systems, and automotive telematics systems.
Increasing sales of hybrid or electric vehicles, and the introduction of autonomous or driverless vehicles, are further boosting the demand for automotive electronics, for the various components in automotive vehicles. Autonomous vehicles use electronics components for diverse applications such as GPS, cameras, LiDAR, radar, and infotainment systems. For instance, according to Coherent Market Insights, in the first quarter of the calendar year 2021, the sales of electric cars got increased by 135% globally, as compared to the same period in the year 2020. The sale of electric vehicles in China was around 500,000 vehicles and the sales in Europe was around 450,000, which is further expected to increase over the forecast period (2021 – 2028).
Global Automotive Electronics Market - Impact of Coronavirus (Covid-19) Pandemic
Covid-19 has significantly disrupted several industries including infrastructure, retail, manufacturing, automotive, and others. For the stoppage of the spread of the Covid-19 pandemic, most of the countries such as India and UK have implemented strict lockdowns and restricted the movement of residents across the country, according to CMI’s analysis 2021.
Covid-19 has severely impacted the automotive industry across the globe. Several automotive vehicle manufacturers and automotive component manufacturers have shut down the production of automotive cars and components for several months in North America and the European region. In addition, the supply chain of raw materials required for automotive component manufacturing was also severely impacted due to the Covid-19 pandemic.
Asia Pacific region is expected to hold dominant position in the global automotive electronics market during the forecast period.
Statistics:
Among region, Asia Pacific held dominant position in the global automotive electronics market in 2019, accounting for 41.3% share in terms of value, followed by North America and Europe.
| Report Coverage | Details | ||
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| Base Year: | 2020 | Market Size in 2021: | US$ 225.30 Bn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 7.40% | 2028 Value Projection: | US$ 371.36 Bn |
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Major companies operating in the global automotive electronics market include: Aptiv PLC, BASF SE, Broadline Components, LLC, Continental AG, Denso Corporation, Hitachi Ltd., Infineon Technologies AG, Jabil Inc., Magna International Inc., NVIDIA Corporation, NXP Semiconductors N.V., Robert Bosch GmbH, STMicroelectronics N.V., Texas Instruments, and ZF Friedrichshafen AG |
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Figure 1: Global Automotive Electronics Market Share (%), By Region, 2019
The Asia Pacific region accounted for the highest market share in global automotive electronics market, in the year 2020 and is expected to maintain its dominance over the forecast period, owing to increasing sales of automotive vehicles and the presence of major electronics components manufacturing countries in the region such as China, Japan, Hong Kong, and South Korea. For instance, according to Coherent Market Insights, the value of electronic component export was increased by more than 40% between the years 2015 to 2019, globally. Moreover, according to the same source, in the year 2019, the largest electronic component exporting countries were Hong Kong, China, Taiwan, South Korea, Singapore, and Malaysia, which is further expected to propel the automotive electronics market in the region.
Major companies operating in the global automotive electronics market include: Aptiv PLC, BASF SE, Broadline Components, LLC, Continental AG, Denso Corporation, Hitachi Ltd., Infineon Technologies AG, Jabil Inc, Magna International Inc, NVIDIA Corporation, NXP Semiconductors N.V., Robert Bosch GmbH, STMicroelectronics N.V., Texas Instruments, and ZF Friedrichshafen AG.
Among vehicle type, the passenger vehicle sub-segment is expected to showcase highest CAGR in the market during the forecast period, owing to high sales of passenger cars across the globe.
The global automotive electronics market is segmented on basis of vehicle type as bikes and scooters, passenger cars, and commercial vehicles. The passenger vehicle segment is expected to dominate the market, owing to an increase in the fleet size of passenger cars over the forecast period. In automotive passenger cars, electronic components are being used in several automotive parts such as power windows, power steering, windshield wipers, headlight, and infotainment system. For instance, according to the International Organization of Motor Vehicle Manufacturers, there was an increase of 1.4% in global sales of passenger vehicles in 2017 with total sales of 71 Billion passenger vehicles.
Figure 2: Global Automotive Electronics Market Value (US$ Bn), 2017 - 2028
The global automotive electronics market was valued at US$ 194.26 Bn in 2019 and is expected to reach US$ 371.36 Bn by 2028 at a CAGR of 7.40% between 2021 and 2028.
Automotive electronics components are being installed in on-road and off-road vehicles such as passenger cars, commercial vehicles, tractors, and forklifts. Automotive electronic components are primarily used for the proper functioning of the electronic fuel injection system, anti-lock braking system (ABS), infotainment system, and automotive dashboard. In addition, automotive electronics components are also used in satellite-controlled devices that can be used for navigation and traffic surveillance, and in automotive vehicle diagnostic tool that is used to ensure maximum fuel utilization and maintain the health of automotive engine.
Market Dynamics
Rising adoption of the internet of things (IoT), artificial intelligence (AI) in automotive vehicles, increasing sales of automotive vehicles, rise in demand for the safety features in-vehicle, and infotainment system, is further expected to propel the demand for automotive electronics over the forecast period. For instance, according to Coherent Market Insights analysis, in the year 2019, approximately 1.4 million vehicles of at least level III autonomy were get sold globally, and it is estimated that by the year 2030, more than 57 million vehicles of level III autonomy will get sold globally.
However, the high initial cost of vehicle components such as infotainment systems and headlights, is expected to restrain the growth of the global automotive electronics market over the forecast period. In addition, low adoption of automotive electronics in several developing economies such as South Africa is further expected to hamper the growth of automotive electronics components.
Market Taxonomy
This report segments the global automotive electronics market on the basis of component, sales channel, vehicle type, application, and region. On the basis of component, global automotive electronics market is segmented into relay, microcontroller, sensors, ECU, and others. On the basis of sales channel, the global automotive electronics market is segmented into OEM and aftermarket. On the basis of vehicle type, the global automotive electronics market is segmented into passenger vehicle, low commercial vehicle, and high commercial vehicle. On the basis of application, global automotive electronics market is segmented into ADAS, infotainment system, safety and alerting system, lightning and powertrain system, and others. On the basis of region, global automotive electronics market is segmented into North America, Latin America, Europe, Asia pacific, Middle East, and Africa.
Key features of the study:
Detailed Segmentation:
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