Automotive Electronics Market size to exceed $650 Bn by 2032

Automotive Electronics Market size is anticipated to cross USD 650 billion by 2032, according to the latest research report by Global Market Insights Inc.
 

Intensifying demand for autonomous technologies and a pressing need for advanced in-car networking solutions will augment the market growth. The introduction of automotive technologies like connected in-vehicle infotainment (IVI), Autonomous Driving Systems (ADS), and Advanced Driver Assistance Systems (ADAS) have helped make driving safer and more enjoyable. Technological innovation in self-driving vehicles would accelerate the development of new automotive electronics.
 

Demand for high-end passenger vehicles

The automotive electronics market from the passenger vehicles segment dominated 80% share in 2022. Rising production and sales of passenger vehicles has supported the integration of electronic systems. Consumers are looking for advanced automotive features like blind spot detection and ADAS in passenger vehicles. The rapid rise in the manufacturing of high-end passenger vehicles would shape industry trends.
 

Popularity of ADAS night vision systems

Automotive electronics industry share from the night vision application type is poised to record over 8% CAGR from 2023 to 2032. The demand for high-end automobiles, an increase in consumer safety concerns and the development of automotive equipment based on connective technology are factors influencing the development of ADAS night vision system. Rapid commercialization of autonomous fleet and increased sales of luxury automobiles would raise the integration of night vision systems. Companies in the market are carrying out research activities to improve technological innovations.
 

Browse key industry insights spread across 230  pages with 345 market data tables and 23 figures & charts from the report, “Automotive Electronics Market Size By Vehicle Type (Passenger Cars, Commercial Vehicles), By Application (Advanced Driver Assistance System (ADAS)[ Adaptive Cruise Control, Blind Spot Detection, Parking Assistance, Automated Emergency Braking, Night Vision, Lane Department Warning], Body Electronics, Infotainment & Communication [Audio, Display, Navigation, Head-Up Display, Communication], Powertrain [Engine Controllers, Transmission Drivetrain, Exhaust, xEV], Safety Systems), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-electronics-market
 

Higher adoption of electric cars across Europe

The Europe automotive electronics market is expected to observe 5% growth between 2023 and 2032. The shift in consumer preference to alternative vehicle options, such as hybrid and battery electric vehicles, has assisted the demand for automotive electronics. The European Commission is encouraging technology standardization and providing financing for R&D to improve the competitiveness of the EU automobile sector and sustain its position as a global technological leader.
 

New strategic investments by leading industry players

Leading companies in the global automotive electronics business scenario are Aisin Seiki Co., Ltd., BorgWarner Inc., Lear Corporation, Magna International, Inc., Broadcom Inc., Continental AG, ZF Friedrichshafen AG, Denso Corporation, VALEO, and Robert Bosch GmbH. These firms are investing in strategic initiatives including regional expansions, acquisitions, mergers, partnerships, and collaborations in order to increase their market share.
 

In April 2021, the DENSO Corporation unveiled its Advanced Drive products, a cutting-edge driver assistance technology. It is used in LiDAR to detect the shapes of nearby vehicles and roads, Locator Telescopic Camera, Advanced Drive Extension Electronic Control Unit, and Advanced Drive System Electronic Control Unit for high-speed navigation, and Spatial Information Service Electronic Control Unit to determine the precise position of the vehicle.