Global Motor Vehicle Electrical and Electronic Equipment Market Trends 2024, Forecast To 2033
17 Jan, 2024
The motor vehicle electrical and electronic equipment market has displayed robust growth, climbing from $186.73 billion in 2023 to $203.83 billion in 2024, demonstrating a Compound Annual Growth Rate (CAGR) of 9.2%. This growth is attributed to the rise of the automobile industry, the electrification of vehicle functions, the integration of consumer electronics, regulatory requirements, and advancements in computer technology. Projections indicate sustained strong growth for the motor vehicle electrical and electronic equipment market, with an anticipated surge to $288.14 billion in 2028 at a CAGR of 9.0%. Contributing factors include the growth of electric and hybrid vehicles, the advent of autonomous vehicles, increased connectivity and IoT integration, adherence to environmental regulations, and the electrification of commercial vehicles. Major trends in the forecast period encompass advanced driver assistance systems (ADAS), cybersecurity in vehicles, vehicle-to-everything (V2X) communication, the electrification of auxiliary systems, and advancements in user interface and human-machine interaction.
Global Motor Vehicle Electrical and Electronic Equipment Market Key Driver
The motor vehicle electrical and electronic equipment market grows with increased demand for safer vehicles equipped with advanced safety features. Rising road accidents, attributed to various factors, underscore the importance of safety systems like anti-lock braking systems (ABS). Global initiatives for road safety and demand for accident-resistant vehicles contribute to market growth.
Get A Free Sample Of The Global Motor Vehicle Electrical and Electronic Equipment Market ReportGlobal Motor Vehicle Electrical and Electronic Equipment Market Segments
The motor vehicle electrical and electronic equipment market covered in this report is segmented –
1) 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
2) By Vehicle Type: Two-Wheelers, Passenger Cars, Commercial Vehicles
3) By Vehicle Class: Mid-Priced, Luxury
By Geography: The regions covered in the motor vehicle electrical and electronic equipment market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the motor vehicle electrical and electronic equipment market in 2023. Western Europe was the second largest region in the motor vehicle electrical and electronic equipment market. The regions covered in the motor vehicle electrical and electronic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Motor Vehicle Electrical and Electronic Equipment Industry Players
Bosch Limited, General Motors Corporation, Tenneco Inc., DENSO Manufacturing Tennessee Inc., Delphi Technologies Inc., Hyundai Motor Company, Hella GmbH & Co. KGaA, Technitrol Delaware Inc., Ford Motor Company, Honeywell International Inc., Mars Incorporated, Raytheon Technologies Corporation, ZF Friedrichshafen AG, ITT Inc., Textron Inc., Cummins Inc., Infineon Technologies AG, Hitachi Ltd., HGM Automotive Electronics, Delta Electronics, Atotech Deutschland GmbH & Co. KG, JTEKT Corporation, Knorr-Bremse AG, Nexteer Automotive Group Limited, thyssenkrupp AG, Magna International Inc., Aisin Seiki Co. Ltd., Continental Automotive Systems Inc., Asama Coldwater Manufacturing Inc., Global Steering Systems LLC, Maval Industries LLC, American Showa Inc., Atsco Remanufacturing Inc., KYB Americas Corporation, Raytech Powertrain LLC
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Motor Vehicle Electrical and Electronic Equipment Market Overview
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.
Motor Vehicle Electrical and Electronic Equipment Global Market Report 2023 provides data on the global motor vehicle electrical and electronic equipment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The motor vehicle electrical and electronic equipment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.