Embedded System for Electric Vehicle Market, to register high growth rate during the forecast period

Pune, India, February 07, 2018 /MRFR Press Release/- Market Research Future published a cooked research report on global embedded system for electric vehicle market.

Over the past decade, it had been observed that the price of crude oil barrels is increasing very rapidly, while its availability is decreasing. Due to these factors, a large pool of population is shifting their preference towards electric vehicles. In the last 3 to 4 years, the demand for electric vehicles in the United States has been rapidly increasing, with 70% of year-over-year growth in sales. Along with the United States, Norway has also put a step ahead and has shifted their focus towards electric vehicles. As per the market statistics, every third of a new car is electric. The country also has the highest proportion of 6.4% electric cars, worldwide, followed by Sweden with 3.4%. The growth of electric vehicles is increasing and since 2014, the sales have doubled. As of 2016, near about 777,500 electric vehicles have been sold worldwide. This increase in the growth of the electric vehicle is expected to significantly drive the market for embedded system for electric vehicle market.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Embedded System Electric Vehicle Market Research Report

Addition to these above factors, the government of various countries have also taken initiatives to increase the sales of electric vehicles. In countries such as India, Singapore, Indonesia, and Brazil, the governments have planned to invest more and welcome several electric vehicles manufacturers to set up manufacturing plants. Companies such as Tesla Motors, Hyundai, Mahindra & Mahindra, and Tata Motors are leading the race to roll out electric vehicles soon. Apparently, the other developing countries have also taken the same initiatives to boost the production of electric vehicles.  Additionally, with the rise in income levels among individuals, the incidences of customization of vehicles, have been increasing. Such trends in the market are expected to power the growth of the embedded system for automotive market.

The global embedded system for electric vehicle market has been segmented on the on the basis of components the market has been segmented as Sensors, MCU, Transceivers, and Memory Devices. On the basis of application the market has been segmented as infotainment & Telematics, Body Electronics, and Safety & Security.  On the basis of region the market for Embedded System for Electric Vehicle has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America.

Taste the market data and market information presented through more than 40 market data tables and figures spread over 80 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Embedded System for Electric Vehicle Market Research Report - Forecast to 2030”.

Global Embedded System for Electric Vehicle Market:

The key players of global Embedded System for Electric Vehicle market are Robert Bosch (Germany), Continental AG (Germany), Panasonic (Japan), Texas Instruments (U.S.), Mitsubishi Electric (Japan), and DENSO (Japan). In 2016, these companies accounted for a share of XX% of the global market.

Market Research Analysis:

A major challenge for the electric vehicles industry is the underdeveloped aftermarket services, which can be used by the end-users for product support, warranties, contracts, and parts procurements. Although the list of electric vehicle manufacturers is not long and the evolutions of electric vehicles is a slow process, sales of electric vehicles are increasing at a rapid pace. Developed nations such as US, China, Germany, UK, France, and Japan are the major users of electric vehicles, and also in developing nations, the demand for electric vehicles is rising. Considering all these factors, the availability of aftermarket services for electric vehicles and its components, is still lower than the availability of OEMs. Thus, the prices of OEMs tend to be much higher than that of the aftermarket services. Therefore, the buying preferences of electric vehicles might fluctuate, thus hindering the growth of embedded system for electric vehicles. Hence, it would be a challenge for market growth.