According to a new market report published by Acute Market Reports, “Global Automotive Electronics Market (By Vehicle Class - Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles; By Component -  Electronic Control Unit, Sensors, Current Carrying Devices; By Application - Advanced Driver-Assistance System (ADAS), Infotainment, Body Electronics, Safety Systems and Powertrain; By Sales Channel – Original Equipment Manufacturer (OEM) and Aftermarket) - Growth, Future Prospects and Competitive Landscape, 2021 – 2029”, the global automotive electronics market is projected to generate a revenue of US$ 586.9 Bn by 2029, expanding at 6.98 % CAGR during the forecast period from 2021 to 2029.

Product Insights

Automotive electronics systems are incorporated in vehicles to improve the overall vehicle performance by optimizing fuel consumption, ignition time, inlet-exhaust valve timing and idle speed among others. These systems also find application in driver assistance, passenger comfort, safety systems and infotainment. Increase in demand for automatic systems in vehicles for the purpose of optimum performance and better passenger & driver safety are major factors driving the automotive electronics market. Similarly, government initiatives to implement global safety standards & norms along with growing penetration of electric and hybrid electric vehicles is likely to augment the automotive electronics market growth throughout the forecast period.

The global automotive electronics market, based on application was dominated by powertrain segment in 2020. Rapid transition in conventional powertrain systems is primarily credited to necessity for advanced energy-efficient systems. The segment growth is mainly accredited to the CO2 emission regulations for automotive industry. Rising number of norms and regulations have significantly increased the awareness among automotive manufacturers for producing lesser emission products. This in turn has led OEMs to develop more fuel-efficient vehicles by employing advanced powertrains and engines. Further, on the basis of geography, Asia Pacific led the automotive electronics market in 2020. Governing bodies across the region are implementing various schemes & policies that benefit the growth of automotive electronics market in Asia Pacific. For instance, Government of India has launched (FAME-India) scheme that offers incentives on manufacturing of electric and hybrid vehicles and development of electric transportation infrastructure.

Competitive Insights:

Major players in the automotive electronics market include Robert Bosch GmbH, Continental Corporation, Samsung Group, ZF Friedrichshafen AG, Autoliv, Inc., Denso Corporation, Delphi Technologies, Panasonic Corporation, Magna Infotech, General Electric, Materialise NV, Qualcomm Inc., NXP Semiconductors N.V. and Lisnr, Inc. among others. To sustain, succeed and grow in competitive market, automotive electronics system manufacturers are adopting various strategies. Development of technologically advanced products, mergers and acquisitions, joint ventures and partnership are among the major strategies preferred by key players to have an edge over competitors.

Browse the full report at https://www.acutemarketreports.com/report/automotive-electronics-market

The Global Automotive Electronics Market is Segmented into:

*Complete segmentation list is on report page