The rapid pace of urbanization and increasing affordability are propelling the automobile industry and boosting demand for the ECU Market in the APAC Region!
- Himanshu Patni
- November 24, 2023
- AUTOMOTIVE, NEWS
- Automotive Electric Control Unit Market, Automotive Electric Control Unit Market Forecast, Automotive Electric Control Unit Market Share, Automotive Electric Control Unit Market Size, Automotive Electric Control Unit Market Trends
- 0 Comments
The Asia Pacific region holds the majority of the market share and is also poised to witness significant growth in the CAGR terms during the forecasted period. The Asia Pacific region has witnessed rapid growth in the automotive industry, with countries like China, India, Japan, and South Korea being major automotive manufacturing hubs. As vehicle production increases in the region, the demand for automotive electronic control units rises, in order to be installed for enabling advanced features that the automakers are providing in these vehicles as per the consumer demand needs. Furthermore, rising incomes, urbanization, and a growing middle class in many Asia Pacific countries have led to increased vehicle ownership. As more people purchase cars, the demand for automotive electronic control units also expands.
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For instance, on January 2023, as per CARS24, Indians’ average car buying budget increased an impressive 30 percent in 2022 from USD 5,483 to USD 7,310. Moreover, with rising demand for electric vehicles is further propelling the demand for electronic control units in these markets where Asian countries are projected to produce almost 13 million electric vehicles in the year 2023. Whereas, in 2022, China has sold roughly 52% of the total EVs produced in the world, which amounts to almost 3.5 million units. Additionally, India produced one-third of a million units and has grown by almost 168% on a y-o-y basis from 2021 to 2022. Furthermore, emerging economies are also one of the largest markets due to their huge population with gradually increasing per capita GDP, and with the rising awareness, governments support, and great offerings from OEMs in terms of price and product is further developing a high growth environment for the electric vehicle segment in the APAC region. For instance, China (from a previous 2020 expiration date) extended its NEV subsidy program through the end of 2022, albeit it has started to reduce basic subsidy amounts by 10%, 20%, and 30% per year. (between 2020 and 2022). Through the end of 2023, it also extended the exemption from purchase taxes for NEVs.
APAC is anticipated to emerge as the fastest-growing ECUs market primarily owing to the increasing vehicle demand. Furthermore, rapid urbanization and increasing affordability of the middle class are further driving up the demand for the automotive ECU market.
FIG. 1 APAC ECU Market Revenue (2020-2030)- USD Mn
“Amongst ECU type, the 64-bit segment is anticipated to grow at a significant CAGR during the forecasted period”
Based on ECU type, the market is segmented into below 16-bit ECU, 32-bit ECU, and 64-bit ECU. The 64-bit ECU is anticipated to show significant growth in CAGR terms. The primary factors that will be driving this growth are the shift of vehicles from almost no autonomy to some level of autonomy and then further to fully autonomous vehicle. And the computing power that is required to achieve any level of autonomy can only be performed efficiently by the 64-bit ECUs.
For a detailed analysis of the Global ECU Market browse through – https://univdatos.com/report/automotive-electric-control-unit-market/
Global ECU Market Segmentation
Market Insight, by ECU Type
· 16-bit ECU
· 32-bit ECU
· 64-bit ECU
Market Insights, by Application
· ADAS and Safety System
· Body Control and Comfort System
· Infotainment and Communication System
· Powertrain System
· Chassis System
· HVAC System
Market Insights, by Propulsion Type
· ICE
· Hybrid
· BEV
Market Insight, by Region
· North America
o The U.S.
o Canada
o Rest of North America
· Europe
o Germany
o The U.K.
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o Japan
o India
o Australia
o Rest of APAC
· Rest of the World
Top Company Profiles
· DENSO CORPORATION
· STMicroelectronics
· Lear
· NIDEC CORPORATION
· Robert Bosch GmbH
· Aptiv
· Infineon Technologies AG
· KOSTAL
· Continental AG
· ZF Friedrichshafen AG
