September 22, 2022 10:15 ET | Source: Verified Market Research Verified Market Research
Boonton, New Jersey, UNITED STATES
Jersey City, New Jersey, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Automotive Electronic Market” By Component (Electronic Control Unit, Sensors, Current-Carrying Devices), By Application (ADAS, Infotainment, Body Electronics), and By Geography.
Automotive Electronic Market size was valued at USD 4.59 Billion in 2020 and is projected to reach USD 8.12 Billion by 2028, growing at a CAGR of 7.48% from 2021 to 2028, according to the most recent study from Verified Market Research.
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Global Automotive Electronic Market Overview
Automotive electronics are defined as the electronically operating systems used in vehicles. These systems are used in Electronic fuel injection, airbag, advanced driver assistance, and infotainment in order to enhance the overall efficiency of the combined system. Automotive electronics can be subjected to more extreme temperature ranges than commercial. These electronic systems have applications in various segments including Engine electronics, Transmission electronics, Chassis Electronics, Driver assistance, Entertainment systems, and Electronic Integrated Cockpit systems.
The growing popularity of electric & hybrid vehicles, technological advances in vehicles, and government initiatives in the developed countries are expected to drive the Automotive Electronic Market over the predicted years. Also, the increasing adoption of advanced safety systems such as automatic emergency braking systems & emergency call systems, increasing disposable income, and rapid urbanization expects a boosted market in the coming years.
Moreover, growing R&D activities for developing high-performance components to improve fuel efficiency and emission control are predicted to fuel the market during the forecasted period. There are certain restraints and challenges faced which can hinder the market growth. Issues of loss of critical vehicular information through automotive electronics might hinder the overall market at a global level.
The “Global Automotive Electronic Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are
Based on the research, Verified Market Research has segmented the global Automotive Electronic Market into Component, Application, and Geography.
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Top Automotive Sensor Companies delivering proper safety tools to highway drivers
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