Automotive electronics market increased growth during 2019-2029
Fact.MR, a market research and competitive intelligence provider, the global automotive electronics market size will more than double between 2019 and 2029. The sensor segment of automotive electronic components will grow at a double-digit CAGR of 10% through 2029.
Development trends such as lightweight materials, miniaturisation, and integration of artificial intelligence in automobiles will drive the automotive electronics market during the forecast period (2019-2029).
Current carrying devices account for significant revenue share, sensors exhibit high growth
Current carrying devices will grow two-fold from 2019 to 2029. This basic component of automobiles exhibits a strong growth trajectory of more than 7% CAGR during the forecast.
Booming heavy-duty vehicle sales in industries and light-duty vehicle sales in developing countries are central factors contributing to the strong growth of this segment.
On the other hand, sensors offer the most remunerative growth opportunities on the back of the mass adoption of parking assistance technology in both conventional and new-energy automobiles.
East Asia and South Asia & Oceania present lucrative growth opportunities
East Asia and South Asia & Oceania, collectively account for over 43% share of the total market value. Countries such as China, India, and Indonesia are central to share-wide leadership.
China is the largest motor producer, as well as, the largest consumer of automotive products.
When coupled with multiplying automotive sales in India and Indonesia, East Asia and SAO are well positioned to lead global sales throughout the forecast period.
North America offers remunerative growth opportunities owing to the budding EV ecosystem in developed countries such as the US. On the back of the presence of key manufacturers such as Continental AG, Autoliv Inc., and Robet Bosch GmbH, the US accounts for more than 80% of motor vehicle manufacturing.