Automotive Electronic Components Market Size, Share, Growth, and Industry Analysis by Type (Active Components, Passive Components‎), by Application (Engine System, Driving and Safety Systems, Body System, Entertainment System, Other), and Regional Insights and Forecast to 2032

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AUTOMOTIVE ELECTRONIC COMPONENTS MARKET OVERVIEW

Global automotive electronic components market size was anticipated to be valued at USD 54.93 billion in 2023, with a projected growth to USD 91.21 billion by 2032 at a CAGR of 5.8% during the forecast period.

Automotive electronic components refer to the automatic devices and systems amalgamated in automobiles for several functions such as regulatory engine systems, managing powertrain, and augmenting safety, improving connectivity, and providing entertainment. These components play a vital part in safeguarding the smooth procedure and presentation of automobiles. General electronic components market progression is obsessed by increasing semiconductor and passive components demand from several industries comprising consumer electronics, motorized, trade and telecommunication. The reduction of devices and emphasis on power proficiency upsurges utilization of several electronic components. Growing technologies such as artificial intelligence, 5G, and Internet of Things is moreover generating novel prospects for component suppliers to improve innovative solutions.

The automotive business is rising dependency on electronic systems forms chances for component manufacturers. With the upsurge of electric vehicles there is an intensifying demand for components such as power electronics, battery management systems, sensors, and connectivity solutions. Developing components that progress productivity, safety, connectivity, and autonomous driving capabilities can furnish to the surfacing automotive market. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 IMPACT

Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

Use Of Innovative Products To Boost The Market Growth

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

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AUTOMOTIVE ELECTRONIC COMPONENTS MARKET SEGMENTATION

By Type

According to type, the market can be segmented into active components, passive components

Active components will capture the maximum market share through forecast period.  

• Active components: Active constituents embraces devices that need an external source of energy to execute their purposes such as transistors and integrated circuits.

• Passive components: Passive electronic components do not necessitate an external source of energy and embrace devices like resistors and capacitors.  Passive components are vital for providing firmness, clarifying sound, and monitoring voltage and current in automotive electronic systems.

By Application

According to application, the market can be segmented into engine system, driving and safety systems, body system, entertainment system, other

Automotive electronic components market players cover segment as food processing will dominate the market share during forecast period.

• Engine system: The Engine System utilizes electronic components for efficient fuel injection, ignition control, and engine management.

• Driving and safety systems: Driving and safety systems embraces electronic components linked to driving aid, security features, and automobile dynamics controller.

• Body system: Electronic components in the body system are responsible for functions related to vehicle comfort, convenience, and security.

• Entertainment system: Entertainment system contains electronic components linked to in-car amusement, communication, and connectivity.

• Other: This category includes various electronic components such as lighting systems, powertrain modules, chassis control systems, and electric vehicle components.

DRIVING FACTORS

Increasing Demand For Connectivity To Boost The Market Growth

With the rise of IoT devices and the necessity for continuous connectivity there is an augmented demand for components that allow wireless communication. This embraces components such as RF components, Bluetooth & Wi-Fi components, and cellular communication components. The demand for high-speed data transfer, low power consumption, and vigorous connectivity solutions carry on to upsurge. 

Technological Advancement and Innovation To Upsurge The Market

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the automotive electronic components market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Continuous progressions in technology such as the improvement of lesser and more proficient electronic components motivate the market development. Improvements in areas like semiconductors, detectors, memory chip, and wireless communication technologies generate prospects for new presentations and enhance demand for advanced electronic components.

RESTRAINING FACTOR

Supply Chain Interruptions To Hamper The Market Growth

The automotive industry is prone to supply chain interruptions, comprising shortages of critical electronic components due to features such as natural tragedies, geopolitical pressures, or manufacturing concerns. These interruptions can lead to interruptions in automobile making and augmented costs. Technical difficulties will reduce the industry revenue.

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AUTOMOTIVE ELECTRONIC COMPONENTS MARKET REGIONAL INSIGHTS

North America to Dominate the Region Due To Technological Improvements

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa. 

North America is further expected to witness growth in the automotive electronic components market share. The region is dominating the market due to technological improvements, sturdy research and growth events. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

Key Players Focus On Partnerships To Gain Competitive Advantage

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List of Top Automotive Electronic Components Companies

• Infineon (Germany)
• Texas Instruments (U.S.)
• STMicroelectronics (Switzerland)
• Bosch (Germany)
• Toshiba (Japan)

INDUSTRIAL DEVELOPMENT

March 2023: Texas Instruments a renowned semiconductor manufacturing company announced a collaboration with human insights AI organisation called Smart Eye.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.