Automotive Electronics Market Forecast 2023-2027: Estimated Market Size, Growth Drivers And Lucrative Segment - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 6, 2023 /PRNewswire/ -- As per The Business Research Company's Automotive Electronics Global Market Report 2023, the automotive electronics industry is witnessing unprecedented growth, with the global market poised to reach $279.13 billion in 2023, compared to $254.59 billion in 2022, representing an impressive compound annual growth rate (CAGR) of 9.6%. Furthermore, the automotive electronics market is projected to expand to $382.78 billion by 2027, at a CAGR of 8.2%.
Electric Vehicle Boom Drives Market Growth
The surge in demand for electric vehicles (EVs) is a primary driver of the automotive electronics market. As EV adoption continues to accelerate, sophisticated electronics are in demand for features such as regenerative braking, energy management, and seamless connectivity, enhancing the overall driving experience. For instance, according to the World Economic Forum, approximately 4.3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally in the first half of 2022, with BEV sales growing by 75% year-over-year and PHEVs by 37%. India also experienced remarkable growth, with retail sales of EVs totaling 390,399 units in the first half of 2022, marking a 333% year-over-year increase.
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Automotive Electronics Market Major Players
The automotive electronics market is characterized by a concentration of major players, with the top ten competitors accounting for 48.50% of the total market in 2022. Denso Corporation led the market with an 11.00% share, followed by Robert Bosch GmbH (9.74%), ZF Friedrichshafen AG, Hitachi Ltd, Aptiv PLC, Continental AG, Infineon Technologies AG, NXP Semiconductors N.V., STMicroelectronics N.V., and Texas Instruments.
Augmented Reality Integration for Enhanced Driving
Key automotive electronics firms are incorporating augmented reality (AR) technologies into vehicles to elevate both the driving experience and safety. AR is being leveraged to create immersive infotainment systems that enable passengers to interact with their surroundings through augmented experiences. In January 2023, HARMAN, a US-based automotive technology company, unveiled the Ready Vision Augmented Reality Head-Up Display. This innovation enhances the driving experience by providing essential information via a vehicle's heads-up display, ensuring safe and distraction-free driving. The Ready Vision AR software prioritizes the presentation of crucial information while preserving an unobstructed view for the driver. The edgeless display with a wide field of vision seamlessly blends AR and AI/ML capabilities to offer intuitive turn-by-turn directions on the windshield, aiding driver cognition.
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Asia Pacific Leads The Automotive Electronics Market
In 2022, Asia Pacific emerged as the largest region in the automotive electronics market, amassing a total worth of $91.82 billion. The automotive electronics market in Asia-Pacific is bolstered by the rise of autonomous technologies and significant demand for electric vehicles. For instance, the Philippines saw a remarkable increase in electric vehicle sales, growing nearly sixfold during the first quarter of 2023 compared to 2022, according to Business Enquirer, a global media, branding, and publishing company.
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https://www.thebusinessresearchcompany.com/report/flexible-electronics-global-market-report
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