Automotive Electronics Market Trends and Growth Forecast to 2030

The burgeoning sale of vehicles across the globe is one of the biggest factors fuelling the growth in demand for automotive electronics across the world. Nowadays, automotive electronics contribute to almost 35% cost of an automobile as compared to its 5% contribution in 1970. This contributing share is predicted to rise to 50%, thereby causing huge sales of automotive electronics in the coming years. The Organisation Internationale des Constructeurs d’Automobiles (OICA) expects 95.1 million automotive sales in 2018.

The other key factors boosting the demand for automotive electronics are the increasing implementation of various government initiatives and regulations for making the vehicles safe and fuel-efficient. Powered by these factors, the global automotive electronics market is expected to generate revenue of $615.3 billion by 2030, which is a considerable increase from its valuation of $235.7 billion in 2019. The market is also forecasted to advance at a CAGR of 9.3% during the forecast period (2020—2030).

The various automotive electronics components available in the market are electronic control unit (ECU), current carrying device, and sensor. Amongst these, the current carrying device components registered the highest demand in 2019. This is mainly attributed to the fact that an automobiles consists of nearly 200 electronic switches and fuses and a vehicle cannot function without them. These components are also predicted to record the fastest growth in demand during the forecast period. Sensors are also expected to observe significant growth in demand in the coming years, primarily due to the rising integration of position and temperature sensors in vehicles. 

Request to Get the Sample Report@ 

Geographically, the highest demand for automotive electronics was witnessed in the Asia-Pacific (APAC) region in 2019. The main factors responsible for the boom in the sales of automotive electronics in this region are the burgeoning sales of automobiles in countries such as India, China, Japan, and South Korea, owing to the flourishing automotive manufacturing industry and the availability of cheap labour and raw materials in these countries. Moreover, the major automobile manufacturing companies are shifting their manufacturing plants and facilities to these countries, which is further boosting the demand for automotive electronics in the region. 

Therefore, owing to the booming automobile manufacturing sector, the rising demand for high-end and luxury vehicles equipped with vehicle safety features and advanced systems and the increasing number of government measures and regulations supporting the development of automotive electronics, the demand for automotive electronics is expected to observed huge upswing in the coming years. 

Comments

Post a Comment

Popular posts from this blog

Vertical Farming Market- High Investment in the Vertical Farming

Image
GLOBAL VERTICAL FARMING MARKET  By Component ·          Hardware o     Lighting §   Grow Lights §   Grow Light Reflectors §   Grow Light Ballasts o     Hydroponic Components §   Pumps and Irrigation §   Meters and Solutions §   Water Filters §   Others (includes Timer and Delivery System) o     Climate Control §   Ventilation Fans §   Air Purification/ Control §   Others (includes Condenser and HVAC System) o     Sensors §   Temperature Sensors §   CO2 Sensors §   Nutrient Sensors §   PH Sensors §   Crop Sensors §   Others (Biosensors and Electronics Nose) ·          Software Global  vertical farming market  is expected to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of increasing awareness levels among consumers and rising disposable income, leading to the consumption of high value crops. Adoption of organic foods, rising urban population, growing focus towards efficient production of fresh fruits and vegetabl
Read more

CBD Oil Market Assess the Trends, Opportunities and Competition in the Market

Image
With its plethora of health benefits and close association with cannabis or marijuana, as it is popularly known, cannabidiol (CBD) oil is one such controversial substance that makes doctors and medical researchers come face to face with the conservative figureheads of the society. However, with growing public awareness and government support, the stigma associated with CBD oil is rapidly going away and the product is finding more and more consumers all over the world. In the recent times, many countries such as the U.S. and Canada have legalized the usage of the compound and in the coming years, many more will follow. Several countries in Asia-Pacific (APAC), Europe, and Latin America (LATAM) such as the U.K., Norway, Spain, South Korea, Thailand, Japan, Mexico, South Africa, and Brazil have followed the U.S. and Canada and allowed the complete or partial sale of various cannabidiol-containing items in the last few years. Request to Get the Sample Report@  https://www.psmarketrese
Read more

Automotive HMI Market Opportunities, Trends, Growth Analysis | Forecast – 2030

Image
According to a report by P&S Intelligence, the global automotive HMI market is projected to generate a revenue of $55,318.4 million by 2030, increasing from $18,822.3 million in 2019, progressing at a 10.8% CAGR during the forecast period (2020–2030). The market is registering growth due to the advancements in the augmented reality, connectivity, virtual reality, and IoT technologies and the incorporation of these technologies in HMI solutions. Moreover, the swift digitization is also predicted to result in the growth of the market. Geographically, Asia-Pacific (APAC) dominated the market in 2019, in terms of value, due to the higher sales of passenger cars in the region in comparison to other regions. As the spending power of consumers is rising, the adoption of HMI-equipped vehicles is projected to rise as well. In addition to this, the Chinese automotive domain is registering considerable growth in the demand and sales of premium cars, which is further leading to the growth of
Read more