The global Car Electrical Products market gathered revenue around USD 71.23 billion in 2021 and market is set to grow USD 164.91 billion by the end of 2030 and is estimated to expand at a modest CAGR of 8.24% during the prediction period 2022 to 2030.
Growth Factors:
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$ 51.9 Bn by 2030, expanding at a CAGR of 8.31%. 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.
Report Coverage
Car Electrical Products: Market Drivers
· Rising vehicle sales and increasing implementation of government regulations and policies in several countries aimed at making vehicles more fuel-efficient and safer are key factors driving the market. The driver assistance system technology is estimated to be integrated in vehicles at a rapid pace in the next few years. This can be attributed to the requirement for driver assistance systems, owing to an increase in deployment of autonomous vehicles around the world. Driver assistance systems are necessary for driving comfort, particularly the ones equipped with level 5 automation features. Sale of automotive electrical components is projected to rise sharply, owing to the increasing deployment of these vehicles across the world.
· The technology to connect vehicles is also likely to propel the demand for electrical components in vehicles. This is estimated to boost the manufacturing of electrical products across the globe, which, in turn, is anticipated to fuel the car electrical products market.
· Asia Pacific was a prominent consumer of automotive electronic components in 2021. This was due to the significantly high production of automobiles in countries, such as India, China, South Korea, and Japan, owing to the abundant availability of affordable labor and raw materials. Consequently, several leading automakers all over the world have established manufacturing plants in countries in the region, which has made vehicles cheaper for consumers.
Car Electrical Products Market: Challenges
· The COVID-19 pandemic has severely impacted the automotive industry across the world. Disruptions in supply chain activities, interruption in large-scale manufacturing, restrictions on travel, and declining sales of light vehicles in 2021, were responsible for contraction of the market. However, the global spread of the pandemic is expected to have a significant impact post the lockdown period, and companies are expected to face challenges such as revenue losses, unavailability of the workforce, and unavailability of raw materials.
· High demand for car electrical products is likely to boost the cost of the individual vehicle by 20.2%. Moreover, rising prices of raw material is also estimated to propel the prices of vehicles.
Car Electrical Products Market: Segmentation
· The car electrical products market has been segmented based on vehicle type, category, and region & country
· Based on vehicle type, the car electrical products market has been primarily segmented into compact, mid-size, luxury, and SUV. The mid-size segment is estimated to expand at a notable CAGR during the forecast period. Rapid expansion of the segment can be primarily attributed to an increase in adoption of individual cars, commercial cars, and cab service. The same mid-size segment of the electric vehicle market is projected to expand considerably owing to the moderate price range and it being a high convenient vehicle segment to drive on city roads.
· Based on category, the automotive climate control system is an advanced version of air conditioning systems in vehicles. The climate control segment is predicted to reach a value of US$ 36. 261 Bn by 2030, expanding at a CAGR of 7.10% during the forecast period. The climate control system controls the temperature and humidity level in the cabin of vehicles. The climate control system provides a comfortable seating environment inside vehicles. Furthermore, demand for automatic climate control system is increasing in upcoming new cars.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players 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
· ZF Friedrichshafen AG
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Global Car Electrical Products Market: Segmentation
· Car Electrical Products Market, by Vehicle Type
o Compact
o Mid-size
o Luxury
o SUV
· Car Electrical Products Market, by Category
o Climate Control
o Driving Support & Security
o Hybrid and Electric Vehicles Parts
o ECU/Sensors
o Others
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Car Electrical Products market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Car Electrical Products market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Car Electrical Products markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Car Electrical Products Market Study:
- Growth of Car Electrical Products in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Car Electrical Products and How to Navigate
- Key Product Innovations and Regulatory Climate
- Car Electrical Products Consumption Analysis
- Car Electrical Products Production Analysis
- Car Electrical Products and Management
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