The automotive electric system is utilized to drives the functions of various technology features. The electrical system of vehicle is a closed circuit with an autonomous power source - the battery. It works on a small fraction of total power generated by battery.
Demand for more innovative functions integrated into the vehicle has been rising in the last few years and an automobile electrical system is essential to equip these functions into the vehicle. This is a key factor that is projected to propel the automotive electrical system market during the forecast period. Utilization of electric systems is rising in order to comply with the severe regulations enforced by governing bodies on automobiles, which eventually fuels the demand for electric systems. Safety and security are key factors boosting the development of the electric system. A majority of vehicle breakdowns are caused due to electrical failure. Therefore, a robust electric system is required in the vehicle to avoid such failures. These factors are expected to boost the automotive electric system market during the forecast period.
Increase in penetration of electric vehicles in various regions is fuelling the use of electric system, as electric vehicles need more electric systems than those in conventional vehicles.
Failure in the electric system leads to failure in technology features, and to resolving such issues is expensive and highly complicated affair. Furthermore, equipping electric systems into the vehicle increases its price, as the vehicle is classified under the luxurious and premium segment. This is likely to hamper the market during forecast period.
The global automotive electric system market can be segmented based on technology, component, vehicle type, vehicle class, electric vehicle, and region.
Based on technology, the automotive electric system market can be bifurcated into ABS, ACC, and four other segments. For more advanced features, electric system integrated needs to be more advanced.
Based on components segment used in the electric system, automotive electric system market is divided as sensors, fuses, wire harness, terminal and connectors, and others.
In terms of vehicle type, the market can be split into passenger vehicle and commercial vehicle. The passenger vehicle segment can be further sub-segmented into hatchback, SUV, and sedan. The commercial vehicle segment can be further split into light commercial vehicle and heavy commercial vehicle.
Vehicle class type is primarily a sub-segment of the passenger vehicle coupled with some light duty vehicles. According to vehicle class type, the automotive electric system market can be divided into entry-segment, mid-segment, and premium/luxury-segment. The premium and luxury segment holds a major share of the automotive electric system market owing to higher number of technologically advanced features incorporated in premium and luxury segment vehicles.
In terms of electric vehicle type, the automotive electric system market can be classified into battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. The battery electric vehicle segment is expanding at a rapid pace.
In terms of region, the global automotive electric system market can be segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Asia Pacific is likely lead the global market during forecast period owing to higher vehicle production in the region.
Major players operating in the global automotive electric system market are Robert Bosch GmbH, Continental AG, Denso Corporation, and Delphi Automotive.
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