Automotive embedded system market projected to reach $7.41 billion by 2022
The automotive embedded system market is estimated to be $5.15 billion in 2017 and is projected to grow to $7.41 billion by 2022, at a CAGR of 7.56%, according to a report from MarketsandMarkets. The report, “Automotive Embedded System Market – Global Forecast to 2022,” lists some of the key factors fueling the growth of this market, including the increasing demand for electric vehicles; advanced safety, comfort, and convenience systems; and the rising trend of vehicle electrification in the automotive industry. The report analyzes major players in the automotive embedded system market, including Continental AG (Germany), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), Denso Corporation (Japan), and Panasonic Corporation (Japan).
The safety and security application area is estimated to hold the largest share, by value, of the automotive embedded system market in 2017, according to the report. The mandatory installation of anti-lock braking systems (ABS) and electronic stability systems in the U.S. and European countries has contributed to the growth of this application. Likewise, in India, airbags, ABS, and speed warning systems will be mandatory for all cars from October 2018. The growing installation rate of safety features in vehicles is the key driver for the safety and security application market.
The sensors category is estimated to hold the largest share of the automotive embedded system market, by component type. The increasing number of electric vehicles and growing trend of vehicle electrification in the automobile industry have driven the growth of the automotive sensors market.
The Asia-Pacific region is estimated to hold the largest share, by value, of the automotive embedded system market in 2017. The demand for automotive embedded systems in this region is triggered by increasing vehicle production in developing nations such as China and India and the increasing number of electric vehicles in countries such as China and Japan. The region is also the leading producer of automobiles in the world.
For more information about the report and to order a copy, go to http://www.marketsandmarkets.com/Market-Reports/automotive-embedded-system-market-11503846.html.