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Automotive Electronics Market is Expected to Reach $1400 billion by 2032
Published : November 2022

According to a market report, published by Sheer Analytics and Insights, The global automotive electronics market was valued at $282.2 billion in 2021 and it is expected to reach $1400 billion at a CAGR of 15.9% between 2022 and 2032.  Advanced safety systems with functions like automated emergency braking and blind-spot recognition are now more widely used since they are more affordable. The market expansion will then be fueled by increased use of the automotive ECUs and sensors that go into these systems. Additionally, these characteristics follow government laws and policies and are thought to open the door for the adoption of autonomous vehicles. The electronic operations in these vehicles are controlled by ECUs and sensors, which raises the need for these parts. Some of the notable technologically cutting-edge features that are anticipated to propel market expansion throughout the forecast period include alcohol ignition interlocks, accident data recorder systems, and emergency call systems.

Demand for automotive electronics is increasing as a result of the widespread use of electric vehicles (EVs), advanced driver assistance systems (ADAS), and Internet of Things (IoT) enabled smart gadgets. Electronic control systems are used in EVs to assure performance and safety. As a result, customer demand for automotive electronics will rise along with the adoption of electric vehicles. To take advantage of the increasing car market, manufacturers are focusing on developing nations. These nations are experiencing a rise in disposable incomes due to the expanding millennial workforce and their propensity for smart devices. These major factors are expected to drive the market during the forecast period.

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Technology advancements in the automotive electronics industry are a key market-driving element. The market is expanding as a result of the advent of driverless or autonomous automobiles that give users a self-driving experience and the release of affordable electric vehicles with improved features. The need for automotive electronics is also being increased by a move toward hybrid and premium automobiles outfitted with in-car entertainment systems that provide a more sophisticated and engaging user experience. Moreover, the use of efficient powertrain solutions will expand as there is a greater need for fuel injection technology in passenger and commercial vehicles to address fuel consumption and energy concerns. The market potential for automotive electronics is expanding as several automobile OEMs step up their development of innovative powertrain solutions to meet the rules of low carbon emission. Hence, these would create more growth opportunities for the market in the future. 

On the other side, the development of advanced driver assistance systems (ADAS) and entertainment systems is a result of the increasing popularity of electric cars (EVs). Due to the significant amount of money that businesses are investing in R&D as well as the expensive lithium-ion batteries and automotive software, EVs will become more and more expensive. Additionally, the automotive electronics market is anticipated to face challenges shortly due to the complexity of electric vehicles and their high maintenance and replacement costs.

Some new developments in the global automotive electronics market:

On 26th September, 2022, Covestro and X2F have begun working together on cutting-edge in-mold electronics for vehicle lighting. The new Makrolon polycarbonate heat-sink weighs almost half as much as an equivalent amount of aluminum. It is a component of an in-mold assembly that enables direct integration of LED modules into the headlamp housing.

On 12th August, 2022, For OEMs and suppliers, Avery Dennison Performance Tapes has introduced a new automotive electronics range. The portfolio consists of goods that are incorporated into exterior and interior car parts for uses including advanced driver assistance systems (ADAS), illumination, safety, and user experience. The portfolio, according to the business, is in line with the larger automotive electrification trend to improve drivers' experiences while making automobiles safer, more effective, and connected.

According to the study, key players dominating the global automotive electronics market are AMD (U.S), Broadcom Inc (U.S), Continental AG (Germany), Denso (Japan), Hitachi (Japan), Intel (U.S), Infineon Technologies (Germany), Robert Bosch Stiftung (Germany), Microchip Technology (U.S), NXP Semiconductors (Netherlands), Panasonic (Japan), Stellantis (Italy), Visteon Corporation (U.S), Valeo (France), among others. 

The Global Automotive Electronics Market Has Been Segmented Into:

The Global Automotive Electronics Market – by Component Type:

  • Sensors
  • Electronic Control Unit
  • Current Carrying Devices
  • Others

The Global Automotive Electronics Market – by Application Type:   

  • ADAS
  • Body Electronics
  • Safety Systems
  • Powertrain Electronics
  • Infotainment
  • Others

The Global Automotive Electronics Market – by Regions:

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • France
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • India
    • China
    • Japan
    • Australia
    • Rest of Asia Pacific
  • LAMEA
  • Middle East
    • Saudi Arabia
    • UAE
    • Others
  • Latin America
    • Brazil
    • Chile
    • Others
  • Africa
    • South Africa
    • Egypt
    • Others

Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/automotive-electronics-market-21

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