Sales of parts for engine electrical and electronic equipment in the US have demonstrated substantial growth over the past decade from $953.95 million in 2013 to $1891.2 million in 2023. The year-on-year growth rates varied, with significant increases such as in 2015 (47.39%) and nominal dips such as in 2016 (-5.66%). Overall, from 2017 to 2023, the market experienced a moderate average annual growth (CAGR) of 3.2%.
The forecast for the next five years, beginning in 2024, suggests a steady growth trajectory with a forecasted 5-year CAGR of 2.14%, taking the market size to $2169.5 million by 2028. This indicates a continued demand for engine electrical and electronic parts, albeit at a slower growth rate compared to the past decade.
Future trends to watch for include:
- Technological advancements in automotive electronics and increasing integration of smart technologies.
- Influence of electric vehicle (EV) adoption, which may drive demand for advanced electronic components.
- Potential supply chain disruptions and regulatory changes impacting production and sales.
- Shifts towards sustainability and eco-friendly parts potentially reshaping the market landscape.
