The global Automotive Electronics Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global automotive electronics market size is likely to account for USD 493.69 billion in 2027, as per a new report by Million Insights. It is predicted that the market would register 9.0% CAGR from 2020 to 2027. Increasing sales of hybrid and electric vehicles are proliferating the growth of the market. In addition, integration of advanced systems such as ABS, sensors, airbags and others is supplementing the market growth for automotive electronics.
Key Players:
- Altera (Intel Corporation)
- Broadcom
- Continental AG
- Denso Corporation
- Hella Gmbh& Co. Kgaa (Hella)
- Hitachi Automotive Systems, Ltd.
- Infineon Technologies AG
- Microchip Technology, Inc.
- NXP Semiconductors N.V.
- Panasonic Corporation
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Growth Drivers:
Electronic components have become an indispensable part of automotive vehicles. With the rise in sales of vehicles, the demand for electronic components has increased significantly. During the production stage of automotive vehicles, more than 90% of the electronic components are incorporated. In the recent past, automotive vehicles have registered considerable growth from emerging countries. The demand for automotive vehicles has been further bolstered due to the increasing share mobility services.
Increase in the development of software-enabled systems is further predicted to drive market growth. The emergence of V2X technology has led to continuous up-gradation of the software system. Rising focus on developing energy storage technology coupled with growing investment in research and development activities is projected to surge the market growth. The rise in adoption of hybrid and electric vehicles is likely to proliferate the market growth over the next seven years.
Application Outlook:
- ADAS
- Infotainment
- Body Electronics
- Safety Systems
- Powertrain Electronics
Regional Outlook:
In 2019, Asia Pacific accounted for USD 101.74 billion and emerged as the leading region in the market. China alone produced nearly 29% of the vehicles produced worldwide in the same year. The country sold 23.7 million passenger cars in 2018. Japan and China are the major consumers in the region. Further, increasing demand for India offers a lucrative opportunity for the market players in the next few years. On the other hand, North America is anticipated to witness over 9% CAGR from 2020 to 2027 owing to the rising demand from the United States. In addition, the presence of leading manufacturers like ZF Friedrichshafen AG, Continental AG, Continental AG and Autoliv, Inc. further contribute to the regional growth. In terms of production, the United States alone accounts for more than 80% of share in the region.
Impact of COVID-19:
Automotive sales have been reduced significantly owing to the outbreak of COVID-19. As forecasted by global rating agency Moody, the sales of the automobile would reduce by 20% in 2020. These sales have been largely affected due to dismal economic growth. Leading countries such as the United States, Germany, France, U.K and India have witnessed a significant reduction in their GDP. Owing to the low demand, which is affected by weak supply chain, the production of automotive vehicles have reduced significantly. Low vehicles production has adversely affected the demand for automotive electronics market. However, China is estimated to witness significant demand for automotive vehicles. Several other countries have also started their economic activities, albeit slowly. The market is estimated to witness moderate growth over the next couple of year and it would pick pace thereafter.
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