Automotive Electronics Market to Attain US$ 580.5 Billion at a CAGR of 8.2% by 2033

Automotive Electronics Market

Automotive Electronics Market

European Automotive Electronics Market Beckons Amidst Strong Manufacturing and Luxury Car Sales

ROCKVILLE, MARYLAND, UNITED STATES, September 14, 2023/ — In 2023, the global Automotive Electronics Market surged to a noteworthy valuation of US$ 261.8 billion, with projections indicating a robust market value of US$ 580.5 billion by 2033. This ascent is poised to transpire at a high-value Compound Annual Growth Rate (CAGR) of 8.2% from 2023 to 2033.

The automotive industry has witnessed a remarkable influx of electronic components in recent years. This phenomenon is attributed to the escalating adoption of electrification trends within the automotive sector, marked by the seamless integration of advanced electronic systems. Additionally, the increasing emphasis on safety, coupled with stringent vehicle safety mandates enforced by governments worldwide, is anticipated to fuel the demand for automotive electronics.

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In a significant development, the United States Senate proposed legislation in April 2021, which was anticipated to mandate the incorporation of driver monitoring systems (DMS) in all new vehicles within the next six years, effectively enforcing this requirement by 2027.

Beyond safety, several other factors are set to propel the sales of vehicle electronics across the forecast period. These include the intensifying digitization, surging sales of electric vehicles, heightened investments in novel auto electrical components, the transition from mechanical to electrical parts, and an increase in per capita spending capacity.

Notably, statistics from reveal that approximately 10.5 million new Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) were delivered in 2022, marking a remarkable 55% surge from the preceding year.

The future of automotive electronics appears promising, driven by the surge in automotive production and the integration of cutting-edge technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT) in vehicles. Vehicle electrical connectors, automotive power electronics, car audio electronics, and electrical diagnostic tools are all expected to witness a substantial surge in demand in the coming years.

However, the industry faces certain challenges that warrant consideration. The integration of advanced electrical systems in vehicles has led to higher vehicle costs, potentially impeding adoption. Moreover, the low adoption rate of automotive electronics in low- and middle-income countries poses a challenge to market growth. Additionally, the maintenance and replacement costs associated with automotive electrical components may continue to be a hurdle for market development beyond 2033.

Competitive Dynamics in the Automotive Electronics Sector

Leading automotive electronics enterprises are dedicating their efforts to harnessing cutting-edge technologies to craft groundbreaking electronic solutions for vehicles. Furthermore, these companies are poised to employ strategic maneuvers like mergers, partnerships, collaborations, and acquisitions to expedite the research, development, and deployment of advanced automotive solutions.

A notable instance of such collaboration unfolded in March 2023 when Texas Instruments, a renowned semiconductor manufacturing giant, revealed a partnership with Smart Eye, a pioneer in human insight AI technology. This strategic collaboration aimed to jointly create innovative interior sensing solutions tailored for automakers, with the overarching goal of augmenting driver safety and enhancing the in-cabin experience.

Key Companies Profiled

Altera (Intel Corporation), Continental AG, Hella Gmbh & Co. Kgaa (Hella), Infineon Technologies AG, Microchip Technology Inc., DENSO CORPORATION, Panasonic Corporation, Broadcom Ltd., Robert Bosch GmbH, NXP Semiconductors N.V., Valeo Inc., Hitachi Automotive Systems Ltd., Visteon Corporation, Xilinx Inc., Texas Instruments Incorporated, ZF Friedrichshafen AG

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Emerging Opportunities in Automotive Electronics Manufacturing

Emerging players in the automotive electronics sector are poised to reap substantial rewards from the surging trend of vehicle electrification, which has been rapidly gaining momentum in recent years. These new entrants are strategically positioned to leverage the expanding global market for electric vehicles (EVs) and hybrid vehicles, seizing opportunities for innovation and growth.

One such innovator is CAPSolar, a Canadian startup dedicated to developing highly efficient and flexible solar modules tailored for light electric vehicles (LEVs). These innovative modules address the challenges of limited range and parasitic battery drain that have hindered the widespread adoption of electric vehicles. CAPSolar’s sustainable automotive electronics solutions offer a promising avenue for enhancing battery life and propelling the EV revolution forward.

Hailing from Spain, EPowerlabs, established in 2019, brings a game-changing approach to product development and engineering services for e-mobility powertrains. Leveraging their proprietary DeveLinkSTUDIO technology and modular control platform for battery management systems and other automotive electronics, EPowerlabs streamlines the development process, reducing both costs and time. Their contributions are pivotal in advancing the capabilities of electronic modules for automotive applications.

Additionally, new entrants in the automotive electronics arena can explore the realms of semiconductor technology to craft innovative products suitable for automotive electronic components. Berxel, a Chinese company founded in 2018, is at the forefront of this endeavor. They specialize in the development of advanced semiconductor chips for optoelectronic devices with applications spanning vehicles and IoT devices. Berxel employs VCSEL optical chip technology to expedite epitaxial growth and enhance the existing Bragg reflector (DBR) structure, underscoring their commitment to cutting-edge innovation.

The emergence of fresh talent in the automotive electronics sector brings exciting opportunities for growth and innovation. As the world moves toward electrified mobility and sustainable transportation solutions, these newcomers are poised to play a pivotal role in shaping the future of automotive electronics.

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