Automotive Electronics Market to be Worth $361.6 Billion by 2030 – Exclusive Report by Meticulous Research®
According to a new market research report titled, ‘Automotive Electronics Market by Component (ECU, Sensors, ICs), Material (Silicon, Germanium), Application (ADAS, Infotainment Systems), Vehicle Type (ICE, Hybrid, Electric Vehicles), Channel (OEMs, Aftermarket), and Geography – Global Forecast to 2030,’ the automotive electronics market is projected to reach $361.6 billion by 2030, at a CAGR of 6.7% during the forecast period.
The growth of this market is attributed to the surge in vehicle electrification, the increasing need for energy-efficient electronic devices, and the rising demand for safety and control systems. In addition, the growing demand for ADAS & AD and the high demand for adaptive lighting systems in passenger and entry-level SUVs are expected to offer significant opportunities for the growth of this market.
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However, the high cost of electronic systems hampers the growth of this market. In addition, fluctuating raw material prices is a major challenge to the growth of this market.
Growing Demand for ADAS and AD Supports the Growth of the Automotive Electronics Market
Technological advancements have made autonomous vehicles a real-world possibility, with many automotive manufacturers heavily investing in developing such vehicles due to the increasing demand. Autonomous vehicles and ADAS are completely driven by sensors and electronics, ensuring a complete driverless experience. These sensors are crucial in such vehicles as they are major components of essential systems such as blind-spot monitoring, lane-keep assistance, lane-departure warning, and collision warning that can limit the rising number of accidents due to human errors. Hence, the need for advanced electronic automotive components in ADAS and AD, such as powerful microprocessors, artificial intelligence algorithms, and high-speed communication interfaces, rises to handle massive amounts of complex data.
Furthermore, integration of connectivity and vehicle-to-everything (V2X) communication technologies benefit ADAS and AD from real-time communication with other vehicles, infrastructure, and the cloud. This requires automotive electronics that support high-speed communication protocols, such as 5G, and ensure secure and reliable data exchange. So, incorporating connectivity enables over-the-air updates, allowing manufacturers to remotely update and improve the functionality of ADAS and AD systems. Thus, the growing demand for ADAS and AD creates significant opportunities for future automotive electronics growth.
The automotive electronics market is segmented by component (electronic control unit, sensors, integrated circuits, head-up-displays, actuator, IP modules, other components ), material (silicon, germanium, other materials), application (tire pressure monitoring system, engine management & powertrain system, fuel injection system, infotainment system, ADAS, body control & comfort, safety, architecture & networking, HVAC system, autonomous mobility, lighting system, other applications), vehicle type, (internal combustion engine, hybrid, electric vehicles), distribution channel (OEMs, aftermarket), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on component, the automotive electronics market is segmented into electronic control units, sensors, integrated circuits, head-up displays, actuators, IP modules, and other components. In 2023, the electronic control unit segment is expected to account for the largest share of the automotive electronics market. This segment’s large market share is attributed to increasing demand for technologically advanced vehicles in developed and developing countries, such as hybrid, and pure electric cars, rising government regulations pertaining to fuel consumption, and the growing need for better mileage of vehicles by the middle-class population. All these factors lead to the high growth of electronic control units in the automotive electronics market.
However, the sensors segment is projected to register the highest CAGR during the forecast period.
Based on material, the automotive electronics market is segmented into silicon, germanium, and other materials. In 2023, the silicon segment is expected to account for the largest share of the automotive electronics market. This segment’s large market share is attributed to its compact size, powerful and extremely efficient in supporting electromobility, enabling fast recharging, improving battery control, saving energy, and increasing the range of electric cars.
Based on application, the automotive electronics market is segmented into tire pressure monitoring systems, engine management & powertrain systems, fuel injection systems, infotainment systems, ADAS, body control & comfort, safety, architecture & networking, HVAC systems, autonomous mobility, lighting system, and other applications. In 2023, the body control & comfort segment is expected to account for the largest share of the automotive electronics market. This segment’s large market share is attributed to stringent engine management requirements for EVs, the rising number of premium comfort features in lower vehicle segments, and the growing deployment of V2V and V2X connectivity technologies.
However, the ADAS segment is projected to register the highest CAGR during the forecast period. The high market growth is driven by the rising collaboration between major automakers, technology companies, and semiconductor manufacturers to develop advanced electronic systems and technologies to support autonomous driving, growing demand for luxury vehicles, and increasing demand for safety & driving comfort features.
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Based on vehicle type, the automotive electronics market is segmented into internal combustion engine, hybrid, and electric vehicles. In 2023, the internal combustion engine segment is expected to account for the largest share of the automotive electronics market. However, the electric vehicles segment is projected to register the highest CAGR during the forecast period. The high market growth in electric vehicles is driven by decreasing prices of batteries, rising environmental concerns, and increasing investments by leading automotive OEMs.
Based on distribution channel, the automotive electronics market is segmented into OEMs and aftermarket. In 2023, the OEMs segment is expected to account for the largest share of the automotive electronics market. This segment’s large market share is owing to OEMs providing durability, longevity and shelf-life of auto electronics more genuine than third parties.
Based on geography, the automotive electronics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia- Pacific is expected to account for the largest share of the market. The large market share is attributed to increasing demands for EVs, a growing number of manufacturers offering numerous advanced automotive electronics in the mobility industry, and incentive programs for EV adopters.
The major players in this market are Infineon Technologies AG (Germany), Robert Bosch GmbH (Germany), Valeo Inc. (France), Continental AG (Germany), Hitachi, Ltd. (Japan), Aptiv PLC (Ireland), Texas Instruments Incorporated (U.S.), STMicroelectronics International N.V. (Switzerland), NXP Semiconductors (Netherlands), ZF Friedrichshafen AG (Germany), Visteon Corporation (U.S.), Advanced Micro Devices, Inc. (U.S.), Magna International Inc. (Canada), DENSO CORPORATION (Japan), and Hyundai Mobis Co., Ltd. (South Korea).
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Scope of the Report:
Automotive Electronics Market Assessment, by Component
Electronic Control Units
Automotive Electronics Market Assessment, by Material
Automotive Electronics Market Assessment, by Application
Tire Pressure Monitoring Systems
Engine Management & Powertrain Systems
Fuel Injection Systems
Body Control & Comfort
Architecture & Networking
Automotive Electronics Market Assessment, by Vehicle Type
Internal Combustion Engine
Light Commercial Vehicles
Heavy Commercial Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles
Automotive Electronics Market Assessment, by Distribution Channel
Automotive Electronics Market Assessment, by Geography
Australia & New Zealand
Rest of Asia-Pacific
Rest of Europe
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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