Automotive Electronics Market to Increase Gradually with the CAGR of 5.8% with Market Valuation Reaching USD 386.24 Billion by 2030, Advancement in ADAS Technology is Set to Create Market Opportunities

The global automotive electronics market size is estimated to display strong growth by reaching USD 386.24 billion by 2030. Fortune Business Insights™ in its report titled “Automotive Electronics Market Size, Share & COVID-19 Impact Analysis, By Type (ECU/DCU, Sensors, Power Electronics, and Others), By Application (Body, Chassis, Powertrain, Infotainment, and ADAS/AD), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Propulsion (ICE and Electric/Hybrid), and Regional Forecast, 2023– 2030” observes that the market size in 2022 stood at USD 239.03 billion and is expected to reach USD 259.63 billion in 2023. The market is expected to witness a strong CAGR of 5.8% during 2023-2030. The market is primarily driven by the increasing demand for safety features, Advanced Driver Assistance Systems (ADAS), connectivity solutions, and Electric Vehicles (EVs).

LG Electronics Launched its Vehicle Electronics R&D Subsidiary in Asia Pacific

In March 2023, LG Electronics launched its automotive electronics R&D subsidiary in the Asia Pacific region. The company established its research and development center for electronics for automotive in Vietnam. The company aims to strengthen its R&D capabilities.

Reduction in Vehicle Production Directly Impacted the Demand for Vehicle Electronics

Moreover, the automotive industry witnessed a decline in vehicle production with temporary shutdown of the manufacturing facilities due to comply with lockdown measures and ensure the safety of workers. Reduction in vehicle production directly impacted the demand for vehicle electronics, as fewer vehicles were being manufactured and equipped with electrical systems. After the pandemic, digital transformation accelerated in the automotive industry, shifting toward digitalization and connectivity.

Rising Demand for Electric Vehicles to Drive Market Growth

Rising demand for electric vehicles is predicted to drive the automotive electronics market growth. Trend of EVs is one which is shaping the automotive industry and adoption of the technologies associated with them. The global demand for electric vehicles is driven by environmental concerns, government regulations promoting clean energy, and advancements in the battery technology. Rising awareness regarding safety and strict automotive regulations is also driving the market growth.

However, the classification, resolution, and sizing challenges are difficult for automotive radar manufacturers, which pose as a challenge which adversely affects other parameters and hampers market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/automotive-electronics-market-102840

Market Players are Engaging in Mergers, Acquisitions, Collaborations, and New Product Launches

The market is highly competitive with established and emerging players striving to gain a competitive edge. Key companies operating in the market are Bosch Group, Continental AG, Denso Corporation, Aptiv PLC, Infineon Technologies AG, and Panasonic Corporation. They have been engaging in mergers, acquisitions, collaborations, and new product launches, which are some of the strategies adopted by these companies to expand their market presence.

Notable Industry Development

• January 2023: HARMAN revealed its latest vehicle electronics products for vehicles. The company showcased its new product line at the CES 2023 event. HARMAN showcased products such as Ready Care, Ready Display, Ready on Demand, Ready Upgrade, Ready Vision, and Sound & Vibration Sensor+External Microphone.

List of Key Companies Profiled in the Report:

• Continental AG (Germany)


• Robert Bosch GmbH (Germany)


• SONY Corporation (Japan)


•  Aptiv PLC (Ireland)


• Hyundai Mobis (South Korea)


• ZF Friedrichshafen AG (Germany)


•  Autoliv Inc. (Sweden)


• Magna International Inc. (Canada)


• Aisin Seiki Co. Ltd (Japan)


• Philips N.V. (Netherlands)


• Infineon Technologies AG (Germany)


• NVIDIA Corporation (U.S.)


• Valeo SA (France)

Further Report Findings

• Asia Pacific dominated the automotive electronics market share in 2022 and is also set to have fastest CAGR due to demand from countries such as South Korea, India, China, and Japan. The market stood at USD 102.10 billion in 2022 due to rising disposal incomes, urbanization, and infrastructure development.


• North America holds a substantial market due to strong presence in the technology and innovation sectors. The region has a significant number of technology companies, research institutes, and automotive manufacturers focused on developing advanced electronic systems and technologies for vehicles. Thus, the drive for technological advancement and innovation fuels the market growth of automotive electronics in North America.

Table of Segmentation