Burlingame, July 31, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global automotive embedded systems market is estimated to be valued at US$ 9.6 billion in 2023 and is expected to exhibit a CAGR of 5.96% during the forecast period (2023-2030).
Analysts’ Views on Global Automotive Embedded Systems Market
With rise in stringent regulations regarding safety in automotive industry, the demand for embedded systems is on the rise. The automotive industry continues to adopt efficient and advanced technologies for energy conservation, emission reduction, and to meet safety and reliability standards. Embedded systems play a key role in the automobile industry, as these systems offer reduced pollution, energy saving, and facilitate in-vehicle services such as antilock braking system, air-conditioning, and electronic stability control.
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Key Trends and Analysis of the Global Automotive Embedded Systems Market:
Emergence of autonomous and electric vehicles is a major trend in the global automotive embedded systems market. The adoption of autonomous vehicles and electric vehicles is increasing all over the world. Electric vehicles need advanced embedded systems for power electronics, battery management, and vehicle connectivity, while autonomous vehicles rely on high-tech embedded systems for decision-making, perception, and control. Thus, this trend drives the demand for automotive embedded systems, which in turn is expected to boost the market growth in the near future.
Global Automotive Embedded Systems Market – Drivers
Rise in demand for infotainment to drive the market growth
The infotainment systems scope continues to expand by including additional functionality, safety features, and entertainment options for car owners, with the growing mobility industry. The Bluetooth and Wi-Fi connectivity offered in vehicles offers uses access to information and messages on their smartphones, which makes it easier to work while driving. Thus, the demand for infotainment systems is increasing, which in turn is expected to boost growth of the global automotive embedded systems market over the forecast period.
Automotive Embedded Systems Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 9.6 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 5.9% | 2030 Value Projection: | US$ 14.4 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Robert Bosch GmbH, Panasonic Corporation, Toshiba, Continental AG, Denso Corporation, Mitsubishi Electric Corporation,Texas Instruments Incorporated, Infineon Technologies AG, Harman International. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Rise in demand for electric vehicles to boost the market growth
The demand for electric vehicles is increasing all over the world, which is further driving adoption of embedded systems in electric and hybrid vehicles, as these vehicles offer increased efficiency and reduced pollution. According to Coherent Market Insights, the electric cars demand is increasing with expected 35% rise in sales of these vehicles in 2023. Thus, this factor is anticipated to boost growth of the global automotive embedded systems market over the forecast period.
Global Automotive Embedded Systems Market – Restrain
High cost of systems to limit the market growth
The high cost of automotive embedded systems is expected to limit growth of the global automotive embedded systems market over the forecast period. The embedded systems used in vehicles are expensive and with the need for regular maintenance and updates it further increases. This factor acts as a major concern among OEMs, as these manufacturers face the impacts of such high cost.
Global Automotive Embedded Systems Market – Opportunities
Growing technological developments is anticipated to offer multiple growth opportunities in the global automotive embedded systems market over the forecast period. With the launch of novel software and hardware technologies that are embedded for facilitating the function introduction, the demand for automotive embedded systems is increasing rapidly. As a result, the market is witnessing multiple lucrative opportunities.
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Global Automotive Embedded Systems Market - Key Developments
In January 2022, Johnson Electric introduced an all-in-one e-axle solutions pack designed for energy vehicles.
In October 2021, Robert Bosch GmbH, a German technology leader invested more than US$ 400 Billion in microchip production for catering the global shortage.
In April 2021, Garmin International, Inc. launched an all-new 2021 voice-controlled dash cam series that offers Live View monitoring, and automated storage of video for assisting drivers to capture incidences.
Key Market Takeaways:
Global automotive embedded systems market is expected to exhibit a CAGR of 5.9% during the forecast period. The automotive embedded systems market is growing rapidly in response to the stringent emission and fuel economy regulations imposed by government of countries around the world.
On the basis of Product Type, Embedded Hardware Segment is expected to dominate the market during the forecast period and this is attributed to the widespread use of various embedded hardware systems in several vehicles.
On the basis of Component, Sensors Segment is expected to dominate the market during the forecast period and this is attributed to the increasing need for advanced sensors in vehicles for energy conservation, follow emission and safety norms, and increase efficiency of vehicles.
On the basis Vehicle Type, Integrated Electric Vehicles (BEV, HEV, and PHEV) Segment is expected to dominate the market during the forecast period and this is attributed to the growing adoption electric vehicles all over the world.
On the basis Application, infotainment and telematics Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for infotainment systems for vehicles with changing customer behaviors.
On the basis of Geography, Asia Pacific is expected to hold a dominant position over the forecast period, due to rising demand for automotive embedded systems in the region, as the implementation of advanced automotive technologies such as multi-modal inputs, wireless connectivity, driver monitoring systems, smart monitoring, and human-machine interface communication is increasing.
Competitive Landscape:
Key players operating in the global automotive embedded systems market include Harman International, Robert Bosch GmbH, Infineon Technologies AG, Panasonic Corporation, Texas Instruments Incorporated, Toshiba, Mitsubishi Electric Corporation, Continental AG, and Denso Corporation.
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Detailed Segmentation:
- Global Automotive Embedded Systems Market, By Product Type
- Embedded Hardware
- Embedded Software
- Global Automotive Embedded Systems Market, By Component
- Sensors
- Microcontroller Unit (MCU)
- Transceivers
- Integrated Circuits
- Global Automotive Embedded Systems Market, By Vehicle Type
- Internal Combustion Engines (Diesel and Gasoline Vehicles)
- Electric Vehicles (BEV, HEV, and PHEV)
- Global Automotive Embedded Systems Market, By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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