Automotive Embedded Systems Market Worth $7.4 Billion by 2022
According to a report published by MarketsandMarkets, 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.
According to a report titled "Automotive Embedded System Market by Vehicle, Electric Vehicle, Type, Component, Application and Region - Global Forecast to 2022", published by MarketsandMarkets, 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 (compound annual growth rate) of 7.56%.
MarketsandMarkets is a market research firm that provides quantified B2B research on 30,000 high growth opportunities and threats which will impact 70% to 80% of worldwide companies' revenues. MarketsandMarkets currently serves 5,000 customers worldwide, including 80% of global Fortune 1,000 companies as clients.
The increasing demand for electric vehicles, advanced safety, comfort, telematics systems, and the rising trend of vehicle electrification in the automotive industry are some of the key factors fueling the growth of this market.
Safety and security applications are estimated to hold the largest share, by value, of the Automotive Embedded System Market in 2017. The mandatory installation of anti-lock braking systems (ABS) and electronic stability control systems in the U.S. and European countries has contributed to the growth of this application. Likewise, in India, airbags, ABS, and speed warning system will be mandatory for all cars from October 2018. The growing installation rate of various safety features in vehicles are the key drivers for the safety & security application market.
The sensors component 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 system 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.