Insights Into The Motor Vehicle Electrical and Electronic Equipment Market’s Growth Opportunities Through 2023-2032 – Includes Motor Vehicle Electrical and Electronic Equipment Market Share
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increase in the demand for safer vehicles equipped with electrical and electronic safety equipment are expected to drive innovation in motor vehicle electrical and electronic equipment manufacturing, thus driving the market during the forecast period.
The global motor vehicle electrical and electronic equipment market is expected to grow from $171.37 billion in 2022 to $190.32 billion in 2023 at a compound annual growth rate (CAGR) of 11.1%. The global motor vehicle electrical and electronic equipment market size is expected to grow to $284.26 billion in 2027 at a CAGR of 10.5%.
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Global Motor Vehicle Electrical And Electronic Equipment Market Segments Include:
- By Product Type: Lighting Equipment, Automatic Voltage And Voltage-Current Regulators, Insulated Ignition Wiring Sets, Generators For Internal Combustion Engines, Spark Plugs For Internal Combustion, Other Product Types
- By Vehicle Type: Two-Wheelers, Passenger Cars, Commercial Vehicles
- By Vehicle Class: Mid-Priced, Luxury
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global motor vehicle electrical and electronic equipment market in 2021.
Major Market Players in the motor vehicle electrical and electronic equipment market include Bosch, General Motors Corp., TenneCo., DENSO Manufacturing Tennessee, Delphi Corp., Hyundai, Hella, Technitrol Delaware Inc.
Motor vehicle electrical and electronic equipment manufacturers are investing in improving the electronic sensors used in motor vehicles such as cars and trucks to increase visibility and awareness. Some vehicle sensors include ambient light, battery current, differential oil temperature, door open warning, anti-lock braking system (ABS), auto door lock position, battery temperature, brake power booster. Companies involved in the market are now developing sensors to help improve battery life in cars. For instance, in May 2022, Continental AG, a German automotive parts manufacturing company launched new sensors for electric vehicles, the Current Sensor Module (CSM) and Battery Impact Detection (BID). These two solutions are focused on protecting batteries and/or preserving battery parameters. A compact, single-unit CSM measures current independently by integrating both shunt technology and hall technology to support strict functional safety requirements The improvement in sensor technology marks the latest trend among the companies involved in the motor vehicle electrical and equipment market.
The Motor Vehicle Electrical and Electronic Equipment Global Market Report 2023 provides a motor vehicle electrical and electronic equipment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The motor vehicle electrical and electronic equipment market forecast analyzes motor vehicle electrical and electronic equipment market size, motor vehicle electrical and electronic equipment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Motor vehicle electrical and electronic components are electrically regulated components that draw power from the batteries and feed it back through the furnace to the battery.
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