Credence Research, Inc. has recently released its latest market report entitled “Global Automotive Embedded System Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. According to the report, the global automotive embedded system market generated approximately USD 4.1 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of over 6.4% from 2022 to 2028, reaching around USD 5.94 billion in the forecast period.
An automotive embedded system is a collection of software and hardware components based on a microcontroller or microprocessor designed to perform specific tasks in the automotive industry. The report highlights that embedded systems help in predicting maintenance needs and preventing collisions, and its usage has grown significantly in recent years. The rise of connected automotive has driven the need for improved embedded software development capabilities, resulting in improved vehicle performance.
The market is categorized into software and hardware based on the type, powertrain & chassis control, body electronics, and multimedia & integrated systems/services based on the application, and memory devices, sensors & drivers, and microcontrollers based on the component. The market is also segmented geographically into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report indicates that in 2021, the Asia Pacific region dominated the global automotive embedded system market due to the high adoption rate of embedded systems, the growth of the automotive industry, and the rise in the production of embedded-systems-equipped vehicles, particularly in Japan, India, China, and South Korea. The report suggests that the higher adoption of electric vehicles in the region is also expected to significantly increase the demand for automotive embedded systems. The subsidies offered by regional governments are expected to drive demand for embedded systems in the automotive market throughout the forecast period, contributing to the electric vehicle demand.
For further details, interested parties can browse the Global Automotive Embedded System Market report on the Credence Research website.