Embedded System Electric Vehicle Market Trends

Embedded System for Electric Vehicle Market Overview

The Embedded System for Electric Vehicle Market size was valued at USD 8.5 Billion in 2023. The Embedded System for Electric Vehicle industry is projected to grow from USD 10.01 Billion in 2024 to USD 31.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.40% during the forecast period (2024 - 2032). Applications of embedded systems in the automotive sector, increased attention on safety features for electric vehicles, and rising demand for these systems with integrated graphics, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Embedded System for Electric Vehicle Market Trends

The increase in consumer awareness about vehicle safety is driving the market growth

The government's strict safety regulations and rising customer awareness of vehicle safety have a favourable effect on the automotive embedded system market. Airbags, electronic brake-force distribution, and antilock braking systems are some of the embedded system's features that offer passenger safety when riding in a car. For instance, in India, two airbags will be required in all passenger cars starting in April 2021 and ABS will be required for all vehicles starting in April 2019. The need for features like electronic stability control (ESC), electronic steering, and advance driver assistance systems (ADAS) is rising globally. Additionally, the spread of the ADAS ecology and technology advancements have made it simpler for OEMs to integrate the embedded system into typical passenger vehicles. Thus, it is anticipated that all of the recent technical advancements would fuel the expansion of embedded systems in the automotive industry.

The development and implementation of the embedded system for electric vehicle market growth include a wide spectrum of individuals. Due to rising consumer demand, worldwide car sales and production are rising every year. The global automotive embedded electric vehicle market will be driven by the embedded systems that are installed in every manufactured car. These systems' main attributes are their adaptability, dependability, power, efficiency, quickness, and accuracy. These systems are characterised as specific functionalities and solutions with a focus on addressing time-sensitive requirements. Rail, space, automotive, electronic payment systems, aviation, and mobile communication are just a few of the industries that use embedded systems.

The development of embedded systems in the automotive industry is anticipated to be fueled by a number of additional variables, including uses of these systems in the automotive sector and rising demand for these systems coupled with integrated graphics. The need for these systems has, however, increased over the past several years in the auto industry due to rising demand for more intelligent, energy-efficient vehicles. These systems are the building blocks of smart products, and rising demand for them has led to a rise in the use of embedded hardware and software in the automotive sector. The demand for portable computer devices and multimedia products in the automotive industry, such as parking sensors and GPS, is anticipated to increase demand for these systems.

Additionally, it is anticipated that the market for embedded systems in the auto sector would rise due to the strong economic expansion of emerging nations around the world. Over the course of the forecast period, all of these trends are anticipated to increase the market share of these systems in the automotive sector. The nature of the devices connected to motors and their data are changing due to the advent of the Internet of Things (IoT). A software system, notably Java, now has new chances to be the natural method of interaction, development, and control. The foundational components of the Internet of Things (IOT) include embedded sensors, image recognition technology, and near field communication (NFC) payment. Thus, driving the Embedded System for Electric Vehicle market revenue.

Embedded System for Electric Vehicle Market Segment Insights

Embedded System for Electric Vehicle Component Insights

The Embedded System for Electric Vehicle market segmentation, based on component, includes Sensors, MCU, Transceivers, and Memory Devices. Sensors segment accounted for the largest revenue share in 2022. Automotive multimedia and integrated systems (MIDS), a hybrid of hardware and software, offer audio or visual entertainment. Car navigation systems, video players, USB, Bluetooth connectivity, carputers, in-car internet, and Wi-Fi are among the main in-car entertainment systems that work with radio players, cassette or CD players, and cassette or CD players. The ICE systems can now feature steering wheel audio controls, hands-free voice control, touch-sensitive pre-set buttons, and touch screens on higher-end devices in addition to conventional dashboard knobs and dials.

Embedded System for Electric Vehicle Application Insights

The Embedded System for Electric Vehicle market segmentation, based on Application, includes Infotainment & Telematics, Body Electronics, and Safety & Security. Safety & security segment dominated the Embedded System for Electric Vehicle market in 2022. The mandates for installing safety equipment like airbags and anti-lock braking systems (ABS) in automobiles are among the causes that have propelled the market's growth. The infotainment & telematics segment is anticipated to expand at a sizable CAGR during the forecast period.

