The global automotive embedded systems market is estimated to be valued at US$ 18.12 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The automotive embedded systems market has steadily grown over the past few years due to rising vehicle production and increasing digitalization in vehicles. The adoption of advanced driver assistance systems and integrated connectivity solutions in vehicles has fueled market growth. Safety and convenience features offered by automotive embedded systems have increased their demand.
Weakness: Design complexity of automotive embedded systems makes their development a challenging task. Integration of such systems with existing vehicle electronics requires extensive testing and validation. Scaling up production to meet global demand is also a major challenge for embedded systems suppliers.
Opportunity: The rising demand for autonomous, electric, and connected vehicles provides new growth avenues for automotive embedded systems. Advanced capabilities of next-gen vehicles will spur the integration of more sophisticated sensors, controllers, and computer modules. Governments worldwide are also supporting EVs which will drive related embedded hardware adoption.
Threats: Increasing software complexity increases the scope of cyberattacks on vehicles. Steep investment requirements for developing autonomous driving technologies pose financial risks. Stringent automotive safety standards mandate extensive compliance testing adding to project costs. Supplier consolidation in the automotive industry can impact smaller embedded systems players.
Key Takeaways
The Global Automotive Embedded Systems Market Demand is expected to witness high growth over the forecast period due to rising vehicle production worldwide and the increasing role of electronics in modern automobiles. Systems for ADAS, connected services, and automated driving functions will be in increasing demand pushing revenue growth. The global Automotive Embedded Systems Market is estimated to be valued at US$ 18.12 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030.
Regional analysis: North America and Europe currently dominate the market due to the presence of major automakers and embedded systems suppliers in countries like the US, Germany, and UK. However, Asia Pacific is expected to see the fastest growth led by China, Japan, and India. Rising vehicle manufacturing and robust government support for EVs will drive embedded hardware adoption in the region.
Key players: Key players operating in the automotive embedded systems market are Broadcom Inc., Sicoya GMBH, GlobalFoundries Inc., Intel Corporation, Juniper Networks Inc., Cisco Systems Inc., IBM Corporation, and NeoPhotonics Corporation. Major embedded systems providers are making investments in developing advanced solutions for next-gen driver assistance, connectivity, and automated driving applications in vehicles. Collaborations between automakers and semiconductor companies have also increased to support new mobility technologies.
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