Automotive Electronics Market Size, Share, Growth Analysis, By Component(Electronic Control Unit, Sensors, Current Carrying Devices, Others), By Vehicle Type(Passenger Cars, Commercial Vehicles, Others), By Region - Industry Forecast 2024-2031

Automotive Electronics Market size was valued at USD 225.4 billion in 2019 and is poised to grow from USD 244.9 billion in 2023 to USD 468.2 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).

Automotive industry refers to all businesses and initiatives concerned with the production of motor vehicles, including the majority of its parts, such as their bodywork and engines, but excluding their tyres, batteries, and gasoline. Passenger cars and light trucks, including pickups, vans, and sport utility vehicles, are the main products of the sector. Despite being crucial to the business, commercial vehicles (such as delivery trucks and huge transport trucks, sometimes known as semis), are only second. The articles automobile, truck, bus, and motorbike cover the design of contemporary automobiles, while the articles gasoline engine and diesel engine describe automobile engines. Transportation, History of: The Rise of the Vehicle discusses the development of the automobile.

The adoption of IoT and AI in automobiles, the availability of automated vehicles, the desire for in-vehicle safety features, and the rise in entertainment feature demand are some of the factors that are boosting the automotive electronics market share, according to the industry. On the other hand, the low adoption of automotive electronics in recently industrialized nations and the rise in the overall cost of the finished product as a result of the integration of automotive electronics restrain the market's expansion. Additionally, the market for automotive electronics is anticipated to benefit greatly from investments made in smart grids for autonomous car technology.

US Automotive Electronics Market is poised to grow at a sustainable CAGR for the next forecast year.