Automotive Electric System Market

The global Automotive Electric System market was valued at USD 24.8 Billion in 2020 and is projected to reach USD 107.24 Billion by 2028, growing at a CAGR of 20.11%% from 2021 to 2028.

The automotive electrical system consists of the alternators, actuators, sensors, starter solenoid, oxygen sensors, battery, starter drive, generator, high power electrical systems and other components. Among these, battery, starter and alternator are the key electrical components. The battery provides electrical current to the starter. Then, the alternator gives that battery the energy it needs to power your vehicle. This includes the flow of current to fuel systems and ignition, which allows proper combustion which is necessary for the engine functioning. The aim of electrical systems is not only to start and operate an engine but also to ensure the smooth functioning of various electronics in the vehicle.

The global Automotive Electric System market report provides a thorough analysis of each segment, region, and country. All the segments are studied considering historical and future trends across geographies. All the segments are analyzed based on trends, market size, and forecasts, and the data is provided for the years 2016–2028. Several growth factors and opportunities impacting various segments have been incorporated in the report. In addition to that, the report will cover a thorough analysis of major players operating in the market based on company overview, product portfolio, recent developments, business strategies, financial performance, and market share among others. Cumulatively, the report will cover all aspects regarding the global Automotive Electric System market. 

In 2020, swift spread of COVID-19 largely impacted the global business operations, disrupting the supply chain and impairing various industries. The global trading activities were declined severely owing to the nationwide lockdowns, international border seals, and strict social distancing measures. This had a drastic impact on the global economy, as the companies across the globe were forced to either fully close or partially close their operations, leading to disruption in the supply-demand ratio. Moreover, in 2021 several key markets such as U.S., India, and Brazil among others witnessed a second wave of COVID-19 that further disrupted the market. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The report includes an exhaustive analysis of Automotive Electric System industry that includes drivers, restraints/challenges, opportunities, and segmental/regional trends among others. Apart from that, it will also cover extensive information on various marketing tools such as PEST Analysis, Porter’s Five Forces Analysis, pricing trends,  SWOT analysis, and value chain among others.

The increasing shift of consumers towards purchasing advance vehicles is anticipated to augment the growth of the automotive electric system market during the forecast period. This is attributable to the rabid urbanization and rise in the purchasing power of people across the globe. The consumers look forward to advance electrical and electronics solutions in automobiles for better driving experience. For instance, there is growth in demand of advanced driver assistance system (ADAS) by the consumers which is gaining popularity among the consumers. It is a human-machine interface that automates and enhances the vehicle system in order to ensure safety, security and convenience to the driver and the passengers. 

The growing sale of luxury cars have is anticipated to augment the growth of the automotive electric system market during the forecast period. This is attributable to the increasing improvement in dynamics. Furthermore, increase in global sales of automobiles has also caused a major inclination towards the adoption of personal vehicles which is in turn expected to support the growth of the automotive electric system market over the forecast period.

The constant failure of electronic components used in electric systems is expected to hamper the growth of the automotive electric system market in the years to come. The automotive electric system consists of electronic components like electrical wiring, batteries and other components for their proper functioning. Failure in any of these components could damage the various automotive systems and results in replacements of many other components as well even in case of minor damages.

Component  Analysis: Preview

On the basis of Component, the market is segmented into Battery, Starter, Alternator, Others. Battery held the highest share in the global Automotive Electric System market and is projected to witness the same trend during the forecast period.

Application Analysis: Preview

Based on Application, the market is segmented into Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles. Passenger Vehicles accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.

Analysis: Preview

Based on , the market is segmented into . dominates the global Automotive Electric System market and is expected to continue the same trend from 2021 to 2028. 

Geographically, the global Automotive Electric System market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The report covers a thorough segmental analysis for each region comprising of market size and estimations for each segment by region for the years 2016–2028. In addition to that the report analyses Automotive Electric System market at country-level hence the regional study is further bifurcated into key country-level markets from each region. Asia Pacific is anticipated to dominate the global market during upcoming years. This is accredited to the presence of key market players combined with rising demand from the end-users.  Some of the prominent country-level markets are U.S., China, Germany, France, India, and Japan.   

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

Major players in the global Automotive Electric System market are Delphi Automotive PLC, Eberspaecher Holding GmbH, Stanley Electric Co., NSK, Sumitomo Electric Industries, Nexteer Automotive, Robert Bosch GmbH, Hitachi Automotive Systems, Brose Fahrzeugteile GmbH, Mitsubishi Electric Corp., Denso Corp., Sumitomo Electric Industries, Valeo SA, Draexlmaier Group, Lear Corp.. The global Automotive Electric System market report covers an exhaustive analysis of all the key players in the industry. This includes a business overview, extensive portfolio, business strategies, news, financial performance, length of distribution network,  and geographical presence among others. In addition to that, the report also covers company market share along with in-depth strategic developments.   

• The global Automotive Electric System market was valued at USD 24.8 Billion in 2020
• The global Automotive Electric System Market is projected to reach USD 107.24 Billion by 2028
• Asia Pacific held the highest share of the Automotive Electric System market in 2020
• Some of the major companies operating in the Automotive Electric System market are Delphi Automotive PLC, Eberspaecher Holding GmbH, Stanley Electric Co., NSK, Sumitomo Electric Industries, Nexteer Automotive, Robert Bosch GmbH, Hitachi Automotive Systems, Brose Fahrzeugteile GmbH, Mitsubishi Electric Corp., Denso Corp., Sumitomo Electric Industries, Valeo SA, Draexlmaier Group, Lear Corp.