Figure 1 Embedded System for Electric Vehicle Market, by Application, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Embedded System for Electric Vehicle Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Embedded System for Electric Vehicle Market dominated this market in 2022 (45.80%). The U.S. is predicted to benefit most financially as a result of the nation's automobile industry's rapid technical improvement. Demand for the software may rise as a result of the nation's stricter safety laws and regulations. Further, the U.S. Embedded System for Electric Vehicle market held the largest market share, and the Canada Embedded System for Electric Vehicle market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 Embedded System for Electric Vehicle Market Share By Region 2024 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Embedded System for Electric Vehicle market accounted for the healthy market share in 2022. The market for electric vehicles is a market that the region's manufacturers are extremely interested in. Due to leading players' cutting-edge methods, the market for vehicle-embedded software will likely see a boost in consumer interest as the automotive and industrial industries in developed countries continue to grow rapidly. Further, the German Embedded System for Electric Vehicle market held the largest market share, and the U.K Embedded System for Electric Vehicle market was the fastest growing market in the European region.

The Asia Pacific Embedded System for Electric Vehicle market is expected to register significant growth from 2024 to 2032. due to rising income levels, a rise in vehicle manufacturing in developing countries like China, and a growth in the number of electric car owners in developed countries like Japan. China has the highest rate of vehicle production in the world, with a total of 29,015,434 manufactured cars, followed by Japan, India, South Korea, and then. The use of software will probably rise in Japan as electric vehicle use rises. India's economy is expected to expand due to government backing for the car sector, much like China's. Moreover, China’s Embedded System for Electric Vehicle market held the largest market share, and the Indian Embedded System for Electric Vehicle market was the fastest growing market in the Asia-Pacific region.

Embedded System for Electric Vehicle Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Embedded System for Electric Vehicle market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Embedded System for Electric Vehicle industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Embedded System for Electric Vehicle industry to benefit clients and increase the market sector. In recent years, the Embedded System for Electric Vehicle industry has offered some of the most significant advantages to medicine. Major players in the Embedded System for Electric Vehicle market, including Robert Bosch, Continental AG, Panasonic, Texas Instruments, Mitsubishi Electric, and DENSO, are attempting to increase market demand by investing in research and development operations.

A provider of technology and services, Robert Bosch GmbH (Bosch) is a division of Robert Bosch Stiftung GmbH. The business provides a broad range of goods and services, including automotive components and accessories, e-bike systems, automotive technology, home appliances, security systems, solar inverters, packaging technology, industry solutions, and business process management solutions. The company serves clients in the automotive, consumer electronics, and BPO sectors in the Americas, Europe, Asia Pacific, and Africa along with sales and service partners, subsidiaries, and local businesses. The headquarters of Bosch are in Stuttgart, Germany. In order to address a global scarcity of microchips, Robert Bosch has set aside more than $400 million in investments for manufacture as of October 2021.

The company Realtime Robotics creates specialised software that runs on generic hardware and is intended to revolutionise how robots and autonomous vehicles move. The company's software enables clients to operate single or multiple robots safely and at full speed in unstructured and uncaged environments, reacting to a dynamic world and generating safe robotic motion plans in milliseconds as soon as changes are perceived. Real-time Robotics announced in June 2022 that it had partnered with Mitsubishi Electric Automation, Inc. to advance industrial robot programming and control using cutting-edge motion control and collision avoidance technology.

Key Companies in the Embedded System for Electric Vehicle market include

• Robert Bosch


• Continental AG


• Panasonic


• Texas Instruments


• Mitsubishi Electric


• DENSO

Embedded System for Electric Vehicle Industry Developments

January 2022 For energy cars, Johnson Electric introduced an all-in-one e-axle solutions pack. The pack covers all the bases, including safety parking, four-wheel drive mode switching, and electric drive position sensing.

Embedded System for Electric Vehicle Market Segmentation

Embedded System for Electric Vehicle Component Outlook

• Sensors


• MCU


• Transceivers


• Memory Devices

Embedded System for Electric Vehicle Application Outlook

• Infotainment & Telematics


• Body Electronics


• Safety & Security

Embedded System for Electric Vehicle Regional Outlook

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  Middle East
  
  


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  Africa
  
  


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  Latin America