Automotive Electronics Market is Expected to Register a Considerable Growth by 2028

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The Automotive Electronics Market will be valued at USD 372.2 billion by 2028 from USD 217.2 billion in 2021 with a CAGR of around 8.0% during 2022-28.

The Automotive Electronics Market is segmented by Application Type (ADAS [Adaptive Cruise Control, Blind Spot Detection, Parking Assistance, Automated Emergency Braking, Night Vision, and Lane Departure Warning], Body Electronics, Infotainment Communication [Audio, Display, Navigation, Head-up Display, and Communication], Powertrain [Engine Controllers, Transmission Drivetrain, Exhaust, and xEV], and Safety Systems), Vehicle Type (Passenger Cars, Commercial Vehicles), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).

Segment Analysis

Application Type

The market is segmented as ADAS, body electronics, infotainment communication, powertrain, and safety systems. ADAS is expected to be the fastest-growing segment of the market owing to the advantageous features regarding safety and driving during the forecast period. ADAS includes various systems such as adaptive cruise control, blind spot detection, night vision, and automated braking systems which provide driving assistance in driving at night and inclement weather conditions, fueling the segment’s growth during the forecast period.

Vehicle Type

The market is segmented as passenger cars and commercial vehicles. The passenger car is estimated to be the dominant segment of the market on account of increasing consumption and production of passenger car vehicles and growing integration of electronic systems during the forecast period. Rapidly changing consumer demands resulting in an increase in development of high-end passenger cars is further expected to have a positive impact on the market during the forecast period.

Regional Analysis

Asia-Pacific is estimated to be the leading region in the market owing to the flourishing automotive sector and China, Japan and South Korea being the major countries providing lucrative growth opportunities in the vehicle component manufacturing sector in the region during the forecast period. Presence of various suppliers and China being the growth engine of the region are further expected to fuel the regional market growth over the forecast period. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.

COVID-19 Impact

COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.

Critical Questions Answered in the Report

  • What are the key trends in the market?
  • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
  • What is the impact of COVID-19 on the market? 
  • What are the key strategies adopted by the major vendors to lead in the market?
  • What is the market share of the top vendors?

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