The global Automotive Electronics Control Unit Market is estimated to report USD 53.91 billion by 2024 from USD 35.1 billion in 2016 expanding at a CAGR of 6.7% from 2016 to 2024.
Surging demand for electric vehicles is fuelled by ecological concerns and high focus on energy efficiency of vehicles.
This reduces the excessive dependency on fossil fuels and also controls CO2 emissions.
The growing popularity of electric vehicles is another key factor that will fuel this industry in the forthcoming years.The preference for sophisticated systems in mid-sized vehicles, such as navigation and high-end communication systems will create opportunities for expansion of this industry.
Expanding at a CAGR of 5.6% during the forecast period 2016-2024, chassis electronics is expected to reach USD 11.62 billion by 2024 from USD 8.03 billion in 2016.
It protects consumers and vehicles from risky situations and thefts, respectively.Ongoing industry trends depict that the communication and navigation segment will expand robustly during the forecast period.Geographically, the automotive ECU market is categorized into North America, Europe, Asia Pacific, and Rest of the World.