The global vehicle control unit market is estimated to grow from USD 2.9 billion in 2019 to reach USD 10.4 billion by 2027, at a CAGR of 17.1%
NEW YORK, Sept. 17, 2019 /PRNewswire/ --
Demand for advanced electric vehicles and innovative technologies in vehicle electronics are significant factors for the growth of the vehicle control unit market globally
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The global vehicle control unit market is estimated to grow from USD 2.9 billion in 2019 to reach USD 10.4 billion by 2027, at a CAGR of 17.1%. Increased emphasis on electric vehicle features and the need for integrated vehicle electronics to boost the market. Advanced compact VCUs are being developed by the companies that are capable of performing and controlling inter-connected functions such as ADAS, predictive technology, infotainment, body control, battery management, torque coordination, and automated driving.
Capability of reprogramming and updating software over the air using advanced technologies is likely to propel the growth of the software segment during the forecast period
The software segment is expected to be the fastest market.Software can be reprogrammed over the air (OTA) using SOTA and FOTA protocols.
Due to this, VCU is very flexible and can be fit into any vehicle system with the help of required programming.Currently, all the VCU providers in the market are using their basic software in their VCUs.
However, this software can be reprogrammed easily using platforms such as MATLAB and Simulink.This makes the system much more flexible, as a company can roll out software updates over the air.
Thus, just like most other electronic systems, hardware might get standardized in the future, and companies would roll out their software, designed predominantly for their vehicles. This would change the VCU market scenario in the future, as software with innovative technologies might get expensive, and hardware is expected to become cheaper.
European market is expected to register the second-fastest growth during the forecast period
The European region is estimated to be the second-fastest-growing market during the forecast period, after Asia Pacific.The region is a hub to major players such as Robert Bosch GmbH (Germany), Continental AG (Germany), STMicroelectronics (Switzerland), IET SPA (Perugia), Rimac Automobili (Croatia), and AIM Technologies (England).
Europe is a key region for innovations, significant R&D, and technological advancements in electric vehicles, vehicle electronics, advanced automotive systems, and charging solutions.Germany is the largest market in Europe, followed by France.
Germany, which is said to be the automotive hub of the world, is home to many established vehicle as well as VCU manufacturers and also has a higher EV adoption rate. The increasing demand for advanced automotive features in electric vehicles and electrification of automotive components are driving the vehicle control unit market in Europe.
Asia Pacific is expected to be the largest market during the forecast period
The Asia Pacific region is expected to be the fastest-growing and the largest vehicle control unit market in the world.The market growth in the region can be attributed to the large electric vehicle sales volume in the region.
Considering the large EV sales volume and continuous technological advancements in the battery management systems, automotive features, body control, and infotainment functions; and innovative charging solutions, China is expected to lead the vehicle control unit market in the Asia Pacific region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Tier I - 36%, Tier II - 39%, and OEM - 25%,
• By Designation: C Level - 24%, D Level - 43%, and Others - 33%
• By Region: North America - 31%, Europe - 36%, and Asia Pacific - 33%
The vehicle control unit market comprises major manufacturers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Texas Instruments (US), Mitsubishi Electric Corporation (Japan), and STMicroelectronics (Switzerland).
Research Coverage:
The market study covers the vehicle control unit market across segments.It aims at estimating the market size and future growth potential of this market across different segments such as vehicle type, propulsion type, capacity type, voltage type, electric two-wheeler type, component type, communication technology type, function, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall vehicle control unit market and the subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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