The automotive electronics market is anticipated to reach USD 249.653 Billion in 2023 and then increase at a CAGR of 4.6% to USD 391.43 Billion between 2023 and 2033. The automotive electronics demand increased due to the increased integration and implementation of modern safety systems, including automated airbags, parking assistance systems, emergency braking, and lane departure warning to reduce traffic accidents.
In-vehicle passenger safety features such as alcohol ignition interlocks, emergency call systems, and accident data recorder systems are being quickly implemented, and they are anticipated to propel market expansion for automotive electronics over the projection period.
Role of IoT and AI in the Evolution of Automobile:
The growth of IoT and AI has changed car functionalities, according to market trends for automotive electronics. It has improved the ride assistance systems and boosted driver communication with the vehicle during the last year. The rise of the automotive electronics business is fueled by the inclusion of cameras and sensors in automobiles, which aid drivers in parking their cars or using other nearby features.
Increased Need for In-Vehicle Safety Technology:
Automobile electronic components are necessary because car safety regulations are becoming more stringent in different parts of the world, and consumers are becoming more aware of car safety features.
Airbags are standard equipment on all but the most affordable models of vehicles. In contrast, the most expensive models have cutting-edge safety technologies like autonomous emergency braking and sleep recognition. This should present a profitable automotive electronics market opportunity.
A Sharp Rise in Vehicles Embracing Automated Driving:
Artificial intelligence has improved autos thanks to its development. These self-driving cars recognize danger and gauge the tension of the driver. Radars and other sensors are used by self-driving autonomous vehicles to sense their environment. Advanced control systems use sensory data to determine the best routes to take, obstacles, and pertinent signage.
Major Takeaways:
Competitive Landscape:
Major automotive electronics manufacturers spend much on research and development to diversify their product lines, propelling the automotive electronics market even higher.
The automotive electronics manufacturers are engaging in various strategic measures to extend their worldwide footprint. These measures include important industry changes such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
The top 10 Leading Manufacturers in Automotive Electronics Market:
Latest Advancements:
Texas Instruments, a renowned semiconductor manufacturer, partnered with Smart Eye, an AI firm specializing in human insight, in March 2023. The partnership's goal was to give manufacturers creative interior sensing technologies that improved driver safety and the in-cabin experience.
Renesas Electronics Corporation announced its collaboration with Microsoft to hasten the development of connected cars in January 2021. As a development environment for the MCVP (Microsoft Connected Vehicle Platform), Renesas' R-Car Starter Kit, built on the R-Car Automotive SoC, is now available.
Automotive Electronics Market Segmentation:
By Application:
By Vehicle:
By Region:
Read More: https://www.futuremarketinsights.com/reports/automotive-electronics-market
Post articles and opinions on Manchester Professionals
to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.
