Over $600 Billion Revenue Expected in Global Automotive Electronics Market by 2030

by Deepak Kumar Sr. SEO Executive

The burgeoning sale of vehicles across the globe is one of the biggest factors fuelling the growth in demand for automotive electronics across the world. Nowadays, automotive electronics contribute to almost 35% cost of an automobile as compared to its 5% contribution in 1970.

Download Brochure With Technical Innovation :

This contributing share is predicted to rise to 50%, thereby causing huge sales of automotive electronics in the coming years. The Organisation Internationale des Constructeurs d’Automobiles (OICA) expects 95.1 million automotive sales in 2018.

The various automotive electronics components available in the market are electronic control unit (ECU), current carrying device, and sensor. Amongst these, the current carrying device components registered the highest demand in 2019. This is mainly attributed to the fact that an automobiles consists of nearly 200 electronic switches and fuses and a vehicle cannot function without them.

The other key factors boosting the demand for automotive electronics are the increasing implementation of various government initiatives and regulations for making the vehicles safe and fuel-efficient.

Powered by these factors, the global automotive electronics market is expected to generate revenue of $615.3 billion by 2030, which is a considerable increase from its valuation of $235.7 billion in 2019. The market is also forecasted to advance at a CAGR of 9.3% during the forecast period (2020—2030).

These components are also predicted to record the fastest growth in demand during the forecast period. Sensors are also expected to observe significant growth in demand in the coming years, primarily due to the rising integration of position and temperature sensors in vehicles.

Sponsor Ads

About Deepak Kumar Advanced   Sr. SEO Executive

133 connections, 0 recommendations, 367 honor points.
Joined APSense since, May 30th, 2017, From New York, United States.

Created on Apr 16th 2020 06:42. Viewed 314 times.


No comment, be the first to comment.
Please sign in before you comment.