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various ECUs will fuel market demand. However, owing to complexities in the consolidation of automotive domains, this market is likely to face certain bottlenecks.
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The global automotive ECU market is categorized on the basis of applications and geography. Based on applications, the divisions are powertrain, chassis electronics, safety & security, entertainment, and communication & navigation. The communication and navigation segment will expand significantly owing to surging demand for sophisticated incar features, eco-efficiency, and in-car data storage.
Powertrain will witness strong growth because of changing environmental trends. 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. Safety system encompasses tire pressure monitoring systems, pre-crash safety systems, anti-theft systems, keyless entry systems, and airbags. 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. Europe is anticipated to be the fastest growing market because of the leading position that it holds in the luxury cars market. Other factors driving the Europe market are demand for navigation systems and popularity of telematics. Exponential growth of the logistics industry further fuels the growth. The North America market will be affected by the sluggish adoption of newer technologies. Owing to the
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