Automotive Electronics Control Unit Market to Hit USD 53.91 Billion by 2024
Posted by Marketoverview on February 14th, 2018
The Global Automotive Electronics Control Unit Market is estimated to report USD 53.91 billion by 2024 from USD 35.1 billion in 2016 expanding at a CAGR of 6.7% from 2016 to 2024. Factors that fuel this industry are widespread deployment of ECUs in electric vehicles and the popularity of infotainment systems. Surging demand for electric vehicles is fuelled by ecological concerns and high focus on energy efficiency of vehicles. Shift of focus towards green technologies propels the demand for driver-assist systems. This reduces the excessive dependency on fossil fuels and also controls CO2 emissions. The growing popularity of electric vehicles is another key factor that will fuel this industry in the forthcoming years.
The preference for sophisticated systems in mid-sized vehicles, such as navigation and high-end communication systems will create opportunities for expansion of this industry. Increasing R&D expenditure aimed at the production of cost-efficient components for various ECUs will fuel market demand. However, owing to complexities in the consolidation of automotive domains, this market is likely to face certain bottlenecks.
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The global automotive ECU market is categorized on the basis of applications and geography. Based on applications, the divisions are powertrain, chassis electronics, safety & security, entertainment, and communication & navigation. The communication and navigation segment will expand significantly owing to surging demand for sophisticated in-car features, eco-efficiency, and in-car data storage.
Powertrain will witness strong growth because of changing environmental trends. Expanding at a CAGR of 5.6% during the forecast period 2016-2024, chassis electronics is expected to reach USD 11.62 billion by 2024 from USD 8.03 billion in 2016. Safety system encompasses tire pressure monitoring systems, pre-crash safety systems, anti-theft systems, keyless entry systems, and airbags. It protects consumers and vehicles from risky situations and thefts, respectively.
Ongoing industry trends depict that the communication and navigation segment will expand robustly during the forecast period.Top Searches - Trending Searches - New Articles - Top Articles - Trending Articles - Featured Articles - Top Members
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