PUBLISHER: The Business Research Company | PRODUCT CODE: 1713389
PUBLISHER: The Business Research Company | PRODUCT CODE: 1713389
Motor vehicle electrical and electronic equipment encompasses the systems and components in a vehicle that utilize electrical and electronic technology for functionality. These components are vital for ensuring the operation, safety, comfort, and connectivity of contemporary vehicles, serving a critical role in both traditional internal combustion engine vehicles and electric vehicles.
The primary types of motor vehicle electrical and electronic equipment include lighting equipment, automatic voltage and voltage-current regulators, insulated ignition wiring sets, generators for internal combustion engines, spark plugs for internal combustion engines, and various other components. Lighting equipment encompasses the electronic components used in vehicles for lighting purposes. Motor vehicle electrical and electronic equipment find applications across various vehicle types, including two-wheelers, passenger cars, and commercial vehicles. These vehicles can belong to different classes, such as mid-priced or luxury, depending on their features and specifications.
The motor vehicle electrical and electronic equipment Market research report is one of a series of new reports from The Business Research Company 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.
The motor vehicle electrical and electronic equipment market size has grown rapidly in recent years. It will grow from $206.4 billion in 2024 to $227.13 billion in 2025 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to rise of the automobile industry, electrification of vehicle functions, consumer electronics integration, regulatory requirements, advancements in computer technology.
The motor vehicle electrical and electronic equipment market size is expected to see strong growth in the next few years. It will grow to $323.66 billion in 2029 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to electric and hybrid vehicle growth, autonomous vehicles, connectivity and iot integration, environmental regulations, electrification of commercial vehicles. Major trends in the forecast period include advanced driver assistance systems (adas), cybersecurity in vehicles, vehicle-to-everything (v2x) communication, electrification of auxiliary systems, user interface and human-machine interaction.
The motor vehicle electrical and electronic equipment market is fueled by the growing demand for safer vehicles equipped with advanced electrical and electronic safety systems to reduce the risk of road accidents. Factors such as reckless driving, overspeeding, non-compliance with traffic regulations, and driving under the influence contribute to the increasing number of accidents. Safety systems like anti-lock braking systems (ABS) enhance vehicle safety by preventing wheel lock-up during rapid braking. For instance, in June 2022, the World Health Organization, a US-based specialized health agency, reported that nearly 1.3 million people die annually due to road traffic injuries. The increasing demand for vehicles with enhanced safety features positively impacts the growth of the motor vehicle electrical and electronic equipment market.
The transition to electric vehicles (EVs) is expected to drive the growth of the motor vehicle electrical and electronic components market in the future. EVs are powered by one or more electric motors, utilizing electrical energy stored in rechargeable batteries or other energy storage systems. Electrical and electronic components play a critical role in EVs, supporting battery management, drive control, infotainment systems, and advanced driver-assistance features. For example, in 2023, the International Energy Agency, a France-based autonomous intergovernmental organization, reported significant growth in the global electric car market, with sales exceeding 10 million in 2022. Over three years, the share of electric cars in total sales increased to 14% in 2022. Sales are projected to reach 14 million by the end of 2023, marking a 35% year-on-year growth, primarily fueled by increased purchases in the latter half of the year. Thus, the shift toward electric vehicles (EVs) is driving the motor vehicle electrical and electronic components market.
Manufacturers in the motor vehicle electrical and electronic equipment market are actively investing in the enhancement of electronic sensors utilized in automobiles like cars and trucks to augment visibility and safety awareness. These sensors cover a wide range of functionalities, encompassing ambient light, battery current, differential oil temperature, door open warning, anti-lock braking systems (ABS), auto door lock position, battery temperature, and brake power booster. Companies within this sector are pioneering the development of sensors aimed at enhancing battery life in vehicles. For instance, in May 2022, Continental AG, a prominent German automotive parts manufacturer, introduced innovative sensors designed specifically for electric vehicles- the Current Sensor Module (CSM) and Battery Impact Detection (BID). These solutions prioritize the protection and maintenance of battery parameters. The compact CSM, a single-unit sensor, independently measures current by integrating shunt and hall technology, meeting stringent functional safety standards. This surge in sensor technology signifies the latest trend among market participants in the motor vehicle electrical and equipment segment.
Key players in the motor vehicle electrical and electronic components market are introducing state-of-the-art power semiconductors, such as RoadPak, to cater to the growing demand for efficient electric vehicle power solutions. RoadPak, a cutting-edge power semiconductor module, capitalizes on advanced silicon carbide (SiC) technology to provide exceptional power density. In a significant development, Hitachi Energy, a Switzerland-based energy industry company, unveiled RoadPak at PCIM Europe in May 2022. This groundbreaking module is engineered to facilitate quicker charging, extend driving ranges, and bolster reliability in electric vehicles. RoadPak, tested in Mahindra Racing Formula E team's cars, demonstrates adaptability for various EVs, from luxury cars to heavy-duty trucks. These power semiconductors are vital for EVs, transforming battery DC power into the AC required for motor operation and supporting the integration of renewable energy into power grids, aligning with the move toward sustainable transportation.
In January 2024, Hitachi Energy Ltd., a Switzerland-based technology company, acquired Coet for an undisclosed sum. This acquisition aligns with Hitachi Energy's goal to expand its presence in the electric mobility sector, focusing on high-power charging solutions for electric buses and trucks. Coet, an Italy-based company, specializes in manufacturing electrical equipment for electric vehicles, a category of motor vehicles.
Major companies operating in the motor vehicle electrical and electronic equipment market include Bosch Limited, General Motors Corporation, Tenneco Inc., DENSO Manufacturing Tennessee Inc., Delphi Technologies Inc., Hyundai Motor Company, Hella GmbH & Co. KGaA, Technitrol Delaware Inc., Ford Motor Company, Honeywell International Inc., Mars Incorporated, Raytheon Technologies Corporation, ZF Friedrichshafen AG, ITT Inc., Textron Inc., Cummins Inc., Infineon Technologies AG, Hitachi Ltd., HGM Automotive Electronics, Delta Electronics, Atotech Deutschland GmbH & Co. KG, JTEKT Corporation, Knorr-Bremse AG, Nexteer Automotive Group Limited, thyssenkrupp AG, Magna International Inc., Aisin Seiki Co. Ltd., Continental Automotive Systems Inc., Asama Coldwater Manufacturing Inc., Global Steering Systems LLC, Maval Industries LLC, American Showa Inc., Atsco Remanufacturing Inc., KYB Americas Corporation, Raytech Powertrain LLC
Asia-Pacific was the largest region in the motor vehicle electrical and electronic equipment market in 2024. Western Europe was the second largest region in the motor 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, Middle East, Africa
The countries covered in the motor vehicle electrical and electronic equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The motor vehicle electrical and electronic equipment market consists 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Motor Vehicle Electrical and Electronic Equipment Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on motor vehicle electrical and electronic equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for motor vehicle electrical and electronic equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The motor vehicle electrical and electronic equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.