Automotive Embedded Systems Market Poised for Growth due to Surging Demand for Advanced Features and ADAS
Automotive embedded systems provide control, monitoring, and assistance functions in vehicles. Embedded systems comprise printed circuit boards, microcontrollers, and sensors that enable functions such as engine management, ABS, navigation, infotainment, telematics, and advanced driver assistance systems (ADAS). Rising demand for safety, convenience, and advanced connectivity features in vehicles is driving the need for embedded systems. Modern premium vehicles now incorporate over 100 embedded systems to enable enhanced comfort, performance, and safety.
The global Automotive Embedded Systems Market is estimated to be valued at US$ 18.12 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The burgeoning demand for autonomous and semi-autonomous vehicles is a major trend propelling the automotive embedded systems market. Advanced driver assistance systems (ADAS) that enable autonomous driving functions rely heavily on robust and high-performance embedded systems to process real-time data from multiple sensors and cameras and control critical vehicle operations. Major automakers are now focusing on integrating more sophisticated ADAS and self-driving technologies in their vehicle models, which in turn is augmenting the incorporation of next-gen embedded systems with higher processing capabilities. The development of System-on-Chips (SoCs) tailored for ADAS and autonomous driving applications by embedded systems players is anticipated to further drive the market.
Segment Analysis
The global automotive embedded systems market is dominated by the embedded hardware sub segment. This is because hardware components form the core of any embedded system and automotive systems are no exception. Embedded hardware comprises microcontrollers, microprocessors, sensors, memory chips and other supporting chips that work together to perform automotive operations like engine control, collision detection, navigation etc. Embedded software also plays a crucial role in developing applications and programs for automotive control and infotainment systems.
Key Takeaways
The Global Automotive Embedded Systems Market is expected to witness high growth during the forecast period of 2023 to 2030. The global Automotive Embedded Systems Market is estimated to be valued at US$ 18.12 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
Regional analysis:
North America dominates the global automotive embedded systems market currently owing to strong presence of vehicle manufacturers and technology companies in countries like the US and Canada. However, Asia Pacific is expected to witness the fastest growth during the forecast period due to rising vehicle production and sales in major economies of China and India. Countries like Japan, South Korea are also major contributors to the regional market growth.
Key players:
Key players operating in the automotive embedded systems market are Diadem srl., Proteomedix, Cleveland Diagnostics, F. Hoffmann-La Roche Ltd, GENFIT, Nutech Cancer Biomarkers India Pvt Ltd, SysmOex Corporation, Minomic, Creative Diagnostics, Eisai Co., Ltd., and C2N Diagnostics. Diadem srl is a leading player specializing in embedded automotive software solutions.
For more details on the report, Read- http://marketerefforts.weebly.com/home/automotive-embedded-systems-market-is-estimated-to-witness-high-growth-owing-to-opportunity-of-connected-cars
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