Automotive Electronics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Automotive Electronics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Automotive Electronic Market

The automotive electronic market size was worth USD 259.63 billion in 2023 globally. However the market is predicted to grow from USD 279.93 billion in 2024 to USD 425.19 billion by 2032 resulting a compound average growth rate of 5.4% during the forecasts period.

Due to the outbreak of COVID-19 pandemic, market recorded decrease in demand and supply of electronic components and raw materials as everything was shuttered. Post pandemic the global demand for electronic vehicles has been rising slowly as government regulations are promoting clean energy and advance battery technology which resulted in automotive electronic market growth. The share of EVs in total vehicle sales tripled in last three years that is from 4% in 2020 to 14% in 2022.

Due to the increasing awareness and safety cautions between the consumers regarding vehicles use the demand for safety features has been increased. Safety technologies such as advanced braking systems, airbag, Electronic Stability Control (ESC), reduce accidents , and Advanced Driver Assistance Systems (ADAS) improve vehicle safety, collision avoidance systems. This fuels the automotive electric market share during forecast period.

The amalgamation of advance electronic systems and technology in vehicle can increase the cost of vehicle as the components, software development, testing and integration are costly. Due to high cost of vehicle electronic, limits the affordability and adoption of price sensitive market which effect the growth of the market.

Comprehensive Analysis of Automotive Electric Market

The automotive electric market is rising at an exponential rate due to its market segmentation. The market expansion effectively provides detailed regional assessments considering the demand and supply. The market segmentation is further segregated by type analysis which is classified into ECU/DCU, sensors, powers electronics and others, in which dominated the market in 2023. By application analysis is contributed into body, chassis, powertrain, infotainment, and ADAS/AD. Market of by vehicle type analysis is divided into passenger cars and commercial vehicles. According to OICA in 2022 passenger car production increased by 7.9% from previous year production. By propulsion analysis, market is divided into ICE and electric/hybrid. While the vast electronic development in electric/hybrid vehicles boom the segment development.

Asia Pacific Automotive Electronic Market dominated the market share in 2023 and isexpected to grow fast at CAGR throughout forecast period. It is the home for largest automotive markets, like South Korea, India, China, and Japan in which demand for automotive electronic are high. North America and Europe held a significant market share in 2023. The Middle East & Africa and Latin America leads with the certain market share in 2023.

The key players play an important role in the increasing market growth. Some key market players are Robert Bosch GmbH (Germany), Continental AG (Germany), Sony Corporation (Japan), Aptiv PLC (Ireland), Infineon Technologies AG (Germany), and Hyundai Mobis (South Korea), ZF Friedrichshafen AG (Germany) Autoliv Inc. (Sweden), Magna International Inc. (Canada), Aisin Seiki Co. Ltd (Japan), Philips N.V.(Netherland) and Panasonic Corporation, NVIDIA Corporation (U.S.), Valeo SA (France),Mergers, Acquisitions, and collaboration.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.4% from 2024 to 2032

Unit Value (USD billion)

Segmentation By Type

ECU/DCU

Sensors

Power Electronics

Others (Harnesses, Controls, Switches, Displays)

By Application

Body

Chassis

Powertrain

Infotainment

ADAS/AD

By Vehicle Type

Passenger Cars

Commercial Vehicles

By Propulsion

ICE

Electric/Hybrid

By Geography

North America (By Type, By Application, By Vehicle Type, By Propulsion)

- U.S. (By Vehicle Type)

- Canada (By Vehicle Type)

- Mexico (By Vehicle Type)

Europe (By Type, By Application, By Vehicle Type, By Propulsion)

- Germany (By Vehicle Type)

- France (By Vehicle Type)

- U.K. (By Vehicle Type)

- Rest of Europe (By Vehicle Type)

Asia Pacific (By Type, By Application, By Vehicle Type, By Propulsion)

- China (By Vehicle Type)

- Japan (By Vehicle Type)

- India (By Vehicle Type)

- South Korea (By Vehicle Type)

- Rest of Asia Pacific (By Vehicle Type)

Rest of the World (By Type, By Application, By Vehicle Type, By Propulsion)


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