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Automotive Electronics Market Technological Advancements, Evolving Industry Trends and Insights

The growing deployment of electric and autonomous vehicles is also driving the demand for automotive electronics across the world. As per the International Energy Agency (IEA), 3 million new electric cars were registered around the world in 2020, recording a 41% growth from 2019. The organization also reported that the sales of electric cars reached 2.1 million in 2019, which boosted the global electric car stock to 7.2 million units.

Apart from the aforementioned factors, the soaring incorporation of advanced driver assistance systems (ADAS) in automobiles, on account of the increasing prevalence of road accidents, is also creating growth opportunities for automotive electronic manufacturers across the world. The World Health Organization (WHO) reports that around 1.3 million deaths are caused every year because of road crashes. 


As these systems massively mitigate the chances of human errors and driver negligence, they are being increasingly integrated in automobiles by automakers.This is, in turn, propelling the sales of automotive electronics, thereby causing the expansion of the global automotive electronics market. Current carrying devices, electronic control units (ECUs), and sensors are the most widely used automotive electronics around the world.

According to the forecast of the market research company, P&S Intelligence, the market revenue will rise from $235.7 billion in 2019 to $615.3 billion by 2030. The market is also predicted to exhibit a CAGR of 9.3% from 2020 to 2030. Out of these, the demand for current carrying devices is predicted to rise at the fastest pace in the coming years. 

This will be because of the increasing incorporation of position and temperature sensors in automobiles. Position sensors are essential components of hybrid engines, pedals, clutch plates, and steering wheel. Geographically, the sales of automotive electronics are expected to shoot up in the Asia-Pacific (APAC) region in the forthcoming years, primarily because of the booming automobile sales in regional countries such as Indonesia, China, India, and South Korea.
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