Automotive Electronic Control Unit Market Revenue Will Reach $55.97 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Automotive Electronic Control Unit (ECU) Market By Technology (Transmission control,Engine management,Climate control,Power steering), Industry trends, Estimation & Forecast, 2016 – 2024″ the global Automotive Electronic Control Unit market was valued at $33.66 billion in 2016, and is projected to reach $55.97 billion by 2024, growing at a CAGR of 6.6% from 2017 to 2024.
In 2016, the power steering systems generated the highest revenue in the AECU market. Among major regions, European AECU market was the highest revenue generating market valued at $11.48 billion in 2016.
“The global AECU market is expected to witness significant growth during the forecast period, owing to increase in demand for automotive, developments related to manufacturing of low-cost ECUs, and rise in the requirement of advanced features in vehicles. The market growth is pushed by rise in demand for electric & hybrid electric vehicles and need for advanced driver assistance characteristics”
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Power steering system was the leading segment, accounting for 21.1% share of the total market and generating a revenue of $7.13 billion in 2016. It is anticipated to maintain its dominance throughout the forecast period. However, engine management system market is anticipated to witness the highest growth rate of 7.6% in the near future as a result of ever growing demand of energy efficient vehicle systems. This because the automotive electronic control unit controls a series of actuators on an internal combustion engine in order to ensure optimal engine performance. The fuel injection system has the major role to control the engine’s fuel supply. AECU determines the amount of fuel to inject based on a number of sensor readings. AECU also helps in determining whether the engine is running rich or running lean as compared to ideal conditions.
Passenger car segment generated the highest revenue of $18.13 billion in 2016 and is expected to grow at a CAGR of 6.3% during forecast
Passenger Cars lead the global automotive electronic control unit market in 2016 holding more than 50% market share. This is because of the increased requirement of commercial vehicles in the developed and developing economies around the globe. However, commercial vehicle AECU market is expected to witness the highest CAGR of 7.6% during the forecast period. This is because, global market for heavy commercial vehicles has been constantly expanding and is expected to continue the same pattern. In 2016, approx. 3 million trucks were sold worldwide.
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Asia-Pacific region is anticipated to grow with the fastest pace during the forecast period
Asia-Pacific is projected to show the highest growth rate, registering a CAGR of 7.7% from 2016 to 2024. This is because the automotive industry is experiencing a huge growth due to the surging preference for sustainable technologies, electric vehicles, eco-friendly driving systems, and energy-preserving vehicles, in the emerging countries of the region such as, India, China, and Japan, which will subsequently boost automotive AECU market.
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However, the market was led by Europe, geographically in 2016. European region generated a revenue of $11.48 in 2016.
Automotive Electronics Control Unit Market Key Findings
- Power steering system would be the most adopted technology through the forecast period
- Passenger car segment generated the highest revenue of $18.13 billion in 2016 and is expected to grow with a CAGR of 6.3% during the forecast period
- Asia-Pacific region is anticipated to grow with the fastest pace during the forecast period
- Engine management system market is anticipated to witness the highest growth rate of 7.5% in the near future
The report features a competitive scenario of the global AECU market, and provides comprehensive analysis of key growth strategies adopted by major players. Continental AG led the global automotive electronics control unit management market in 2016, accounting for approximately 1/4th of the market share. Some of the key market players operating in the industry are Denso Corporation, Robert Bosch GmbH, Delphi, Automotive PLC, Hyundai Mobis Co. Ltd., Panasonic Corporation, Lear Corporation, Hitachi Automotive Systems Ltd., Magneti Marelli Spa and Pektron Group Limited.