Automotive Electronics Market Forecast 2023-2027: Estimated Market Size, Growth Drivers And Lucrative Segment - By The Business Research Company
LONDON, Oct. 6, 2023 /PRNewswire/ -- As per The Business Research Company's Automotive Electronics Global Market Report 2023, the automotive electronics industry is witnessing unprecedented growth, with the global market poised to reach $279.13 billion in 2023, compared to $254.59 billion in 2022, representing an impressive compound annual growth rate (CAGR) of 9.6%. Furthermore, the automotive electronics market is projected to expand to $382.78 billion by 2027, at a CAGR of 8.2%.
- Furthermore, the automotive electronics market is projected to expand to $382.78 billion by 2027, at a CAGR of 8.2%.
- The surge in demand for electric vehicles (EVs) is a primary driver of the automotive electronics market .
- The automotive electronics market is characterized by a concentration of major players, with the top ten competitors accounting for 48.50% of the total market in 2022.
- The automotive electronics market in Asia-Pacific is bolstered by the rise of autonomous technologies and significant demand for electric vehicles.