NEW YORK, Feb. 22, 2023 /PRNewswire/ — Major players in the motor vehicle electrical and electronic equipment market are Bosch, General Motors Corp., Tenneco, DENSO Manufacturing Tennessee, Delphi Corp, Hyundai, Hella, Technitrol Delaware Inc, Ford Motor Co., and Technitrol Delaware Inc.
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The global motor vehicle electrical and electronic equipment market will grow from $171.37 billion in 2022 to $190.32 billion in 2023 at a compound annual growth rate (CAGR) of 11.1%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The motor vehicle electrical and electronic equipment market is expected to grow to $284.26 billion in 2027 at a CAGR of 10.5%.
The motor vehicle electrical and electronic equipment market consist of sales of power windows, power steering, headlights and other exterior lights, windshield wipers, and defroster.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia Pacific was the largest region in the motor vehicle electrical and electronic equipment market in 2022.Western Europe was the second largest market inmotor 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, the Middle East, and Africa.
The main types of motor vehicle electrical and electronic equipment are lighting equipment, automatic voltage and voltage-current regulators, insulated ignition wiring sets, generators for internal combustion engines, spark plugs for internal combustion, and other types.Lighting equipment refers to the electronic equipment that is considered for usage in motor vehicles.
The various vehicle types include two-wheelers, passenger cars, and commercial vehicles. The various vehicle classes are mid-priced and luxury.
The motor vehicle electrical and electronic equipment market is driven by the increase in the demand for safer vehicles equipped with electrical and electronic safety equipment to minimize the risk of road accidents.The rise in the number of accidents is a result of reckless driving, over speeding, a decline in following traffic rules, and drunken driving.
Electrical and electronic systems such as anti-lock braking systems (ABS) increase the safety of the vehicle by preventing wheels from locking up during a fast-breaking process.For instance, NHTSA (National Highway Traffic Safety Administration) estimates 8,730 people died in motor vehicle crashes in the first three months of 2021 in its most recent report, Early Estimate of Motor Vehicle Traffic Fatalities.
This figure was up by 10.5% as compared to the 7,900 fatalities projected by the agency for the first quarter of 2020 . Hence, the global new car assessment programme (Global NCAP) has initiated a goal of the UN Decade of Action for Road Safety and also establishes new goals for 2030 to avoid these road crashes and maintain safety. The demand for vehicles that are less prone to accidents has a positive impact on the growth of the motor vehicle electrical and electronic equipment market.
The risk of life-threatening accidents due to the failure of electrical and electronic equipment in motor vehicles has a negative impact on the growth of the motor vehicle electrical equipment market.Any malfunctions with the electrical systems in the vehicles can lead to serious accidents.
As reported by the U.S. Department of Transportation’s National Highway Traffic Safety Administration, an agency of the U.S. federal government, electrical system failure was the cause of 21% of motor vehicle accidents. In 2020, Toyota and Honda will recall over 6 million vehicles globally, which is a danger to travelers. The Toyota recall affects about 3.4 million vehicles globally and is being done because the airbags may not expand in a crash. Honda’s recall covers approximately 2.7 million vehicles in the US and Canada with Takata airbag inflators. The risk involved with the failure of electrical and electronic equipment in motor vehicles restricts the growth of the market.
Motor vehicle electrical and electronic equipment manufacturers are investing in improving the electronic sensors used in motor vehicles such as cars and trucks to increase visibility and awareness.Some vehicle sensors include ambient light, battery current, differential oil temperature, door open warning, anti-lock braking system (ABS), auto door lock position, battery temperature, brake power booster.
Companies involved in the market are now developing sensors to help improve battery life in cars.For instance, in May 2022, Continental AG, a German automotive parts manufacturing company launched new sensors for electric vehicles, the Current Sensor Module (CSM) and Battery Impact Detection (BID).
These two solutions are focused on protecting batteries and/or preserving battery parameters. A compact, single-unit CSM measures current independently by integrating both shunt technology and hall technology to support strict functional safety requirements The improvement in sensor technology marks the latest trend among the companies involved in the motor vehicle electrical and equipment market
In June 2021, Hyundai Motor Group, a company manufacturing automotives based in South Korea, acquired Boston Dynamics Inc. for a deal amount of 1.1 billion. With this acquisition, the Hyundai Group expands its strategic transformation into a smart mobility solution provider and has invested substantially in the development of future technologies, including artificial intelligence (AI), autonomous driving, urban air mobility (UAM), smart factories, and robots. Boston Dynamics Inc., a company operating in motor vehicle electrical and electronic equipment specializing in robots, is based in the United States.
The countries covered in the motor vehicle electrical and electronic equipment market include Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The motor vehicle electrical and electronic equipment market research report is one of a series of new reports that provides motor vehicle electrical and electronic equipment market statistics, including motor vehicle electrical and electronic equipment industry global market size, regional shares, competitors with a motor vehicle electrical and electronic equipment market share, detailed motor vehicle electrical and electronic equipment market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle electrical and electronic equipment industry. This motor vehicle electrical and electronic equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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