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Global Market Trends for Automotive ECU in 2024: A Strategic Insight
Automotive ECU Market Trends
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According to The Business Research Company's, The automotive ecu market size has grown strongly in recent years. It will grow from $86.16 billion in 2023 to $91.53 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing demand for fuel-efficient vehicles, advancements in technology leading to more efficient and productive manufacturing practices
increasing adoption of electronic components in vehicles, growing demand for luxury and premium vehicles, increasing government regulations for vehicle safety and emissions.
The automotive ecu market size is expected to see strong growth in the next few years. It will grow to $117.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to growing demand for electric and hybrid vehicles, increasing adoption of autonomous and connected vehicles, rising demand for lightweight materials in vehicle manufacturing, growing focus on reducing carbon footprint in transportation, increasing government support for electric and hybrid vehicles. Major trends in the forecast period include electrification and hybridization, development of cybersecurity measures for ecus, increasing use of multicore processors in ecus, integration of machine learning algorithms in ecus, adoption of over-the-air (ota) software updates
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Market Drivers and Trends:
The growth in demand for hybrid and battery electric vehicles is expected to propel the growth of the automotive ECU market going forward. Hybrid electric vehicles are powered by an internal combustion engine and one or more electric motors, whereas battery electric vehicles are completely dependent on electric motors. The increasing shift in consumer interests toward eco-friendly transportation and growing government initiatives toward sustainable transportation solutions have contributed to increased demand for hybrid and electric vehicles across the globe. The rapid increase in demand for hybrid and battery electric vehicles is expected to boost the utilization of automotive ECU, as they are a vital component in the effective functioning of electric and hybrid vehicles. For instance, according to Argonne National Laboratory, a US-based department of energy multidisciplinary science and engineering research center, in March 2021, Americans purchased 75,959 Hybrid-Electric Vehicles (HEVs). Further, according to International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric cars topped 6.6 million globally in 2021. . Therefore, the growth in demand for hybrid and battery electric vehicles is expected to boost demand for automotive ECU market solutions during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
ZF Friedrichshafen AG, Continental AG, Denso Corporation, Hyundai Mobis Co. Ltd., Autoliv Inc., Robert Bosch GmbH, Takata Corporation, Mitsubishi Electric Corporation, Hitachi Automotive Systems Ltd., Delphi Technologies plc, Magneti Marelli SpA, Faurecia SA, Visteon Corporation, Aptiv plc, Lear Corporation, Nidec Corporation, Leopold Kostal GmbH & Co KG, Infineon Technologies AG, United Automotive Electronic Systems Co. Ltd., Weifu Group, Lincontrol BV, Trocellen Automotive GmbH, BASF SE, Röchling Group, SA Automotive, 3M Company, Evonik Industries AG, Compagnie de Saint-Gobain SA, ElringKlinger AG, Adler Pelzer Group
Automotive ECU Market 2024 Key Insights:
• The automotive ecu market size is expected to see strong growth in the next few years. It will grow to $117.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Surge In Hybrid And Electric Vehicles Driving The Automotive Ecu Market
• Advancements In Automotive Ecu Technology For Advanced Driver Assistance Systems
• Asia-Pacific was the largest region in the automotive ECU market in 2023, and it is also expected to be the fastest-growing region in the automotive ECU market during the forecast period
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