Global Automotive Engine Management System Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)
The global automotive engine management system market is anticipated to record a CAGR of 8.57% during the forecast period, 2018-2023. Engine management systems are primarily responsible for controlling the performance and emissions of the automobile. The use of engine management systems has become vital, as they assist the vehicle manufacturers in meeting current and future emission requirements.
Automobiles have become highly complex in the recent years. The function and role of the advanced electronic systems that control every aspect of the car have increased substantially. Post the Volkswagen emission scandal, regulatory agencies across the world have become very stringent. This will be a major driver for the global automotive engine management system market. Also, customers in the markets of India and China are becoming increasingly aware of enhancing the performance of their vehicles. This is also expected to boost the market.
Asia-Pacific to Register the Highest Growth
Asia-Pacific is the largest automobile market, globally, but is not expected to have the highest market share in the segment, due to the relatively lower electronic automation of vehicles sold in the region. The average number of vehicles sold in the region is lower than that of the markets of North America and Europe. North America is the largest automotive engine management systems market, globally. There is a trend of automotive customization in the region that has driven the automotive engine management systems market, significantly. However, due to the fast-growing automotive sales, especially in the markets of China and India, the automotive engine management system market in Asia-Pacific is anticipated to experience the fastest growth by 2023. South America, on account of stagnant sales in the forecast period, primarily in Brazil, is forecast to be the slowest growing market in the next 5 years. The African market is likely to emerge as a strong player post 2020, as the automobile market is expected to reach critical mass in the region, by then.
Engine management systems for passenger cars are expected to witness the highest growth rate during the forecast period. This could be as a result of the increasing popularity of mid-level sedans and hatchbacks in the region.
Key Developments in the Market:
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