LONDON, Oct. 06, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the automotive ECU market, 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 a study published in International Energy Agency (IEA), a France-based intergovernmental organization, the global electric increased to 10 million units in 2020 which is an increase of 43% compared to the global car stock in 2019. Therefore, the growth in demand for hybrid and battery electric vehicles is expected to boost demand for automotive ECU solutions during the forecast period.
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The global automotive ECU market size is expected to grow from $75.10 billion in 2021 to $79.92 billion in 2022 at a compound annual growth rate (CAGR) of 6.4%. The global automotive ECU market share is expected to grow to $99.47 billion in 2026 at a compound annual growth rate (CAGR) of 5.6%.
Product innovation is a key trend gaining popularity in the automotive ECU market. The organizations providing automotive ECUs are increasingly focusing on developing low-cost ECUs that could give better services to their users and strengthen their market position. For instance, in November 2020, Siemens, a Germany-based provider of automotive electronics solutions, launched vehicle cockpit consolidation solutions (VCO2S), comprehensive software systems, and hardware service offering that incorporates infotainment systems and instrument clusters on a single high-performance ECU with an emphasis on safety and security, automotive engineering teams can use VCO2S to reduce costs, accelerate time to market, and improve the user experience while meeting the automotive industry's functional safety and stringent cybersecurity requirements. Customers can save space and money by integrating In-Vehicle-Infotainment (IVI) systems and instrument clusters on the same ECU with VCO2S. VCO2S provides fundamental features such as software IP and services for a consolidated cockpit design. VCO2S Base is delivered as a reference design that can be ported to the target hardware of the customer.
Major players in the automotive ECU market are ZF Friedrichshafen AG, Continental AG, Denso Corporation, Hyundai Mobis, Autoliv Inc, Robert Bosch GmbH, Delphi Technologies, Panasonic Corporation, Lear Corporation, Hitachi Automotive Systems Pvt. Ltd., Magneti Marelli S.p.A., Pektron Group Ltd, Mitsubishi Motors Corporation, NXP Semiconductors N.V., and Calsonic Kansei Corporation.
The global automotive ECU market segments are categorized by ECU into 16-bit ECU, 32-bit ECU, 64-bit ECU; by vehicle type into passenger car, light commercial vehicle, heavy commercial vehicle, electric vehicle; by mode into conventional, autonomous.
Asia-Pacific was the largest region in the automotive ECU market in 2021, and it is also expected to be the fastest-growing region in the global automotive ECU market during the forecast period. The regions covered in the global automotive ECU market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive ECU Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive ECU market overviews, analyze and forecast market size and growth for the whole market, automotive ECU market segments and geographies, automotive ECU market trends, automotive ECU market drivers, automotive ECU market restraints, automotive ECU market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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