Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Global Automotive Electronic Control Unit Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Capacity, Vehicle Type, Application, Propulsion Type, Autonomous Level, End-user, and Major Regions" report has been added to ResearchAndMarkets.com's offering.
Global Automotive Electronic Control Unit (ECU) Market is expected to record a positive CAGR of ~6% during the forecast period (2022-2028) and is expected to reach nearly US$ 75 billion by 2028, owing to the increasing features such as ADAS, traction control, parking assistance, electronic braking, and others.
The Global Automotive Electronic Control Unit (ECU) market is driven by several factors including the rising trend of adopting integrated ECUs, growing demand for luxurious cars and innovation in the electric vehicle segment, and growing popularity of ADAS, parking assistance, AEB, and ACC features. Moreover, government mandates to reduce fuel usage also boost the automotive electronic control unit market growth.
The automotive industry has witnessed tremendous growth as compared to a decade ago. Not only, the industry has seen new market entrants, but also developments in vehicle aesthetics from the existing players. Catering to a wider audience had been the primary goal of automotive companies, and the luxury vehicles segment is one of the major markets.
Earlier the luxury vehicle segment was limited to Bentley, Rolls Royce, and Cadillac, but as consumers are getting more aware and demanding, some so many new entrants meet the growing demand. The number of features in a vehicle is directly proportional to the number of ECUs integrated and thus faces a huge demand.
Moreover, with the introduction of electric vehicles, it has become easier for manufacturers to focus more on providing safety and luxury features. Electric vehicles also serve as a base for the development of autonomous vehicles, and thus the demand for ECUs is expected to reach unimagined heights.
The Global Automotive Electronic Control Unit (ECU) Market faces challenges due to increased design complexity and sophistication of ECUs, operation failure in ECU, and cost and quality trade-off.
ECUs serve as the brain/heart of the vehicle and like other electronic devices/components, their failure can be catastrophic. Failure of ECU can be caused by several internal and external factors such as extreme temperature, excess voltage or current, and mechanical shock, among others. A faulty ECU won't let the engine turn on or turn on several warning lights in the vehicles which become very challenging to get the vehicle repaired at that instant.
The design and manufacturing of an ECU are highly technical and complex. The vehicles that are manufactured get OEM-fitted ECUs which tend to be costlier than aftermarket ECUs. Moreover, the aftermarket ECUs generally have a quality issue and sometimes are not fully compatible with the onboard system. All these factors pose challenges for manufacturers to procure highly technical labor, and the end-user to compromise on either quality or cost.
The COVID-19 pandemic had a negative impact on the growth of the Automotive Electronic Control Unit Market. The major factors responsible for the slowdown in the automotive industry during the pandemic are the shortage of semiconductor chips and disruption in the global supply chain.
The imposition of lockdowns in several countries resulted in restrictions on travel, which further impacted the sales of vehicles. The decline in vehicle sales caused automobile manufacturers and OEMs to halt or reduce their production.
Moreover, on the electronics & semiconductor industry side, the shelf life of electronic components was rising, which indirectly impacted in high cost of the components. However, as the automotive industry began to stabilize in early 2021, the Automotive Electronic Control Unit (ECU) Market also started to show progress.
The Global Automotive Electronic Control Unit (ECU) Market is highly competitive with ~100 players that include globally diversified players, regional players as well as country-niche players.
Regional players comprise ~55% of the competitors, while the global players comprise the second highest of the total number of competitors. Some of the major players in the market include Veoneer Inc, Asentec Co Ltd, Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Denso Corporation, Hella KGaA Hueck & Co. (HELLA), Sensata Technologies, Mitsubishi Electric, Sumitomo Electric Industries Ltd, Magneti Marelli, and Aptiv, among others.
The leading automotive electronic control unit (ECU) companies such as Denso Corporation, Mitsubishi Electric, and Veoneer Inc are highly focused on strategic developments related to automotive ECUs such as product launches, technical product development, collaboration, acquisition, and others to hold their position in the market.
The Global Automotive Electronic Control Unit (ECU) Market is forecasted to continue a positive growth, primarily driven by the rising trend of adopting integrated ECUs, growing demand for luxurious cars and innovation in the electric vehicle segment, and growing popularity of ADAS, parking assistance, AEB, and ACC features.
APAC is expected to remain the dominant region throughout the forecast period owing to the emerging automotive hub in terms of production as well as consumption. Though the market is highly competitive with ~100 participants, global players control the dominant market share.
Major Players Mentioned in the report
Asentec Co Ltd
Robert Bosch GmbH
ZF Friedrichshafen AG
Hella KGaA Hueck & Co. (HELLA)
Sumitomo Electric Industries Ltd
Napino Auto & Electronics Ltd
For more information about this report visit https://www.researchandmarkets.com/r/n1694y
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