Market Synopsis
The global embedded system for an electric vehicle market is estimated to value significantly during the review period. The increasing popularity of electric vehicles among consumers is projected to be the most significant factor driving the global embedded system market 2020. The growing inclination of OEMs towards a connected electric vehicle for customers is projected to be another important factor driving the global market. Besides, the growing awareness towards protecting the environment is another pivotal constituent actuating the market size. Moreover, increasing disposable income is likely to impact the market. Such factors are likely to actuate the market size. However, the initial expenses associated with electric vehicles batteries are likely to hinder the market growth. Even though the price of batteries has been declining, it is still estimated to act as an obstacle in market expansion.
Market Segmentation
The global embedded system for the electric market can be segmented on the basis of application, components, and region.
On the basis of application, the global embedded system for the market can be segmented into infotainment & telematics, body electronics, and safety & security.
On the basis of component, the global embedded system for the market can be segmented into sensors, MCU, transceivers, and memory devices.
On the basis of region, the global embedded system for the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America.
Regional Analysis
The evaluation of regions such as North America, Europe, Asia Pacific, Middle East & Africa and South America has been carried out. The data experts at MRFR have predicted substantial growth of the market during the assessment period. Among the regions evaluated, the APAC region is projected to acquire the largest market share. The second and third position is attained by Europe and North America, respectively. The initiatives taken by the government of various countries to promote the usage of an electric vehicle is estimated to be one of the most pivotal factors leading to market growth. Besides, the increasing prices of fuel are likely to propel the market. The North American region is prospering—the development in the field of electric vehicle infrastructure. The sales in North America have shown an upward trajectory since 2014, which displays that the regional market is blooming. Among all nations, the U.S. is projected to make the maximum contribution. On the other hand, the European market is one of the most lucrative markets for expansion. Countries like the UK, Germany, France, and Norway are projected to make the most substantial contribution to expand the market. And Norway. The growing inclination towards the electric vehicle is one of the most significant factors resulting in the regional expansion.
However, the market dynamics are estimated to be affected significantly due to the outbreak of COVID-19. Several regions have incurred losses due to the observation of lockdown. It may take some time to recover from the losses caused during the lockdown.
Key Players
The distinguished players of the global embedded system for electric vehicle market are Continental AG (Germany), Robert Bosch (Germany), Panasonic (Japan), Mitsubishi Electric (Japan), Texas Instruments (U.S.), DENSO (Japan), and a few more.
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