Automobile Electronics Market Share to Hit $316.34 Billion, Globally, by 2027 with 22.31% CAGR
Rising safety concerns across various vehicle segments is driving the demand of automobile electronics.
HYDERABAD, TELANGANA, INDIA, December 21, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that the Automobile Electronics Market is expected to reach US$316.34 billion after growing at an estimated CAGR of 22.31% during 2022-2027. Automobile electronics are typically the electronic control unit of the automotive industry used in vehicles which operate and offer a wide range of applications to enhance the driving experience as well as offer high safety standards to the drivers. Automobile electronics consists of electronic brake distribution, driver assistance, transmission control unit and many other solutions which are designed to offer efficient engine management, ignition, radio, in-car entertainment systems and other solutions, further aims to enhance the driving experience. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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This IndustryARC report on the Automobile Electronics Market highlights the following areas
Rising safety concerns across various vehicle segments coupled with increasing demand infotainment and entertainment solutions installed in automobiles is analysed to significantly drive the Automobile Electronics Market during the forecast period 2022-2027.
Sensor components are analysed to hold highest share 27.12% in 2021 owing to the wide range of applications it offers which tend to enhance the safety of the driver.
Advanced Driver Assistance Systems (ADAS) is expected to hold the highest market share 35.21% in the forecast period owing to its increasing adoption across various vehicle segments coupled with increasing vehicle production.
Asia-Pacific is analysed to hold the highest share in 2021 owing to the availability of leading market players for the Automobile Electronics Market coupled with increasing production of automobiles in this region.
By Component - The Automobile Electronics Market Report is segmented into Sensors (Temperature, Pressure, Speed, Position and Others), Printed Circuit Boards, Memory, Micro-controllers (8-bit, 16-bit and 32-bit), Microprocessors, Display, Lighting and Others. Sensor components are analysed to hold highest share 27.12% in 2021 owing to the wide range of applications it offers and that tend to enhance the safety of the driver.
By Application - Asia-Pacific is analysed to be the major region with a share of 35% in 2021 for the Automobile Electronics Market owing to the availability of leading market players for the Automobile Electronics Market coupled with increasing production of automobiles for various segments in this region.
By Geography - APAC region dominated the global Automobile Electronics market with a share of 37% in 2021, attributed to the growing utilization of Automobile Electronics in electric vehicles for EV charging, increasing adoption of GaN power ICs in various consumer electronic devices and so on.
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The top 5 players in the Automobile Electronics Industry are -
1. Robert Bosch AG
2. Continental AG
3. National Semiconductor
4. NXP Semiconductors N.V.
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