Automotive Electronics Market Size, Share and Forecast By 2024

As per the latest report by IMARC Group, The global automotive electronics market size is expanding at a steady rate. Automotive electronics refer to specially-designed electronics that are intended for use in both on-road and off-road automobiles such as trucks, tractors, forklifts, excavators, and electric and hybrid cars. These electronics enhance the engine control and aid in providing higher safety, security and comfort to the driver as well as the passengers in a vehicle. For instance, the anti-lock braking system (ABS) prevents vehicles from skidding on slopes, whereas electronic car security locks offer enhanced security by using remote-controlled locks and a central locking system. Airbags, infotainment, advanced driver assistance and electronic fuel injection are some of the other areas wherein automotive electronics systems are utilized.

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Global Automotive Electronics Market Trends:

One of the vital factors that are propelling the growth of the automotive electronics industry is technological advancements. The arrival of autonomous or driverless cars, in confluence with the launch of cost-efficient electric vehicles with enhanced features, is impelling the market growth. Moreover, a shift towards luxury vehicles which are equipped with in-vehicle entertainment devices, offering a relatively more sophisticated and interactive user experience is stimulating the demand for automotive electronics across the globe. Apart from this, advanced computing technologies including parking assistance, electrical suspensions, braking and steering systems are being applied in cars to decrease accidents and fatalities. Moreover, manufacturers are introducing product innovations like active-window display, remote vehicle shutdown, exhaust emission control and reconfigurable body panels to expand their consumer base. Looking forward, the market is projected to grow at a CAGR of around 8% during 2019-2024.

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Key Market Segmentation:

Market Breakup by Component:

1. Electronic Control Unit
2. Sensors
3. Current Carrying Devices
4. Others

Based on the component, the market has been segmented into the electronic control unit, sensors, current carrying devices and others.

Market Breakup by Vehicle Type:

1. Light Commercial Vehicles
2. Passenger Vehicles
3. Heavy Commercial Vehicles
4.Others

On the basis of the vehicle type, the market has been segregated into light commercial, passenger, heavy commercial and other vehicles.

Market Breakup by Distribution Channel:

1. OEM
2. Aftermarket

Based on the distribution channel, the market has been bifurcated into original equipment manufacturer (OEM) and aftermarket. Presently, the OEM segment accounts for the majority of the total market share.

Market Breakup by Application:

1. ADAS
2. Infotainment
3. Body Electronics
4. Safety Systems
5. Powertrain

The market has been analyzed on the basis of the application into advanced driver-assistance systems (ADAS), infotainment, body electronics, safety systems and powertrain.

Market Breakup by Region:

1. Asia Pacific
2. Europe
3. North America
4. Middle East and Africa
5. Latin America

Region-wise, Asia Pacific represents the largest market for automotive electronics around the world. Other major markets include Europe, Latin America, North America, and Middle East and Africa.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being Omron Corporation, Robert Bosch GmbH, Infineon Technologies AG, HGM Automotive Electronics, Hitachi, Ltd., Delta Electronics, Inc., Atotech Deutschland GmbH, TRW Automotive, Continental AG, Bosch Group, Altera Corporation, Lear Corporation, Aptiv, Texas Instruments, Atmel Corporation, Altera Corporation and Denso Corporation.

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