As per a report by Global Market Insights, automotive electronics control unit (ECU) market share is estimated to reach $95 billion by 2024 when global automotive electronics control unit industry shipments are forecast to witness around 6% growth. Increasing installation of the advanced features and ADAS in autonomous and luxury vehicles is driving the automotive ECU market growth.
- Luxury vehicles deploy many ECUs and offer advanced driving assistance benefits and 360º radar sensing. Developments observed in the design and manufacturing of electric vehicles (EVs) and hybrid electric vehicles (HEVs) are the key trends that will positively impact the automotive ECU market growth.
- The rise in automobile production across the globe to cater to the increasing population requirement is further creating several opportunities for the automotive ECU market growth. The global automobile manufacturing market identifies smart connectivity and greener production initiatives, leading to an increased consumption of control units.
- Passenger vehicles are expected to grow at around 6% CAGR in the automotive ECU market. These vehicles include luxury cars that deploy the highest number of ECUs owing to their requirements for enhanced performance.
- Battery Electric Vehicles (BEVs) automotive ECU market accounted for over 30% share in terms of unit shipment in 2017 and is expected to grow due to the high demand for energy efficient vehicles across various regions.
- The Europe automotive ECU market is expected to grow at a CAGR of over 5% from 2018 to 2024. The growth can be credited to the presence of large number of prominent automobile manufacturers in Germany, France, and Italy.
- Key companies providing enhanced solutions in the automotive ECU market comprise Bosch Group, Hitachi Automotive Systems, Hyundai MOBIS, Delphi Technologies, Lear Corporation, Johnson Control, Continental AG, Mitsubishi Electric Corporation, Altera Corporation, and Magneti Marelli.
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Global Market Insights, Inc