Electric Vehicle Control Unit Market Size Worth USD 39.57 Billion, Globally, by 2030 at a CAGR of 17.4%
Fortune Business Insights
6 min read
Fortune Business Insights
Electric Vehicle Control Unit Market to Depict a 17.4% CAGR from 2023-2030; Growing Adoption of AI Technology in Electric Vehicles to Fuel Market Expansion
Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global electric vehicle control unit market size stood at USD 9.68 billion in 2022. The market value is slated to rise from USD 12.91 billion in 2023 to USD 39.57 billion by 2030 at a CAGR of 17.4% during 2023-2030. The electric vehicle control unit provides charging control, torque gearshift strategies, and more for connected and electrified powertrains. The unit is widely used in combustion engine applications and electrified passenger cars. The market’s expansion is driven by the rapid integration of innovative technologies in recent electric vehicles to enhance their performance. Fortune Business Insights™ shares this information in its report titled “Electric Vehicle Control Unit Market, 2023-2030.”
Gain insights into the market's current state and future projections.
Understand the impact of the COVID-19 pandemic on Electric Vehicle Control Unit Market.
Explore the latest Electric Vehicle Control Unit Industry trends and technologies driving the market.
Learn about key factors driving market growth and potential challenges in Electric Vehicle Control Unit market.
Stay informed about government policies and initiatives shaping the industry.
Discover the top industry players and their strategies.
Report Highlights:
Report Coverage
Details
Forecast Period
2023-2030
Forecast Period 2023 to 2030 CAGR
17.4%
2030 Value Projection
USD 39.57 billion
Base Year
2022
Market Size in 2022
USD 9.68 billion
Historical Data for
2019-2021
No. of Pages
150
Market Drivers & Restraints-
Rapid Integration of Machine Learning and AI in ADAS to Drive Market Growth
Rapid integration of machine learning and AI in advanced driver assistance systems is redefining the electric vehicle control unit industry. The increasing need for EV control units to improve safety systems, efficiency, and driving experience propels market growth. These control units can optimize real-time data from sensors, cameras, and other sources. The AI can assume driving patterns, control power distribution, and analyze energy management in electric vehicles. The increasing integration of AI technology in EVs is driving market growth.
However, the expensive R&D and testing for developing innovative control units may restrict market expansion
COVID-19 Impact-
Pandemic Increased Sales of Electric Vehicles, Which Propelled Market Expansion
The COVID-19 pandemic positively impacted the electric vehicle control unit market growth. Surging awareness regarding sustainable transportation increased the sales of electric vehicles amid the pandemic. Heightened demand for electric vehicles and associated components led to market growth.
Passenger Car Segment Commands Due to Rise in Government Initiatives to Promote Adoption of Electric Passenger Vehicles
In terms of vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger car segment dominates the market. Increasing government initiatives and incentive benefits to encourage the use of passenger vehicles is expected to drive the segment growth.
BEV Segment Leads as Recent Advancements in Battery Technology is Fueling Sales of Battery Electric Vehicles On the basis of propulsion type, the market is classified into Battery Electric Vehicles (BEV) and Hybrid Vehicles (HV). The BEV segment is witnessing maximum market growth. The demand for battery electric vehicles is gaining traction globally due to rapid innovations in battery technology.
Advanced Driver Assistance Systems to Gain Traction due to their Growing Usage for Enhancing Driving Experience By application, the market is segregated into ADAS, body & comfort, infotainment, and others. ADAS (Advanced Driver Assistance Systems) enhances the overall driving experience. ADAS includes many functions, such as automatic emergency braking, parking assistance, and others. These developments are augmenting the segment’s growth.
Report Coverage-
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights-
Asia Pacific’s Growing Electric Vehicle Sales Boost Market Expansion
Asia Pacific holds a substantial electric vehicle control unit market share. An increase in electric vehicle sales and the presence of a robust automobile sector is forecast to propel market growth in the region. The North American electric vehicle control unit market’s growth is fueled by the growing popularity of commercial transportation in the region.
Collaborative Deals and R&D Initiatives by Top Electric Vehicle Control Unit Manufacturers to Fuel Market Enhancement
A prominent producer of vehicle control units, Continental AG is increasing its R&D investments to manufacture novel products with enhanced capabilities. It also offers an Electric Vehicle Control Module (VCU). The module is used for the functional elements of electric or hybrid-electrical vehicles.
Key Industry Development:
August 2023: Tata Technologies made a development partnership with AUTOSAR. This partnership emphasizes the standardization of vehicle Electronic Control Units (ECUs) software architecture to enhance the overall efficiency of automotive systems.
List of Key Players Covered in the Automotive Idler Arm Market Report:-
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