The rise in car sales both ICE and EVs are propelling the growth of the car electrical products market in the APAC region!

• Himanshu Patni
• July 13, 2023
• AUTOMOTIVE, NEWS
• 0 Comments

In today’s automobile sector, more and more equipment is being converted from mechanical to electrical systems. This electronic revolution in automobiles is permeating practically every aspect of vehicle operation, including fuel combustion, power trains, airbags, adaptive cruise control, and so on. Car electrical items, which include electric motors, sensors, gauges, headlights, ignition systems, interior lighting, and so on, currently account for 30 to 40% of total vehicle cost, since they have become the most fundamental aspect of an automobile.

Access sample report (including graphs, charts, and figures): https://univdatos.com/get-a-free-sample-form-php/?product_id=37177

Reasons for the rise in demand in the Asia Pacific region:

The Car Electrical products market in the Asia Pacific region held the largest market share and is expected to maintain its growth throughout the forecast period. Owing to the rising per capita GDP of the countries in the Asia Pacific, improving the standard of living and increasing money in the hands of people driving the consumption of the countries. Furthermore, with the rising demand for electric vehicles in these markets is also pushing the demand for electric components. For instance, as per the International energy agency(IEA), Asian countries are projected to produce almost 13 million electric vehicles in the year 2023, whereas, in 2022, china has sold roughly 52% of the total EVs produced in the world which amounts to almost 3.5 million units, in India the number is currently at one-third of a million unit but was almost 168% growth from the previous year.

For a detailed analysis of the Global Car Electrical Products Market browse through – https://univdatos.com/report/car-electrical-product-market/

Based on vehicle type, the market is segmented into Hatchback, Sedan, SUV, and luxury vehicles. Out of all, SUVs are the fastest growing segment owing to their rapid adoption among the masses, because of the benefits offered by SUVs such as greater maneuverability, more luxury, larger space, multiple drive train options, and off-road capabilities, the SUV segment has seen the most growth. Additionally, improving economic activity globally is leading to rising employment and earnings, thus increasing disposable income in the hands of people, and this is also reflected in the sales data of SUVs. For instance, according to the international energy agency(IEA), In 2022, SUVs accounted for about 46% of global car sales, with the majority growth coming in the United States, India, and Europe furthermore from over 400 electric cars models available on the global market in 2022, out of which almost 55% were SUVs which is a significant rise from 40% four years ago

Based on components, the market is segmented into automobile batteries, automobile ignition systems, automotive computer chips and sensors, automotive electrical wiring, and others. Out of all this, the automotive computer chips and sensors are going to grow at a significant CAGR during the forecasted period owing to the fact that, the automobile industry is going through a radical change where electrification, autonomy, connected vehicles, and mobility as a service is becoming a megatrend in the industry, where automakers are continuously increasing the electrical component in the vehicle to increase safety, comfort, and convenience, where advanced driver assists features such as cruise control or lane departure warning systems are becoming standard pieces of equipment in the new launching vehicles. For instance, as per National Highway Traffic Safety Administration(NHTSA), Automakers representing 99% of the U.S. new car market have committed to making AEB the first standard ADAS on all light-duty vehicles by September 1st, 2022.

Global Car Electrical Products Market Segmentation

Market Insight, by Vehicle Type

·       Hatchback

·       Sedan

·       SUV

·       Luxury Vehicles

Market Insights, by Component

·       Automobile Battery

·       Automobile Ignition System

·       Automotive Computer Chips and Sensors

·       Automotive Electrical Wirings

·       Others

Market Insights, by Application

·       Power Train Electrical System

·       Body Electrical System

·       Chasis Electrical System

·       Safety Electrical System

·       Entertainment Electrical and Electronics System

Market Insights, by Sales Channel

·       OEMs

·       Aftermarket Sales

Market Insight, by Region

·       North America

o   U.S.

o   Canada

o   Rest of North America

·       Europe

o  Germany

o  U.K.

o  France

o  Italy

o  Spain

o  Rest of Europe

·       APAC

o  China

o  Japan

o  India

o  South Korea

o  Rest of APAC

·       Rest of the World

Top Company Profiles

·       DENSO CORPORATION

·       NGK SPARK PLUG CO., LTD.

·       Continental AG

·       ZF Friedrichshafen AG

·        Robert Bosch GmbH

·       Infineon Technologies AG

·       Hitachi Astemo Americas, Inc

·       AISIN CORPORAION

·       Schaeffler Group USA Inc

·       MAHLE GmbH