The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The motor vehicle electrical and electronic equipment market has experienced robust growth in recent years, with a trajectory set to continue. The market is anticipated to surge from $186.73 billion in 2023 to $203.83 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 9.2%. Projections for the forecast period suggest sustained momentum, with an estimated growth to $288.14 billion by 2028 at a CAGR of 9.0%. Several factors contribute to this upward trend, reflecting the dynamic evolution within the automotive industry.

Historical Growth Drivers

• Rise of the Automobile Industry: The historical growth of the market is intricately linked to the flourishing automobile industry.
• Electrification of Vehicle Functions: Advancements in electrifying vehicle functions have played a pivotal role in historical market expansion.
• Consumer Electronics Integration: The integration of consumer electronics within vehicles has been a driving force for market growth.
• Regulatory Requirements: Stringent regulatory requirements have necessitated advancements in vehicle electronics to meet compliance standards.
• Advancements in Computer Technology: Ongoing progress in computer technology has been a catalyst for historical growth.

Anticipated Growth Factors

• Shift to Electric Vehicles (EVs): The transition to electric vehicles is expected to be a key driver for the motor vehicle electrical and electronic components market.
• Electric and Hybrid Vehicle Growth: The growth of electric and hybrid vehicles will significantly contribute to market expansion.
• Autonomous Vehicles: The rise of autonomous vehicles necessitates sophisticated electronic components, driving market growth.
• Connectivity and IoT Integration: Increasing emphasis on connectivity and Internet of Things (IoT) integration will fuel market growth.
• Environmental Regulations: Stringent environmental regulations will drive demand for eco-friendly electronic solutions.

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Major Trends in the Forecast Period

• Advanced Driver Assistance Systems (ADAS): Growing emphasis on ADAS technologies will reshape the automotive electronics landscape.
• Cybersecurity in Vehicles: With the increasing complexity of electronic systems, cybersecurity in vehicles becomes paramount.
• Vehicle-to-Everything (V2X) Communication: Enhanced communication between vehicles and their surroundings will be a prevailing trend.
• Electrification of Auxiliary Systems: Beyond propulsion, auxiliary systems within vehicles will undergo electrification.
• User Interface and Human-Machine Interaction: Improved user interfaces and human-machine interaction will enhance driving experiences.

Shift to Electric Vehicles (EVs): A Driving Force

The transition to electric vehicles (EVs) emerges as a central catalyst for the growth of motor vehicle electrical and electronic components. With global electric car sales surpassing 10 million in 2022, accounting for 14% of overall sales, the shift to EVs is evident. This surge is anticipated to continue, with projections of 14 million electric car sales by the close of 2023, driven by a substantial increase in new purchases.

Advancements in Vehicle Sensor Technology

• Focus on Electronic Sensors: Manufacturers are investing in improving electronic sensors used in motor vehicles to enhance visibility and awareness.
• Battery Life Improvement: Sensor development includes innovations to improve battery life, addressing a crucial aspect of electric vehicles.
• Continental AG’s Initiatives: In May 2022, Continental AG launched advanced sensors for electric vehicles, focusing on preserving battery parameters and ensuring functional safety.

Hyundai’s Strategic Move: Acquiring Boston Dynamics

In a strategic move in June 2021, Hyundai Motor Group acquired Boston Dynamics Inc., a U.S.-based company specializing in robotics. This $1.1 billion acquisition signifies Hyundai’s commitment to becoming a smart mobility solution provider, investing in technologies such as artificial intelligence, autonomous driving, urban air mobility, smart factories, and robots.

Market Segmentation: Unveiling Complexity

The motor vehicle electrical and electronic equipment market is segmented based on:

1. Product Type: Lighting Equipment, Automatic Voltage and Voltage-Current Regulators, Insulated Ignition Wiring Sets, Generators for Internal Combustion Engines, Spark Plugs for Internal Combustion, and Other Product Types.
2. Vehicle Type: Two-Wheelers, Passenger Cars, and Commercial Vehicles.
3. Vehicle Class: Mid-Priced and Luxury.

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The Motor Vehicle Electrical and Electronic Equipment Global Market Report 2024  provides an overview of the motor vehicle electrical and electronic equipment market 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 and their market positions.

The Table Of Content For The Motor Vehicle Electrical and Electronic Equipment Market Include:

1. Motor Vehicle Electrical and Electronic Equipment Market Executive Summary
2. Motor Vehicle Electrical and Electronic Equipment Market Segments
3. Motor Vehicle Electrical and Electronic Equipment Market Size And Motor Vehicle Electrical and Electronic Equipment Market Growth Rate
4. Key Motor Vehicle Electrical and Electronic Equipment Market Trends
5. Major Motor Vehicle Electrical and Electronic Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Motor Vehicle Electrical and Electronic Equipment Market
26. Top Motor Vehicle Electrical and Electronic Equipment Companies
27. Motor Vehicle Electrical and Electronic Equipment Market Opportunities And Strategies
28. Motor Vehicle Electrical and Electronic Equipment Market, Conclusions And Recommendations
29. Appendix

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