The Latin America, Middle East and Africa Automotive Electronics Market would witness market growth of 11.0% CAGR during the forecast period (2023-2030).
The development of IoT and AI has altered the functionality of automobile features. It has improved driver engagement with the vehicle and enhanced travel assistance features over the past year. For example, many vehicles have been fitted with cameras and sensors that assist drivers with parking and other proximity features, which is expected to fuel the regional expansion of the sector.
The increasing demand for in-car entertainment systems due to their increased comfort, efficiency, and convenience drives the need for in-vehicle data storage to facilitate sophisticated features. This is one of the most influential factors in the market for in-car infotainment applications. Incorporating advanced technologies like Internet of Things (IoT), artificial intelligence (AI), etc., in vehicles is also anticipated to increase demand for automotive-integrated electronics. The demand for automotive power electronics, vehicle electrical connectors, car audio electronics, and electrical diagnostic instruments is expected to increase significantly.
High society in the United Arab Emirates employs luxury automobiles as prestige symbols. In the UAE, a greater proportion of the population enjoys a higher standard of living than elsewhere. In addition, inhabitants' income in Dubai is not subject to income tax. Consequently, the UAE's market for luxury products, including automobiles, is flourishing. Additionally, consumers in the region are increasingly interested in purchasing vehicles with innovative features, like infotainment systems, ADAS systems, navigation systems, and connectivity options, that fuel the demand for automotive electronics. Consequently, the regional market is anticipated to expand.
The Brazil market dominated the LAMEA Automotive Electronics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,845.6 million by 2030. The Argentina market is showcasing a CAGR of 11.6% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 10.7% during (2023 - 2030).
Based on Application, the market is segmented into Safety Systems, Powertrain Electronics, Infotainment, ADAS and Body Electronics. Based on Sales Channel, the market is segmented into OEM and Aftermarket. Based on Component, the market is segmented into Current Carrying Devices, Sensors, Electronic Control Unit and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Automotive Electronics Market is Projected to reach USD 470.6 Billion by 2030, at a CAGR of 9.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Continental AG, Robert Bosch GmbH, Sony Corporation, Aptiv PLC, Hyundai Mobis Co., Ltd. (Hyundai Motor), ZF Friedrichshafen AG, Infineon Technologies AG, Magna International, Inc., Aisin Corporation (Toyota Motor Corporation) and Koninklijke Philips N.V.
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