Automotive Electronics Market by Component, Material, Application and Forecast to 2030

According to the latest publication from Meticulous Research®, the automotive electronics market is projected to reach $361.6 billion by 2030, at a CAGR of 6.7% during the forecast period of 2023 to 2030. The growth of this market is attributed to the surge in vehicle electrification, the increasing need for energy-efficient electronic devices, and the rising demand for safety and control systems. In addition, the growing demand for ADAS & AD and the high demand for adaptive lighting systems in passenger and entry-level SUVs are expected to offer significant opportunities for the growth of this market. However, the high cost of electronic systems hampers the growth of this market. In addition, fluctuating raw material prices is a major challenge to the growth of this market.