The major drivers behind the progress of the global automotive electronics market are the increasing adoption of vehicles and government regulations that mandate a certain level of fuel emissions and safety in automobiles. As a result, the market is predicted to witness a robust increase in its revenue, from $235.7 billion in 2019 to $615.3 billion in 2030, at a 9.3% CAGR during the forecast period (2020–2030).
Automotive Electronics Market Segmentation
The current carrying device category is projected to witness the fastest automotive electronics market growth, during the forecast period. Additionally, sensors would also experience considerable progress, as a result of the rapid integration of temperature and position sensors in vehicles. Specifically, position sensors are important components of steering, clutch plates, pedals, and hybrid engines.
The chassis electronics category dominated the automotive electronics market in 2019. Chassis electronics are among the most basic of all electronic systems and thus find wide application in vehicles. With the increasing safety concerns, as a result of the rising number of road crash fatalities, governments of numerous countries have mandated vehicles to have chassis electronics for brake assist systems.
Geographically, APAC is projected to witness the highest automotive electronics market CAGR, as the automobile sale in regional countries, such as India, South Korea, China, and Indonesia, is booming. Additionally, several international automobile manufacturers have set up manufacturing facilities in the region, to leverage cost-effective labor and raw materials. Further, with the rising popularity of electric vehicles, on account of extreme pollution levels, the requirement for automotive electronics will keep rising in APAC.
Partnerships are Most Important Strategic Measure among Market Players
In recent past, numerous partnerships have been formed by the key players in the automotive electronics market, majorly to offer better products for electric vehicles. For example, in July 2019, Robert Bosch GmbH announced its plans to acquire a 50% stake in MAGURA Bike Parts. The joint venture, thus formed, will not only allow both firms to better distribute vehicle replacement parts, but also help Robert Bosch strengthen its position in the European electric bike market.
In the same vein, in September 2019, Cree Inc. and Delphi Technologies PLC announced a partnership for the development of the silicon carbide semiconductor device technology. The intention behind the partnership is to produce smaller, lighter, and faster power electronic systems for electric vehicles, to enable faster charging and higher driving range.
Browse report overview with detailed TOC 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" at:https://www.psmarketresearch.com/market-analysis/automotive-electronics-market
Key players in the global automotive electronics market are Continental AG, Robert Bosch GmbH, Delphi Technologies PLC, Hitachi Ltd., Texas Instruments Incorporated, ZF Friedrichshafen AG, NXP Semiconductors N.V., DENSO CORP., Infineon Technologies AG, Valeo SA, Panasonic Corporation, Hella Gmbh & Co. KGaA, Xilinx Inc., Visteon Corporation, Aisin Seiki Co., Magna International Inc., Lear Corp., Hyundai Mobis Co. Ltd., Yazaki Corp., and Faurecia.