Automotive Electronics Market Size, Share, Growth, Trends, Production, Consumption, Revenue And Forecast 2020 To 2027
The global automotive electronics market size was at USD 228.34 billion in 2019, and is projected to reach USD 382.16 billion by 2027, to register a CAGR of 7.30% from 2020 to 2027.
Automotive electronics industry deals in equipping vehicles with digital and automatic controls. The features such as power windows, changing ride modes, lighting, safety features, driver assistance, automatic ride controls, infotainment and other such functionality uses automotive electronics. The electronics are installed in various categories of vehicles such as passenger cars, LCVs and HCVs.
According to automotive electronics market, factors such as adoption of IoT and AI in the automobiles, vehicles equipped with automated driving, the demand of in-vehicle safety features, increase in demand for infotainment features drive the automotive electronics market share. On the other hand, low adoption of automotive electronics in newly industrialized countries and increase in overall cost of end-product due to integration of automotive electronics hampers the automotive electronics market growth. Further, the investment toward autonomous driving of vehicles in smart grids is expected to provide lucrative opportunity for automotive electronics market.
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Top Impacting Factors
The dynamics such as penetration of IoT and AI in the automobiles, vehicles offered with autonomous driving feature, the need of in-vehicle safety features, rise in demand for infotainment features drive the automotive electronics market. On the contrary, lower level of penetration of automotive electronics in newly industrialized countries and increase in overall cost of end-product due to integration of automotive electronics hampers the automotive electronics market share. Further, the investment toward autonomous driving of vehicles in smart grids is expected to provide lucrative opportunities in the automotive electronics market.
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Some major factors impacting the automotive electronics market are given below:
Adoption of IoT and AI in the automobiles
As per automotive electronics market trends, the advancement of IoT and AI has changed the way functionalities in automobiles operate. Over the passing year, it has increased driver connectivity with the vehicle and has enhanced the ride assistance features. For instance, the vehicles are provided with cameras and sensors that assist drivers in car parking or any other proximity features, which is expected to drive the automotive electronics industry growth globally.
Rise in vehicles equipped with automated driving
Their advancement has made cars smarter with artificial intelligence. These autonomous cars sense danger and detect the driver’s stress level. Self-driving automatic cars combine a variety of sensors to perceive their surroundings, such as radars, advanced control systems interpret sensory information to identify appropriate navigation paths as well as obstacles and relevant signage.
The demand for in-vehicle safety feature
Increase in strictness over car safety standards across various region round the world and rise in consumer awareness towards automobile safety features demands the use of automotive electronic components. For instance, economical range of cars are installed with air bags for accidental safety, further, premium range of cars have advanced safety features such as sleep detection, automatic braking systems, and others. This is expected to offer lucrative automotive electronics market opportunity globally.
Investment towards autonomous driving of vehicles in smart grids
The construction of smart cities and the parallel advancement of automotive industry is expected to build smart autonomous transportation systems for automobiles. The increased investment in the sectors is lucrative to create market opportunities. For instance, technology company Continental on December 18, 2019 announced a big step toward creating safer, smarter cities: a Smart City Mobility and Transportation Hub in Auburn Hills, Michigan.
Competitive Analysis
Key players operating in the global automotive electronics market are Robert Bosch, Renesas Electronics Corporation, Infineon Technologies AG, STMicroelectronics N.V., Texas Instruments, NXP Semiconductors N.V., Continental AG, NVIDIA Corporation, Hitachi Ltd., and Aptiv PLC. The companies follow various market strategies such as product launch, product development, collaboration, partnership, and others that leads to the market growth. Nvidia launched a simulator that leverages cloud computing power to test autonomous vehicles. The software can simulate sunlight during sunset, snowstorms, poor road surfaces, and dangerous situations to test the vehicle's ability to react.