Global automotive electronics market worth $352bn by 2023

Automotive electronics market size was valued $185.05bn in 2015 and is anticipated to reach $352.92bn by 2023, as per a new research report by Global Market Insights. This can be attributed to mounting scope of these equipments in end use industries.

Rising emergence of lithium-ion batteries coupled with electronic compressors for hybrid as well as electric vehicles is being optimised in order to minimise the production cost. Lack of indulgent concerning interaction between OEM management and subsystems is expected to challenge the demand growth over the forecast period. However, preventive measures undertaken by countries to curb fatalities will provide opportunities for industry players.

Safety systems market was valued over $52.39bn in 2015 and had a forecast gain of 100bn by 2023, at around 8.5% from 2016 to 2023. ADAS accounted major automotive electronics market share in 2015, with estimation forecast of $56bn by 2023, growing at a CAGR of over 13%. This can be primarily attributed to increasing safety systems installed in electric and hybrid vehicles on account of mandatory ADAS.

Regional outlook:
Asia Pacific automotive electronics market was valued around $72.63bn in 2015 and is expected to reach $145.58bn by 2023. The region is likely to grow at a CAGR of 9.1% over the forecast period. This can be attributed to mounting need for tailored features in electric vehicles, enhancement in product quality and reduction in manufacturing cost.

North America region was valued $41.73bn in 2015 and is likely to account 22.95% market share by 2023. This can be attributed to increasing customers need for safety, comfort and convenience.

Powertrain automotive electronics market accounted for 20.88% of total shares in 2015 and is likely to reach $59.39bn by 2023. Flourishing need for ECU production, better drivability and cost effectiveness in order to congregate emission norms is expected to drive the demand.

Competitive analysis:
Automotive electronics market was lead by top two key players occupying majority of shares. Bosch and Continental AG were the leading manufactures. Several other major participants include Delphi, ZF Friedrichshafen, TRW and Denso.