Automotive engine management system market is expected to witness robust growth in the near future as rising demand for automated vehicles is expected to rise significantly in the near future. In 2014, the automotive engine management system market reached an evaluation of $145.1 bn. It is estimated to cross US$210 bn by 2021. The significant jump in its evaluation and its robust projected 5.5% CAGR is a good new for major manufacturers in the market. Some of these include Continental AG, Denso Corporation, Hitachi Automotive Systems Ltd, Delphi Automotive PLC, Sensata Technologies, among many others.
Rising Trends of Self-Driving Cars
Companies like Tesla have started a new chapter in the automotive industry. The innovation of powerful, gripping, and automated driving experiences are expected to take the auto industry forward in the near future. Automated cars are a solid bet on the future for a wide variety of reasons. From a social safety point of view, these are ideal as accidents continue to kill over 100 people every day in countries like the United States. Moreover, commercial trucking industry is likely to adopt to this trend in the near future to keep costs to a minimum and adopt to recent trends of unpredictable boom in e-commerce. The innovations in the automotive engine management systems market are likely to pave way for better vehicle performance, better mileages, and innovative like inclusion of better connectivity in the near future. This is expected to be a major driver for growth in the automotive engine management system market.
Europe Expected to Remain a Lucrative Market
The automotive engine management system market is expected to remain a key market in the near future in Europe. The region is likely to dominate revenue growth in the global market as large automotive manufacturers like Volkswagen, BWM, and Mercedes Benz, continue to emphasize on advancements in engine performance to provide better mileage, and improved driving experiences to end-consumers. Additionally, the EU has set strict goals for auto manufacturers to improve car mileages in the near future. This is expected to drive significant traction for players in the automotive engine management systems market in the near future.
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Developing Economies Promise New Horizons for Growth in the Global Market
The emerging economies in the world continue to pave way for growth for high-speed sports car, and luxury segments. These segments are witnessing a steady declines in developed countries as consumers increasingly demand better fuel mileage and more environ friendly cars. However, the growth of these segments in the developing parts of the world is expected to remain key driver of the automotive engine management system market.
Innovation and Mergers Set to Remain Key for Growth
Recently, major auto manufacturers in the EU were caught red-handed as these companies intentionally changed the EV ratings of cars in order to adhere to mandatory legislations. This is a major setback for the auto industry in the short run as it showed that the auto industry is well below its set goals in terms of meeting foals of fuel-efficiency. The automotive engine management systems can play a major role in helping the industry meetings its goals. These systems include sensors, ignition management controls, and advanced automated systems which help improve fuel efficiency. This is a major boost for the automotive engine management systems market as the auto industry struggles to find new horizons for entering the new economy.