The US motor vehicle electrical and electronic equipment market has seen various fluctuations over the past decade. Starting from $8.0044 billion in 2013, it experienced growth with minor year-on-year variations, reaching $9.2764 billion in 2023. The market suffered a notable decline in 2020 with a -3.66% change but rebounded significantly in 2021 with an 8.84% increase. The last five years (2018-2023) indicate a stable growth trend with an average annual CAGR of 1.37%.
Looking forward, the forecast suggests continued gradual growth, reaching $9.8986 billion by 2028, driven by a 5-year projected CAGR of 1%. Future trends to monitor include advancements in autonomous vehicle technology, increased adoption of electric vehicles, and innovations in automotive electronics that could drive the market dynamics and demand for electrical and electronic equipment in motor vehicles.
