The Automotive Electronics Market size is expected to be worth around US$ 493.71 billion by 2028, according to a new report by Vision Research Reports.
The global Automotive Electronics market size was valued at US$ 248.86 billion in 2020 and is anticipated to grow at a CAGR of 9.02% during forecast period 2021 to 2028.
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Growth Factors
Increasing automotive production across emerging economies, coupled with the growing demand for luxury and hybrid vehicles is anticipated to drive the growth. Additionally, the availability of advanced safety systems with features such as automatic emergency braking, and blind-spot detection at a reduced cost is leading to an increase in the integration of these systems. This, in turn, is also expected to boost the adoption of Engine Control Units (ECUs) and sensors used in these systems, subsequently fueling the market growth.
Moreover, to bring down the number of road accidents, governments are also regulating the use of Advanced Driver-Assistance Systems (ADAS) in vehicles. For instance, the New Car Assessment Program mandates the use of advanced active and passive safety systems, such as automatic emergency braking and lane departure warning, in China, U.S., and Europe. The Indian government also allows the use of certain low-frequency bands that can help automotive manufacturers to use radar-based systems for installing ADAS features in vehicles....
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