Global Automotive Engine Management System Market: Concerns regarding Environmental Conservation Fuels Market
The global automotive engine management system market derives much of its growth from the rising concerns among consumers for environmental protection and the increasing cost of fuel, which have compelled them to look for fuel-efficient transport. In 2014, the global market for automotive engine management systems stood at US$145.13 billion, whereas by 2021, this market is expected to reach US$210.60 billion. Transparency Market Research, a U.S.-based market research and intelligence firm, has recently published a research study on the global automotive engine market, estimating its growth at a CAGR of 5.5% between 2015 and 2021.
Let’s have a look at how the major regional markets for automotive engine management systems are performing:
Europe is the incumbent leader in the global automotive engine management system market. In 2009, the region underwent a severe economic downturn that affected almost all businesses operating in Europe. The automotive industry was no exception; in fact, it was one of the sectors hit the hardest by the slumping economy. However, the region recuperated well from the crisis in recent years and so have the automotive and related industries, especially the automotive engine management system market.
Browse Market Research Report of Automotive Engine Management System Market:
The European automotive engine management system market is likely to develop at a steady rate in the near future. The presence of giant original equipment manufacturers (OEMs) such as BMW, Mercedes Benz, and Volkswagen is fueling the demand for premium passenger cars in Europe. Additionally, innovative and highly developed technologies are being taken up in the European domestic markets, owing to the encouragement to technological innovation this region provides.
The increased focus towards eco-friendly vehicles owing to the rising concerns pertaining to global warming has prompted the region to become a testing ground for innovative and advanced automotive engine management systems and is home to a number of engine management system and equipment manufacturers such as Hella KGaA Hueck & Co., Continental AG, and Robert Bosch GmbH.
North America is the fastest growing automotive engine management system market among all the regional markets. The impressive growth of this regional market is attributed to the increasing level of nitrogen oxides in the environment, rising demand for better performing as well as fuel-efficient vehicles, and strict governmental policies to curb carbon dioxide and other GHG emissions. Mexico, Canada, and the U.S. are the key markets for automotive engine management systems in this region.
Continental AG, Delphi Automotive plc, and Robert Bosch GmbH are some of the key market players that hold a dominant share in the North America automotive engine management system.
Asia Pacific has emerged as one of the lucrative markets for automotive engine management systems on account of the rising disposable incomes in the region. The governments of various Asian nations have imposed strict rules associated with the usage of fuel in order to control air pollution, encouraging the usage of fuel-efficient vehicles that use automotive engine system management system in the region. On account of this, the regional market is projected to witness remarkable growth in the near future. The high production volume of vehicles in Asia Pacific is also expected to add to the market’s development prospects.
The rising uptake of technically advanced automotive engine management systems among consumers is a major reason for the emergence of this market, which includes some of the major engine management system manufacturers across the world such as Denso Corp., Hitachi Ltd., NGK Spark Plug Co. Ltd., and Mitsubishi Electric.
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ECU Replacement: Latest Trend in Global Automotive Engine Management System Market
Replacement of engine control units (ECUs) is the latest trend in the global automotive engine management system market, as replacing ECUs increases the lifespan of vehicles. Nowadays, people keep their vehicles for a longer period, and aging vehicles garner more replacement opportunities for ECUs, and hence, the future of the automotive engine management system market looks bright in the global arena.