The market for automotive electronics is predicted to be worth US$ 300,332.43 million in 2022 and to grow at a CAGR of 7.30% to US$ 607,574.4 million by 2032. Growth is attributed to increased safety requirements, which are promoting invention and the advancement of sensor technology and signal processing algorithms.
Systems installed in automobiles that are electrically powered make up automotive electronics. Automotive electronic systems are generally employed in infotainment, airbag, advanced driver assistance, and electronic fuel injection systems to improve the combined system’s overall efficiency. These technologies are likely to become a major area of focus for electronic system vendors as electric and hybrid vehicles acquire market acceptance.
Additionally, government safety initiatives like the New Car Assessment Programs (NCAP) are primarily focused on enhancing global road safety by encouraging the advancement of technologies that lessen the effect and likelihood of collisions, such as better airbags and stability control systems. According to estimates, about 40% of a car’s onboard components are electronic, and as the rules controlling the automobile industry improve, this number is certain to rise.
The market for Automotive Electronics: Trends and Obstacles
The global market for automotive electronics is primarily anticipated to be driven by rising safety concerns leading to enhanced safety systems. Moreover, the key application sectors most likely to propel the expansion of the global automotive electronics market are powertrains, wheels, parking assistance, and electrical suspensions. Additionally, the global automotive electronics market will be driven by improving environmental sustainability along with rising demand for cutting-edge infotainment systems. Some of the biggest issues facing designers in the automotive electronics business are safeguarding sophisticated electronic systems from potentially dangerous electrical dangers and strict regulatory regulations regarding vehicle safety.
OMRON Corporation, Robert Bosch GmbH, Infineon Technologies AG, HGM Automotive Electronics, Hitachi, Ltd., Delta Electronics, Inc., Atotech Deutschland GmbH, and ZF TRW.