The automotive electronics market is anticipated to reach US$ 249.653 billion in 2023 and then increase at a CAGR of 4.6% to US$ 391.43 billion between 2023 and 2033. The automotive electronics demand to increase due to the increased integration and implementation of modern safety systems, including automated airbags, parking assistance systems, emergency braking, and lane departure warning to reduce traffic accidents.
In the European automotive electronics sector, the impact of IoT and AI on car functionality is being studied. During the previous year, it upgraded ride assistance technologies and increased driver communication with the vehicle. For example, the incorporation of cameras and sensors in automobiles to assist drivers with parking or other proximity functions is expected to stimulate the growth of the automotive electronics sector in the area.
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France is expected to become the most appealing country for investments in car electronics in the future. Germany, on the other hand, is expected to lead due to its strong position in the automotive electronics industry.
An increase in technical advances in the sector, combined with the usage of technologies such as the Internet of Things and artificial intelligence in cars, is expected to drive market expansion for automotive electronics throughout the forecast period.
The Increasing Need for In-Vehicle Safety Technology
Automobile electronic components are necessary because car safety regulations are becoming more stringent in different parts of the world, and consumers are becoming more aware of car safety features.
Airbags are standard equipment on all but the most affordable models of vehicles. In contrast, the most expensive models have cutting-edge safety technologies like autonomous emergency braking and sleep recognition. This should present a profitable automotive electronics market opportunity.
A Sharp Rise in Vehicles Embracing Automated Driving
Artificial intelligence has improved autos thanks to its development. These self-driving cars recognize danger and gauge the tension of the driver. Radars and other sensors are used by self-driving autonomous vehicles to sense their environment. Advanced control systems use sensory data to determine the best routes to take, obstacles, and pertinent signage.
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Key Takeaways
- During the forecast period, Chinese automotive electronics business to expand at a CAGR of 5.5%.
- From 2023 to 2033, the United Kingdom automotive electronics industry to register at a 3.3% CAGR.
- Through 2033, the Indian automotive electronics market to record a CAGR of 6%.
- Between 2023 and 2033, the United States might increase its market share by 21.8%.
- Germany may control 7.6% of the automotive electronics industry between 2023 and 2033.
- Between 2023 and 2033, Japan’s share of the automotive electronics industry might reach 8.3%.
- From 2023 to 2033, Australia to hold a 0.2% share of the automotive electronics industry.
- The body electronics segment to acquire a substantial market share of 22.4% in the type category between 2023 and 2033.
- The passenger cars sector to grab a significant market share of 68.9% in the vehicle type category between 2023 and 2033.
Competitive Landscape
Major automotive electronics manufacturers spend much on research and development to diversify their product lines, propelling the automotive electronics market even higher.
The automotive electronics manufacturers are engaging in various strategic measures to extend their worldwide footprint. These measures include important industry changes such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
Leading Automotive Electronics Manufacturers: A Profile of Leading Automotive Electronics Companies
- 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.
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Latest Advancements
- Texas Instruments Partners with Smart Eye
Texas Instruments, a renowned semiconductor manufacturer, established a partnership with Smart Eye, an AI firm that specialises in human insight, in March 2023. The goal of the partnership was to give manufacturers with creative interior sensing technologies that improved driver safety and the in-cabin experience.
- Renesas Electronics Corporation Collaborates with Microsoft
Renesas Electronics Corporation announced its collaboration with Microsoft to hasten the development of connected cars in January 2021. As a development environment for the MCVP (Microsoft Connected Vehicle Platform), Renesas’ R-Car Starter Kit, built on the R-Car Automotive SoC, is now available.
Key Segments
By Application:
- Advanced Driver Assistance Systems (ADAS)
- Body Electronics
- Entertainment
- Powertrain
- Safety Systems
By Vehicle:
- Light Commercial Vehicles
- Passenger Vehicles
- Heavy Commercial Vehicles
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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