The Europe Automotive Electronics Market would witness market growth of 8.6% CAGR during the forecast period (2023-2030).
The increasing popularity of Hybrid Electric Vehicles (HEV) and Electric Vehicles (EV) is also anticipated to increase demand for automotive electronics components. In addition, the alternative replacement of mechanical parts with electronic components, like installing electronic switches in place of a relay, is another way electronics may meet the diverse needs of the automotive sector, thereby improving reliability and reducing the weight of wire harnesses. In addition, technological advances in vehicle safety and government mandates to reduce road accidents are anticipated to increase demand throughout the forecast period. The increasing need for in-car infotainment systems due to their increased efficiency, comfort, and convenience drives the popularity of in-vehicle data storage for facilitating innovative features.
Furthermore, replacing mechanical components with electronic components, like electronic switches instead of relays, is another way electronics can satisfy the diverse needs of the automotive industry while enhancing dependability and lightning wire harnesses. Government regulations are anticipated to prevent traffic accidents, and technological advancements related to in-vehicle safety are also expected to increase demand.
Europe prioritizes vehicle safety and has been at the vanguard of ADAS promotion. The region has mandated that all new vehicles include safety features like automatic emergency braking and adaptive cruise control. These safety requirements necessitate incorporating sophisticated electronics into automobiles to facilitate these features, thus resulting in safer roads and enhancing the driving experience. It is anticipated that these factors will collectively contribute to the expansion of the regional market.
The Germany market dominated the Europe Automotive Electronics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $29,007.7 million by 2030. The UK market is exhibiting a CAGR of 7.7% during (2023 - 2030). Additionally, The France market would experience a CAGR of 9.4% during (2023 - 2030).
Based on Application, the market is segmented into Safety Systems, Powertrain Electronics, Infotainment, ADAS and Body Electronics. Based on Sales Channel, the market is segmented into OEM and Aftermarket. Based on Component, the market is segmented into Current Carrying Devices, Sensors, Electronic Control Unit and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Automotive Electronics Market is Projected to reach USD 470.6 Billion by 2030, at a CAGR of 9.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Continental AG, Robert Bosch GmbH, Sony Corporation, Aptiv PLC, Hyundai Mobis Co., Ltd. (Hyundai Motor), ZF Friedrichshafen AG, Infineon Technologies AG, Magna International, Inc., Aisin Corporation (Toyota Motor Corporation) and Koninklijke Philips N.V.
By Application
By Sales Channel
By Component
By Country
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