The autonomous vehicle ECU market is expected to grow by USD 1.43 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Autonomous Vehicle ECU Market 2020-2024 (Graphic: Business Wire)
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Human errors such as drowsiness, less concentration, and fatigue are the prime reasons that cause road accidents. Also, actions such as messaging, surfing the net, and talking over the phone while driving increases the risk of accidents. Hence, automotive manufacturers are focusing on the development of semi-autonomous vehicles that are free from human errors, thereby reducing the number of fatalities on roads. This is driving the demand for sophisticated automated systems, which is expected to fuel the growth of the global autonomous vehicle ECU market during the forecast period.
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As per Technavio, the increased funding in the R&D of autonomous vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Autonomous Vehicle ECU Market: Increased Funding in R&D of Autonomous Vehicles
Automobile manufacturers across the world are making significant investments in the development of autonomous vehicles. For instance, Ford invested about USD 1 billion in Argo AI, a company that develops autonomous driving technologies and robotics. Similarly, General Motors, Greylock Partners, and the Softbank Group invested about USD 160 million in Nauto, a technology startup that develops technology for autonomous cars. Such increasing funding in the development of autonomous technologies is expected to have a positive impact on the growth of the global autonomous vehicle ECU market during the forecast period.
"Development of scalable ECU platforms to enable level 3 autonomy and the development of autonomous vehicles for cab and parcel delivery services will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Autonomous Vehicle ECU Market: Segmentation Analysis
This market research report segments the autonomous vehicle ECU market by application (semi-autonomous and autonomous) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the autonomous vehicle ECU market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing adoption of high-performance autonomous vehicles in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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