by The global Automotive Embedded Systems Market is estimated to be valued at US$ 9.6 Bn in 2022 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Automotive embedded systems are electronic systems that are embedded in vehicles to control various functions such as safety, infotainment, powertrain, and communication. They provide advanced features and functionalities to enhance the driving experience and improve vehicle performance. These systems play a crucial role in ensuring the safety and security of the vehicle by integrating sensors, actuators, and control units. The growing demand for advanced safety and security features in vehicles is driving the adoption of automotive embedded systems.
Market key trends
One key trend driving the growth of the Automotive Embedded Systems Market is the increasing adoption of connected cars. Connected cars use embedded systems to enable wireless communication and connectivity with external devices, networks, and systems. This allows vehicles to access real-time data, navigation services, internet connectivity, and entertainment options. For example, embedded systems enable the integration of smartphones with the vehicle’s infotainment system, allowing drivers to use applications and services through voice commands or touch interfaces.
PEST Analysis
Political: Government regulations related to vehicle safety and emission standards are influencing the adoption of automotive embedded systems. For instance, governments worldwide are mandating the installation of advanced safety features such as ABS and ESC in vehicles, driving the demand for embedded systems.
Economic: Economic factors such as rising disposable incomes and increased spending capacity of consumers are fueling the demand for automotive embedded systems. Growing consumer preference for technologically advanced vehicles is also contributing to market growth.
Social: Changing consumer lifestyles and preferences towards convenience, safety, and entertainment features in vehicles are driving the adoption of automotive embedded systems. Furthermore, increasing awareness about the benefits of connected cars among consumers is boosting market growth.
Technological: Technological advancements such as the development of advanced driver assistance systems (ADAS), autonomous vehicles, and electric vehicles are creating opportunities for the automotive embedded systems market. These technologies rely on embedded systems for seamless integration and efficient functioning.
Key Takeaways
– The global automotive embedded systems market is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period, due to increasing demand for advanced safety and security features in vehicles.
– North America is projected to be the fastest-growing and dominating region in the automotive embedded systems market, driven by the presence of key automobile manufacturers and technological advancements in the region.
– Key players operating in the global automotive embedded systems market include Robert Bosch GmbH, Panasonic Corporation, Toshiba, Continental AG, Denso Corporation, Mitsubishi Electric Corporation, Texas Instruments Incorporated, Infineon Technologies AG, and Harman International.
In conclusion, the global automotive embedded systems market is witnessing significant growth due to the increasing demand for advanced safety and security features, the adoption of connected cars, and technological advancements in the automotive industry. The market is expected to continue growing over the forecast period as automobile manufacturers focus on integrating innovative embedded systems to enhance vehicle performance and meet consumer demands.
