The automotive electronics market plays a crucial role in vehicle manufacturing as it helps enhance safety and comfort features. Automotive electronics are used in engine control units, transmission control modules, airbags, anti-lock braking systems, and infotainment systems, among other components and systems. The rising vehicle electrification is further fuelling the demand for electric vehicle communication controllers, battery management systems, onboard chargers, and other related electronics. Advanced driver assistance systems like adaptive cruise control and collision warning also use various types of electronic components and sensors.
Key Takeaways
Key players operating in the automotive electronics market are aptiv PLC, BASF SE, Broadline Components, LLC, Continental AG, Denso Corporation, Hitachi Ltd., Infineon Technologies AG, Jabil Inc. and Magna International Inc. These companies are focusing on developing innovative and efficient electronic solutions to strengthen their market position.
The increasing advancements in autonomous and electric vehicles offer significant opportunities for automotive electronics manufacturers. Sensors, actuators, electric vehicle supply equipment, LiDAR, and radars demand is growing rapidly with rising autonomous vehicle adoption. Moreover, developing markets in Asia Pacific and Latin America are expected to drive future growth due to increased automobile production and sales.
Globally, countries are boosting electric vehicle adoption through supportive policies and incentives. This is encouraging automakers to develop more electric vehicles, thereby driving the demand for related automotive electronics. automotive electronics suppliers are expanding their global footprint to leverage growth opportunities in emerging markets.
Market Drivers
The rising vehicle electrification is a major factor driving the Automotive Electronics Market Demand in industry. As combustion engines are replaced with electric powertrains, the electronics content per vehicle is increasing substantially. Electronics are crucial for powering and managing electric vehicle systems and components. This includes electronics for battery management, vehicle control, charging equipment, and infotainment. With stringent emissions norms, electric vehicle adoption is set to accelerate in the coming years, which will propel the automotive electronics market.
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