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Automotive Electronics Market Analysis
- Report ID: GMI183
- Published Date: Jan 2023
- Report Format: PDF
Automotive Electronics Market Analysis
Automotive electronics market share from commercial vehicles is poised to observe 5% growth during 2023 to 2032. The commercial vehicle sector is evolving at a stellar rate with the introduction of advanced autonomous and electric vehicles. Businesses in the transport and commercial logistics industry are heavily relying on connectivity solutions to streamline their operations. The use of features like electronic traction control, adaptive distance-control systems and ADAS, in heavy commercial vehicles will influence product demand.
In addition, in September 2022, Xos, Inc., a leading technology company, unveiled a suite of ADAS features that will be rigged into all Xos stepvans moving forward as a standard feature. Advancements like these will propel the usage of automotive electronics in commercial vehicles.
The industry size from the powertrain application segment is predicted to witness nearly 9% gains through 2032. Automotive production has increased in developing regions like Brazil, India and Mexico. Several regional and national regulatory organizations have introduced new guidelines to encourage automakers to employ cutting-edge production methods. These new manufacturing technologies will speed up powertrain assembly that enables companies to follow regulations.
Asia Pacific region captured around 40% share of the global automotive electronics market in 2022. Countries like India and China hold the presence of leading automakers. According to the Society of Indian Automobile Manufacturers, India is one of the third-largest auto sectors in the globe. The addition of advanced automotive features is aiding automakers to attract new customers and garner sales. Automakers are putting more emphasis on using electronics to adhere to stricter regulations, improve product quality, decrease production costs, and personalize car features.
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Automotive Electronics Market Scope
