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Automotive Electronics Market to hit $441.20B

The global Automotive Electronics Market is predicted to reach USD 441.20 billion with a CAGR of 7.7% till 2030. Automotive electronic components are being integrated into vehicles to enhance the performance and efficiency of automotive vehicles and increase safety. Both on- and off-road vehicles, including trucks, tractors, forklifts, excavators, motorbikes, and hybrid and electric automobiles, use automotive electronics.

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The demand for automotive electronics market is increasing due to the proliferating adoption of IoT & AI in automobiles, vehicles equipped with automated driving, and the rising demand for advanced in-vehicle safety features. Also, factors such as the increasing adoption of hybrid or electric vehicles to reduce pollution and lessen fuel consumption as well as the introduction of autonomous or driverless vehicles are further boosting the growth of the automotive electronics industry.

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Moreover, the increasing initiatives by governments and regulatory bodies toward emission control measures accelerate the adoption of electric vehicles, which in turn boosts the growth of the automotive electronics market.

Asia-Pacific dominated the global automotive electronics market is potently expected to remain dominant in the market throughout the forecast period.

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North America is projected to exhibit substantial growth in the global automotive electronics market during the forecast period, owing to the strict government laws surrounding car safety.

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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports. We assist multinational companies in gaining a competitive edge and expanding their industry presence by capturing a larger market share. Our research methodology combines primary research, secondary research, data mining, and data analytics to deliver reliable insights.

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