Technology Revolutionizes the Automotive Electronics Industry: Forecasting Growth in 2030 and Beyond
Market Overview
The global Automotive Electronics Market is expected to reach $ 415.16 Billion by 2030. During the forecaster period from 2023 to 2030, the market is expected to register a CAGR of 7.35%. The term ‘Automotive Electronics’ refers to the electronic systems used in automobiles to improve the efficiency of diverse electronic parts.
These electronic elements are commonly used in radio, engine management, in-vehicle entertainment systems, telematics, etc. The rapid advancement in technology has contributed to introducing new and improved automotive electronic components in automobiles. These systems can potentially transform the experience of car owners and people who travel by automobile.
The global Automotive Electronics Market has recently been showcasing exceptional performance owing to rising demand for innovative entertainment and active safety systems. As technology advances rapidly, automobiles gradually shift away from hardware-driven elements toward the software-driven path. During the forecast period, the average number of electronic components and software programs is expected to increase, contributing to the strong performance of the Automotive Electronics Market.
The global Automotive Electronics Market can be fragmented into several regional segments based on the market’s area. The main regional segments of the market include Europe, North America, Asia Pacific, and the Rest of the world. The North American regional segment will lead globally during the forecasted period. One of the key factors that will play an instrumental role in influencing the market performance of North America is the need to adhere to strict government laws and industry standards of vehicle safety. The Asia Pacific segment is also expected to play a key role in influencing market performance in the future. The major Asian nations that will help the segment thrive during the forecasted period include Japan, China and South Korea. The high production of vehicles in these nations is expected to act as a catalyst and influence the market performance in the regional segment.
Industry News
July 2023 - Robert Bosch GmbH, a key player operating in the global Automotive Electronics Market, has established a new sector board for the mobility solutions business sector. It is considered a major reorganization initiative that the company has taken to serve existing and new customers in the revolutionizing mobility sector. Such a step has been taken so the business can customize its technologies and leverage innovation to capitalize on opportunities in the transformed mobility domain.
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