The automotive electronics market was estimated to be worth US$ 300.3 billion in 2022, and it is anticipated to develop at a CAGR of 7.30% from 2022 to 2032, reaching US$ 607.5 billion in 2032. The advancement of sensor technology and signal processing algorithms are fueled by the increasingly strict safety regulations, which are a significant factor in the growth of automotive electronics.
Electrically operated systems installed in vehicles are referred to as automotive electronics. Automotive electronic systems are frequently used in the airbag, advanced driver assistance, infotainment, electronic fuel injection, and other applications to boost the combined system's overall effectiveness. As the market for electric and hybrid vehicles expands, these systems are likely to become a significant area of focus for electronic system providers.
Technological developments in the automotive sector, such as electrical active suspensions and power trains for electric vehicles, will expand the applications for power electronic systems, which are expected to support the automotive electronics market growth.
On the other hand, it is expected that the low adoption of automotive electronics in newly industrialised nations and the rise in the overall cost of the finished product as a result of the integration of automotive electronics will significantly restrain the automotive electronics market growth in the near future.
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Key Takeaways:
The largest automotive electronics market share is in Europe. From 2022 to 2032, the region is anticipated to grow at a rate of over 27.0%.
Automotive Electronics are anticipated to experience significant growth opportunities in North America, where they are projected to account for 12.0% of global sales by 2022.
With promising opportunities for automotive electronics market expansion, Asia-Pacific is anticipated to expand and reach a sizeable share of 10.4% in 2022.
MEA is anticipated to offer significant automotive electronics market growth opportunities and is projected to hold a 4.8% share in 2022.
From 2021 to 2028, the ADAS automotive electronics market is anticipated to grow at a CAGR of more than 10.6%.
In 2020, the safety systems market segment held the largest automotive electronics market share, at about 29%.
Start-up Ecosystem:
Numerous well-known automotive electronics market participants, including MotoLink, CAPSolar, iElektron, Berxel, and EPowerlabs, among others, are collaborating to offer the most advanced Acrylic BoxCleaes for enhancing the international scene. The automotive electronics market is home to a large number of international start-ups that are making progress in order to meet the demands of this industry.
MotoLink LLC
The world's first connectivity platform for power sports vehicles, announced by MotoLink LLC, a wireless connectivity technology provider for the industry, enables the collection and monetization of sensor and geolocation data that the vehicles generate on a daily basis.
CAPSolar
Flexible, high-efficiency solar modules are created by Canadian start-up CAPSolar for light electric vehicles. CAPSolar not only produces solar modules but also provides on-site deployment and performance tracking of the planned modules.
iElektron
An Indian start-up called iElektron creates products for embedded hardware and software. Using cloud connectivity deployed on Amazon cloud servers, its automotive electronic IoT module enables the real-time monitoring and tracking of vehicles. With the help of this solution, original equipment manufacturers (OEM) will have access to the hardware needed to outfit a fleet of vehicles.
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