Innovative Technology Reshapes Automotive Hardware Landscape: Automotive Hardware Market to Exhibit a CAGR of 4.3% through 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The demand for automotive hardware components for electric vehicles (EVs) is driven by the ongoing trend towards electrification. Additionally, there is a rising need for connectivity gear to support in-car communication and entertainment systems.
NEWARK, Del, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global automotive hardware market size is US$ 81,277.80 million in 2023. The automotive hardware sales are predicted to accelerate at a 4.3% CAGR from 2023 to 2033. The market size of automotive hardware is expected to be worth US$ 1,23,826.91 million by 2033.
Automotive Hardware Market Analysis and Emerging Trends
Ongoing technical developments like creating sophisticated sensors, processors, and communication systems compel the demand for automotive hardware.
Governments and international organizations that apply strict safety and environmental standards promote the adoption of contemporary automobile hardware, such as safety systems, emissions control, and spur economy technologies.
The demand for automotive hardware is driven by consumer desire for automobiles with improved safety, convenience, and entertainment amenities.
The popularity of mobility and ride-sharing services has augmented demand for automobile hardware, such as telematics, GPS, and fleet management equipment.
Barriers to Growth of the Automotive Hardware Sector
Two significant obstacles exist for the automotive hardware market.
The long-term survival of traditional automotive equipment providers faces a risk from the emerging electric and autonomous vehicles market.
Automobile hardware manufacturers must take expensive compliance steps to comply with strict government rules, such as safety and emission standards. Restrictions can limit market growth for automobile hardware and profitability.
Regional Outlook
The North American market for vehicle hardware is esteemed for its established and fierce rivalry.
There is an increasing demand for automotive hardware for electric vehicles (EVs) in the North American market, which places an emphasis on technological advancement and innovation.
Manufacturers of automobile hardware continue to rely heavily on the market in the United States.
a dedication to sustainability and strict environmental laws characterizes Europe's automotive hardware market.
While other European countries have a substantial impact on the market, Germany serves as an epicenter for automotive innovation and production.
The expansion of the middle class and rising urbanization are promoting the rapid growth of the Asia Pacific automotive hardware market.
China is a significant manufacturer and consumer of automobile hardware. Asia Pacific is a significant market with a strong emphasis on the demands of price-sensitive consumers.
“The automotive hardware market is anticipated to grow due to expanding vehicle production and technological advancements. Emerging trends like electrified automobiles and automated driving technologies stimulate the demand for automotive hardware solutions. Key interest areas for automotive hardware manufacturers are cost effectiveness, safety, and performance optimization,” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
From 2023 to 2033, the passenger car segment holds a 71.3% share of the market by vehicle.
Between 2023 and 2033, the door latch segment is expected to acquire an automotive hardware market share of 22% in the product type category.
From 2023 to 2033, the Canadian automotive hardware market is projected to develop at a CAGR of 6.7%.
The United States automotive hardware market is forecasted to soar at a CAGR of 7.3% through 2033.
From 2023 to 2033, automotive hardware demand is expected to surge in the United Kingdom at a CAGR of 6.8%.
France's automotive hardware market is anticipated to grow at a CAGR of 6.5% over the forecast period.
Through 2023, automotive hardware sales in Italy are anticipated to register a CAGR of 4.6%.
From 2023 to 2033, automotive hardware demand in Spain is projected to thrive at a CAGR of 6.2%.
Through 2023, Germany's automotive hardware sales are anticipated to grow at a CAGR of 6.6%.
By 2023, the Indian automotive equipment market is expected to evolve at a CAGR of 8.0%.
Automotive hardware sales are anticipated to increase in China at a CAGR of 7.5% through 2033.
Through 2023, Japan's automotive hardware demand is expected to rise at a 3.0% CAGR.
Between 2023 and 2033, ASEAN automotive hardware sales are expected to accelerate at a 7.2% CAGR.
Through 2023, the automotive hardware market in Australia and New Zealand (ANZ) is projected to register a CAGR of 5.9%.
Competitive Landscape
The market is competitive with well-established market leaders and emerging automotive hardware providers. Established automotive hardware businesses and startups constantly transform to keep up with the shifting demands of the automobile sector, fostering competitiveness and market expansion.
Essential Automotive Hardware Manufacturers
Bosch
Continental
Denso
Valeo
Magna International
ZF Friedrichshafen
Autoliv
Panasonic Automotive
Infineon Technologies
NXP Semiconductors
Aptiv (formerly Delphi Automotive)
Alpine Electronics
Aisin Seiki Co., Ltd.
Harman International
Recent Developments
To create commercially scalable autonomous trucking systems, Continental and Aurora have entered into a partnership. The collaboration enables commercial scalability for upcoming iterations of Aurora's premier integrated hardware and software solutions.
To increase nighttime driving safety, KOITO and DENSO have collaborated to develop a system that increases the object identification rate of car image sensors by synchronizing lighting and image sensors.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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