Automotive Electronics Market 2024 Technological Advancements to Accelerate Market Potential

The global automotive electronics market is a competitive one with the presence of a multitude of established players, and the influx of new participants is likely to intensify the competition. Existing players are pouring money into research and development to introduce newer products that will help them sustain the competition.

Majorly fuelling the global automotive electronics market are rising safety considerations, demand for high-end electronics for navigation, information, and entertainment, and the rising popularity of electric and hybrid vehicles due to environmental considerations.

As per a report by Transparency Market Research, the global automotive electronics market will likely clock a CAGR of 7.4% for the forecast period between 2017 and 2024. At this rate, the market which is estimated to be worth US$3,530.7 mn in 2017 will further rise to be valued at US$5,048.9 mn by 2024-end.

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Mid-sized Passenger Car Vehicle Type to Remain Attractive though 2024

The worldwide market for automotive electronics has been studied on the basis of a few parameters in this report. By vehicle type, the segments into which the automotive electronics market could be divided are compact passenger cars, mid-sized passenger cars, luxury passenger cars, light commercial vehicles, premium passenger cars, and heavy commercial vehicles.

Amongst all, mid-sized passenger car represents the leading segment vis-à-vis revenue. The mid-sized passenger car segment is expected to be worth US$923.3 mn in 2017 to represent 26.2% of the market in the same year. Progressing at a CAGR of 6.8% between 2017 and 2024, the segment is likely to represent 25.4% of the market by 2024 to account for a revenue contribution of US$1,282.3 mn by the end of the forecast period. The mid-sized passenger car vehicle segment is predicted to exhibit year on year absolute growth of US$71.8 mn over the course of the forecast period, which is larger amongst all vehicle type segments

Sales channel segments of the global automotive electronics market include OEM and aftermarket. According to application classification, advanced driver assistance systems, body electronics, entertainment, powertrain, and safety systems are the segments that divide the automotive electronics market in this report.

According to application classification, advanced driver assistance systems, body electronics, entertainment, powertrain, and safety systems are the segments into which the worldwide automotive electronics market is divided in this report.

Economic Recovery Boosts Europe Automotive Electronics Market

Geography-wise, the report takes stock of potential of the worldwide automotive electronics market in the regions of North America, Latin America, Asia Pacific except Japan, Japan, Europe, and the Middle East and Africa. Europe, among all, is expected to lead the overall market in terms of revenue in 2017, and the trend is anticipated to continue over the forecast period. The Europe automotive electronics market is predicted to be worth US$1,265.8 mn by 2024-end expanding at 6.5% CAGR between 2017 and 2024.

North America is a key market for automotive electronics. The region is projected to display the leading 8% CAGR between 2017 and 2024 to attain a value of US$1,159.3 mn by the end of the forecast period.

Asia Pacific except Japan is anticipated to rise at a CAGR of 7.6% over the forecast period to become worth US$1,256.8 mn by 2024 end.

The country of Japan is anticipated to be worth US$259.1 mn by 2024. On the other hand, the Middle East and Africa automotive electronics market is expected to contribute a meagre 9.8% revenue to the overall market by the end of 2017. Going ahead, the region is anticipated to lose 10 basis point (BPS) in its market share between 2017 and 2024.

Prominent participants in the global automotive electronics market include Infineon Technologies AG, ON Semiconductor Corp., ST Microelectronics N.V., Maxim Integrated Products Inc., NXP Semiconductor NV, OMRON Corporation, Robert Bosch GmbH, Hitachi Ltd., ZF Friedrichshafen AG, Texas Instruments Inc., ON Semiconductor Corp., and N.V.

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New Partnership Models Will Unveil New Automotive Electronics to Consumers

The array of automotive electronics is fairly diverse and vast. The increasing trend of electrification of vehicles has paved way to incredible avenues for both small automakers and stalwarts that target premium customers. The growing popularity of hybrid electric vehicles in consumer segment is a clear signal of the vast untapped avenue for players in the automotive electronics market. Automakers are treading this path by engaging in partnerships, some of the recent ones can be considered as the first-of-their kind collaborations. This will also become a framework in overcoming the challenges that the automobile industry has witnessed in recent years.

Meanwhile, the growing trend of reducing the carbon footprint has stoked the popularity of new designs and components in electric vehicles, the reason having to do with the virtually zero tailpipe emissions these vehicles have. Stalwarts with the likes of Toyota and Nissan will try to invade new space in the automotive electronics market by expanding their portfolio in electric vehicles industry. Adoption of new battery management system (BMS) is expected to open new avenues in the automotive electronics market. Moreover, incorporation of microcontroller technologies is boosting the automotive electronics market.

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Automotive OEM customers are keen on leveraging new system solutions to consolidate their hold in the automotive electronics market. In the onslaught of the novel coronavirus or Covid-19 as it is popularly now known, new avenues in the automotive electronics market have been restrained by tanking cash budgets, drooping customer sentiment, and slack in research and development funding, especially in the Q2 of 2024. However, in the recent months, activities have started to gather some noticeable pace, spurring spending on automobile buying. Automakers are also zealously looking for avenues in the electric vehicles segments, thereby propelling automotive manufacturers toward unveiling inexpensive electronics. Automakers will be fervently looking toward such developments in the automotive electronics market to enter new consumer segments in emerging regional markets.

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