The gross output of the Motor Vehicle Electrical and Electronic Equipment Manufacturing Industry in the US was $29.70 billion in 2023, according to historical data. The forecast for 2024 predicts an output of $30.13 billion, representing a year-on-year growth of 1.45%. Projected values for the upcoming years indicate consistent growth, reaching $32.05 billion by 2028. The five-year CAGR from 2023 to 2028 is approximately 1.52%, evidencing a steady upward trend in this sector, driven by increasing demand for advanced automotive technology.

Future trends to watch for in this industry include:

Advancements in autonomous vehicle technology and their integration into the market.
Increased adoption of electric vehicles boosting demand for electronic components.
Regulatory shifts towards environmentally friendly vehicles influencing component innovation.
Developments in vehicle connectivity and the Internet of Things (IoT) revolutionizing car electronics.