Visiongain has published a new report entitled Automotive Electronics Market Report 2024-2034: Forecasts by Sales Channel (Original Equipment Manufacturer (OEM), Aftermarket), by Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Vehicles, Hybrid Vehicles), by Component Type (Electronic Control Units (ECUs), Sensors & Actuators, Microcontrollers, Displays & Connectivity Solutions, Other), by Application (Advanced Driver Assistance Systems (ADAS), Infotainment Systems, Powertrain Electronics, Safety Systems, Body Electronics, Telematics) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global automotive electronics market was valued at US$270.7 million in 2023 and is projected to grow at a CAGR of 8.7% during the forecast period 2024-2034.
Integration of Advanced Infotainment and Multimedia Systems
The demand for enhanced in-vehicle entertainment, navigation, and connectivity experiences is propelling the integration of advanced infotainment and multimedia systems in automobiles. Modern vehicles feature touchscreen displays, voice recognition systems, smartphone integration, and internet connectivity, all enabled by automotive electronics. These infotainment systems offer occupants access to a wide range of multimedia content, including music, video, navigation, and internet-based services, enhancing the overall driving experience and passenger satisfaction.
Growing Emphasis on Vehicle Efficiency and Fuel Economy
Increasing regulatory pressure to improve fuel efficiency and reduce emissions is driving automotive manufacturers to adopt electronic solutions that optimize vehicle performance and energy consumption. Engine management systems, fuel injection systems, transmission control units (TCUs), and hybrid powertrain controllers leverage automotive electronics to enhance fuel economy, reduce emissions, and comply with stringent regulatory standards such as Euro 6 and CAFE (Corporate Average Fuel Economy) standards.
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How has COVID-19 had a significant negative impact on the Automotive Electronics Market?
The COVID-19 pandemic has had a significant impact on the automotive electrical market, causing disruptions across the supply chain and affecting consumer demand. One of the primary challenges faced by the automotive electrical market was the temporary closure of manufacturing facilities and distribution channels due to lockdown measures imposed by governments worldwide. This led to delays in production schedules and hindered the availability of electrical components for automotive manufacturers.
Moreover, the pandemic-induced economic downturn resulted in a decline in consumer spending and purchasing power, leading to a slump in vehicle sales. With people prioritizing essential expenses and deferring non-essential purchases, the demand for new vehicles, including those equipped with advanced electrical systems, experienced a sharp decline. As a result, automotive manufacturers faced reduced orders and lower production volumes, impacting the overall demand for automotive electrical components.
How will this Report Benefit you?
Visiongain’s 398-page report provides 122 tables and 187 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global automotive electronics market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Automotive Electronics. Get financial analysis of the overall market and different segments including sales channel, vehicle type, component type, and application and capture higher market share. We believe that there are strong opportunities in this fast-growing automotive electronics market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Demand for Enhanced Vehicle Security and Anti-Theft Systems
With the increasing connectivity and digitization of vehicles, there is a growing need for robust security and anti-theft systems to protect against cyber threats and unauthorized access. Automotive electronics play a critical role in implementing security features such as encrypted communication protocols, intrusion detection systems, remote vehicle immobilization, and biometric authentication. These security measures help safeguard vehicle data, prevent vehicle theft, and ensure the integrity and safety of onboard systems and passengers.
Embrace of Vehicle-to-Everything (V2X) Communication Technologies
The adoption of vehicle-to-everything (V2X) communication technologies is driving the integration of automotive electronics in vehicles. V2X enables vehicles to communicate with each other, with infrastructure, and with other road users, enhancing safety, efficiency, and traffic management. Examples of V2X applications include vehicle-to-vehicle (V2V) communication, vehicle-to-infrastructure (V2I) communication, and vehicle-to-pedestrian (V2P) communication, all of which rely on electronic systems to enable seamless data exchange and interaction in the transportation ecosystem.
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Where are the Market Opportunities?
Investments in Electric Vehicle Infrastructure, Including Charging Networks and Battery Technology
The shift towards electric vehicles (EVs) presents significant opportunities for automotive electronics manufacturers, particularly in the development of EV infrastructure such as charging networks and battery technology. As governments worldwide enact policies to reduce emissions and promote sustainable transportation, investments in EV charging infrastructure are accelerating. This creates a demand for advanced electronics systems to support efficient charging solutions, grid integration, and battery management. Manufacturers can seize opportunities in this segment by investing in R&D for next-generation battery technologies, developing smart charging solutions, and collaborating with stakeholders to build robust EV ecosystems. Additionally, advancements in battery technology, such as solid-state batteries and fast-charging capabilities, offer avenues for differentiation and market leadership in the rapidly growing EV market.
Expansion in Emerging Markets Opportunities for the Automotive Electronics Manufacturers
Emerging markets present significant growth opportunities for automotive electronics manufacturers due to rising disposable incomes, urbanization, and increasing demand for vehicles. Countries like India, China, Brazil, and Mexico are witnessing a surge in automotive sales, driving the need for advanced electronic systems in vehicles. Manufacturers can capitalize on this trend by expanding their presence in these markets, establishing partnerships with local distributors, and customizing products to meet the specific needs of consumers in emerging economies. Additionally, emerging markets offer a fertile ground for innovation and product development tailored to the unique challenges and preferences of these regions.
Competitive Landscape
The major players operating in the automotive electronics market are Aisin Corporation, Aptiv PLC, Continental AG., Denso Corporation, Hyundai Mobis, Infineon Technologies AG, Lear Corporation, Magna International Inc, Nvidia Corporation, NXP Semiconductors N.V., Panasonic Holdings Corporation, Robert Bosch GmbH, Valeo S.A, Yazaki Corporation, ZF Friedrichshafen AG. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 01 Feb 2024, Honda Motor Co., Ltd. and Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) have inked a Memorandum of Understanding (MoU) to establish a strategic partnership. Infineon is Honda's semiconductor partner of choice for coordinating roadmaps for upcoming products and technologies.
- 09 Jan 2024, Qualcomm Technologies, Inc. and Robert Bosch GmbH unveiled the first central vehicle computer (CVC) in the automotive sector that can operate entertainment and advanced driving assistance system (ADAS) functions on a single system-on-a-chip (SoC).
- 04 Jan 2024, In an effort to improve road user safety, Teledyne FLIR, a division of Teledyne Technologies Incorporated, and Valeo, a major global technology partner, have launched a strategic partnership to introduce thermal imaging technology to the automobile sector.
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To find more Visiongain research reports on the automotive sector, click on the following links:
- Automotive Composites Market Report 2024-2034
- Automotive Advanced Driver Assistance Systems (ADAS) Market Report 2023-2033
- Automotive Glass Market Report 2022-2032
- Automotive Switches Market Report 2022-2032
- Automotive Powertrain Market Report 2022-2032
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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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