Automotive Electronics Industry Overview
The global automotive electronics market size is expected to reach USD 392.49 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 7.9% from 2021 to 2028. Increasing safety and security concerns to curb the rising road fatalities in developed and developing economies across the globe are the factors anticipated to drive the demand for automotive electronics.
The availability of advanced safety systems with features such as blind-spot detection and automatic emergency braking at lower costs has led to the increased implementation of these systems. This, in turn, is expected to boost the adoption of automotive ECUs and sensors used in these systems, subsequently fueling the market growth. Moreover, these features adhere to government rules and regulations and are anticipated to pave the way for adopting autonomous vehicles. The ECUs and sensors are used for controlling the electronic functions in these vehicles, thereby increasing the demand for these components.
The rising demand for electric vehicles, autonomous vehicles, and state-of-the-art vehicle technology is also expected to fuel the market growth. Accident data recorder systems, emergency call systems, and alcohol ignition interlocks are some of the prominent technologically advanced features that are expected to drive the market growth over the forecast period.
Automotive Electronics Market Segmentation
Grand View Research has segmented the global automotive electronics market based on component, application, sales channel, and region:
Based on the Component Insights, the market is segmented into Electronic Control Unit, Sensors, Current Carrying Devices, and Others
- The current carrying devices segment accounted for the largest revenue share of around 41% in 2020.
- The sensors segment is projected to register a CAGR of 3.8% from 2021 to 2028.
Based on the Application Insights, the market is segmented into ADAS, Infotainment, Body Electronics, Safety Systems, and Powertrain Electronics
- The safety systems segment accounted for the largest share of around 29% of the overall market in 2020.
- The Advanced Driver Assistance System (ADAS) segment is estimated to register a CAGR exceeding 10.6% from 2021 to 2028.
Based on the Sales Channel Insights, the market is segmented into OEM and Aftermarket
- The OEM segment accounted for the largest share of around 68% in 2020.
- The aftermarket segment is estimated to register a CAGR exceeding 6.8% from 2021 to 2028.
Automotive Electronics Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by intense competition owing to the presence of several well-established global players.
Some prominent players in the global Automotive Electronics market include:
- 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.
Order a free sample PDF of the Automotive Electronics Market Intelligence Study, published by Grand View Research.
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