NEW YORK, March 22, 2021 /PRNewswire/ — Every year, road accidents kill more than 1.3 million people, says the World Health Organization (WHO). As a result of the rising incidence of such events, several governments around the world are mandating the installation of advanced driver-assistance (ADAS) systems in automobiles. Due to this factor, the global automotive electronics market revenue is expected to rise to $615.3 billion by 2030 from $235.7 billion in 2019, at a 9.3% CAGR during 2020–2030.
This is because such advanced systems rely on an array of sensors and electronic modules to collect and ferry data about their surroundings. Thus, with the increasing sale of vehicles, especially those equipped with ADAS, the automotive electronics market will keep prospering in the years to come. In addition, governments are also mandating the integration of catalytic converters, exhaust gas recirculation (EGR) valves, positive crankcase ventilation (PCV) valves, and evaporative controls for emission reduction, thus driving the demand for vehicle electronics.
Key Findings of Global Automotive Electronics Market
- Rising automotive sales strongest driver for market
- Current carrying devices are most-widely installed component
- Automotive electronics sales to pick up fast via aftermarket channels
- APAC to remain largest user of automotive electronics
- Integration of ADAS key opportunity area for market players
- Companies entering into collaborations and partnerships
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As the automotive sector has been hit hard by the COVID-19 pandemic, the advance of the automotive electronics market has slowed down temporarily. In compliance with the movement restrictions and lockdown measures, auto plants were shut down, which reduced automotive production. Similarly, garages and repair shops also downed shutters, thereby leading to a slump in the demand for automotive electronics in the aftermarket. Similarly, due to salary cuts and unemployment, people also did not spend much on vehicles and other non-essential goods.
In the past, the automotive electronics market was dominated by the current-carrying device category, based on component type. Even an automobile not integrated with advanced sensors contains at least 200 electronic modules, for which current-carrying devices are a prerequisite. In addition, the installation rate of position sensors in clutch plates, steering, pedals, and hybrid engines and of temperature sensors is driving the demand for current-carrying devices.
Browse detailed report with COVID-19 impact analysis on Automotive Electronics Market Research Report: By Component Type (Electronic Control Unit, Current Carrying Device, Sensor), System (Engine Electronics, Transmission Electronics, Chassis Electronics, Passive Safety System, Driver Assistance System, Passenger Comfort System, Entertainment System, Electronic Integrated Cockpit System), Vehicle (Passenger Car, Commercial Vehicle), Distribution Channel (OEM, Aftermarket) – Global Industry Trends and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/automotive-electronics-market
Till now, the original equipment manufacturer (OEM) bifurcation has generated the higher revenue in the automotive electronics market, under the distribution channel segmentation. OEMs install most of the electronic components in automobiles, and with the increasing competition in the industry, automakers are using better electronic components for higher efficiency and passenger comfort.
Asia-Pacific (APAC) is the largest automotive electronics market, and it is also projected to grow the fastest in the near future. The region accounts for the highest automotive production and sales on account of its huge population, which is witnessing a rise in its purchasing power. In addition, due to the government efforts to curtail air pollution levels, the demand for electric vehicles is rising, especially in India and China.
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The most-prominent companies in the global automotive electronics market include Delphi Technologies PLC, ZF Friedrichshafen AG, Continental AG, Robert Bosch GmbH, Texas Instruments Incorporated, Hitachi Ltd., Infineon Technologies AG, NXP Semiconductors N.V., Faurecia, DENSO CORP., Valeo SA, Hella Gmbh & Co. KGaA, Panasonic Corporation, Lear Corp., Xilinx Inc., Aisin Seiki Co., Visteon Corporation, Magna International Inc., Hyundai Mobis Co. Ltd., and Yazaki Corp.
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