Automotive Electronics Market Size to Hit $640.5 Billion By 2030: Precedence Research

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  • Asia Pacific is anticipated constituting prime share in the global automotive electronics market in terms of revenue throughout the assessment period
  • Automotive electronics are systems employed in vehicles such as ignition, engine management, radio, carputers, in-car entertainment systems, and telematics among others
Image for representation (Pic credit-enil.eu)

The automotive electronics market size is predicted to hit around $ 640.56 billion by 2030, with a CAGR of 7.64 per cent as per a report by Precedence Research. Automotive electronics are systems employed in vehicles such as ignition, engine management, radio, carputers, in-car entertainment systems, and telematics among others. Engine, transmission and ignition electronics are also found in motorcycles, trucks, off-road vehicles, and other internal combustion powered machinery including tractors, excavators and forklifts. Associated elements for control of pertinent electrical systems are also observed in electric cars and on hybrid vehicles.

It said, ” Majority of the electrical devices are produced in numerous temperature grades and individual manufacturer define its particular temperature rating. Snowballing speed of revolution in electronics for the automotive sector will offer path for users to better exploit their time in transit to relish novel services. As a result, consumers will have more time to capitalize in personal activities and thus an electronically smart car will always demand for improved features.”

Automotive electronics technologies like all-electric cars, autonomous driving, and in-car infotainment are the new trends trends in the automotive sector. Automotive vehicles are renovating into the definitive electronic devices. The automotive renovations offer escalation to new features and encounters like all-electric cars and autonomous driving, They come with extreme high power, and secure communications, high-speed and infotainment among others.

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Rising automotive electronics acceptance to offer safety features like emergency call systems, alcohol ignition interlocks, and calamity data recorder systems are anticipated to boost growth of the market. Cumulative acceptance by OEMs on high-volume traditional executions is also expected to amend the governing framework.

ADAS application segment of the market is predicted to grow at the fastest rate

Asia Pacific anticipated constituting prime share in the global automotive electronics market in terms of revenue throughout the assessment period. Accident data recorder system, alcohol ignition interlock, and emergency call system are achieving attention that drives the demand for advanced electronic in the automotive sector, said the report. Advanced driver-assistance systems or ADAS application segment of the market is predicted to grow at the fastest rate during years to come. This is due to the steps undertaken by the governments to augment the security and safety of drivers along with the vehicles.

The report added, “Rapidly rising automotive sector in the region due to varying living standards and cumulative purchasing power of users is expected flourish revenue growth of automotive electronics market in Asia Pacific during forecast period. Furthermore, increasing automotive aftermarket is anticipated to subsidize revenue development of automotive electronics market in APAC.”

China occupied for over 28 per cent of global motor production. It was the front-runner in passenger car sales and production with 23.7 million and 23.5 million correspondingly, in 2018. North America is predictable to develop at the considerable CAGR of throughout the estimate period.

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