The global automotive electrical products market is estimated to experience steady growth between 2021-2027, with a projected CAGR of 5.3%. This can be attributed to the increasing demand for improved comfort and convenience within cars along with the growing adoption of electric vehicles, as both of these factors have helped boost the need for various electrical components.
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Moreover, this trend is likely to be accelerated by government initiatives in favor of greener automobiles and rapid developments in the field of artificial intelligence. Owing to this, OEMs are now offering consumers with a wide range of advanced features such as autonomous driving capabilities, wireless charging solutions and wireless sensor networks that require varying types of electronic parts. The total value of the market is expected to reach USD 158 billion by 2027 due to increasing demand from conventional and electric vehicles alike.