Car Electrical Products Market: Global Industry Analysis, Market Size, Opportunities And Forecast 2021-2031

 Car Electrical Products Market: Introduction

According to the report, the car electrical products market is projected to reach US$ 165.81 Bn by 2031, expanding at a CAGR of 8.22% during the forecast period. The car electrical products market was valued over US$ 68.83 Bn in 2020. Increasing integration and implementation of advanced safety systems, such as automatic emergency braking, airbags, parking assistance systems, and lane departure warning to decrease road accidents, is expected to boost demand for car electrical products during the forecast period. Furthermore, features such as good infotainment, emergency call systems, alcohol ignition interlocks, and accident data recorder systems are rapidly adopted to safeguard in-vehicle passengers, which, in turn, is projected to drive the market during the forecast period.

China, the world’s second largest economy, is projected to reach an estimated value of US$ 52 Bn by 2031, expanding at a CAGR of 8.61%. The outbreak of COVID-19 pandemic led to the shutdown of several companies, which negatively impacted manufacturing activities across the globe. Furthermore, lockdowns imposed by multiple government agencies to curb the spread of pandemic disrupted the supply chain. Shortage of electronic components has further hampered production, thus restraining the global market.

Expansion of Car Electrical Products Market

The car electrical products market in China is expanding at a rapid pace, followed by countries such as India, and South Korea. The market in Asia Pacific is projected to reach a value of US$ 77.62 Bn by 2031. New rules by governments enhancing vehicle safety are driving the usage of automotive electrical products in cars. Lane assist systems and adaptive cruise control are increasingly being integrated in vehicles to avoid accidents and account for nearly three-tenths of the overall vehicular costs. Therefore, adoption of infotainment systems for recreational purposes is also propelling the car electrical products market.

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Consumer demand and competitive pressure have compelled manufacturers to build greater intelligence into passenger cars. Furthermore, embedded vision systems capable of identification and real-time tracking have traditionally required highly specialized knowledge of image acquisition and processing techniques.

Regional Analysis of Car Electrical Products Market

In terms of region, the car electrical products market has been segregated into Europe, North America, Central & South America, Asia Pacific, and Morocco. Asia Pacific has been a leading region of the global car electrical market. In Asia Pacific, China is the leading country and countries such as Taiwan, South Korea, and Malaysia are developing gradually. However, the limited number of manufacturers of automotive electronics pose an excellent investment opportunity for regional suppliers to capitalize on the local demand, thereby making Rest of Asia Pacific an attractive place for investors.

Car Electrical Products Market Players

Prominent players operating in the car electrical products market include American Axle & Manufacturing, Art Metal Mfg. Co., Ltd., Bharat Forge, Bridgestone Corporation, Clarios, Continental AG, Denso Corporation, Faurecia, Linamar, Magna International Inc., Mahle GmbH, Michelin, Rheinmetall AG, Robert Bosch GmbH, Sanjo Machne Works, Tenneco Inc., ThyssenKrupp, Valeo SA, Yasunaga, and ZF Friedrichshafen AG.