The automotive electrical product market is rapidly evolving as more automakers shift towards advanced technologies such as driver assistance systems, electric powertrains and connected infotainment units. This trend has been further bolstered by the growing demand for vehicles with improved safety and efficiency that are powered by cutting-edge electronics. As such, suppliers are now trying to better meet automotive OEMs’ needs with innovative solutions such as high-performance energy storage devices and lightweight wiring harnesses.
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The global automotive electrical product market is set to reach a value of USD $342 billion by 2027, at a CAGR of 7% over the forecast period from 2021-2027. This growth can be attributed to increasing consumer awareness of electric vehicles driving demand for efficient electronics and components, along with governmental initiatives and subsidies pushing forward fuel efficiency standards. Additionally, technological advancements in autonomous driving will result in greater usage of sensors and other electronic components that will further propel the market forward.