The latest report by IMARC Group, titled “Automotive Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the Automotive Electronics Market Report. The global automotive electronics market reached a value of US$ 272.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 415.6 Billion by 2027, exhibiting at a CAGR of 7.1% during 2022-2027. Automotive electronics refer to electronic-operated systems that are generally equipped in automobiles. They are specially designed electronics intended for vehicle utilization that are considered to be essential components in automotive architecture. Some of the commonly used automotive electronics include engine and transmission electronics and passive safety, driver assistance, and entertainment systems. They aid in assisting drivers during blind spot detection and emergency braking while enabling driving assistance functions and gasoline, engine and tire pressure monitoring for an enhanced driving experience.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Automotive Electronics Market Trends:
The global market is primarily driven by the rising adoption of automobiles among the masses. Along with this, the inflating disposable income levels, the shifting lifestyle preferences of individuals and the escalating need for enhanced comfort and safety to reduce the occurrence of road accidents are propelling the product demand across the globe. Moreover, continual technological advancements in the automotive sector are creating a positive market outlook. For instance, the widespread integration of artificial intelligence (AI) and machine learning (ML) for improving safety features is favorably impacting the market growth. Additionally, numerous leading players are heavily investing in launching autonomous or self-driving vehicles in order to transform the transportation system while minimizing the need for human drivers, thereby contributing to the uptake of automotive electronics. Other factors, including continuous improvements in the automotive sector, the increasing demand for in-car infotainment systems, and extensive research and development (R&D) activities conducted by key players, are also favorably influencing the market.
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Global Automotive Electronics Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
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Market Breakup by Vehicle Type:
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Key Highlights of the Report:
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