Report : Asia Pacific Automotive Embedded System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Software and Hardware), Component (Memory Devices, Microcontrollers, and Sensors and Drivers), and Application (Powertrain and Chassis Control, Body Electronics, and Multimedia and Integrated Systems/Services)
Multimedia and Integrated Systems/Services Segment to Dominate APAC Automotive Embedded System Market during 2020–2028
According to a new market research study on “APAC Automotive Embedded System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Component, and Application” is expected to reach US$ 3,261.84 million by 2028 from 2,031.19 US$ million in 2021. The market is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The report provides trends prevailing in the APAC automotive embedded system market along with the drivers and restraints pertaining to the market growth. Onset of self-driving cars is the major factor driving the growth of the APAC automotive embedded system market. However, associated with durability of embedded system hinders the growth of APAC automotive embedded system market.
APAC automotive embedded system market is segmented into type, component, application, and country. Based on type, the APAC automotive embedded system market is segmented into software and hardware. Hardware segment held the largest market share in 2020. Based on component, the APAC automotive embedded systems market is segmented into memory devices, microcontrollers, and sensor and drivers. Sensor and drivers segment held the largest market share in 2020. Based on application, the APAC automotive embedded systems market is segmented into powertrain & chassis control, body electronics, and multimedia and integrated systems/services. Multimedia and integrated systems/services held the largest market share in 2020. Based on country, the APAC automotive embedded system market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.
The COVID-19 epidemic has been a headache for Asian automakers. The widespread suspension strategy of Asian carmakers threatens to stifle metal and petrochemicals demand from the industry. Furthermore, in terms of automotive production, China is the biggest car market, and Wuhan, which is a center of an outbreak, which is also called as a “motor city”. The city is home to auto plants such as Peugeot Group, Honda, General Motors, Nissan, and Renault. For instance, Honda alone in Wuhan accounts for ~50% of total production in China. Also, Hubei Province, a Capital of Wuhan, was the 4th largest car producer in China in 2019. The SARS-CoV-2 pandemic has interrupted business operations of various manufacturing businesses, including automotive. As a result, the COVID-19 has impacted the region's automotive sector, but ongoing vaccine campaigns are bringing back on the right path, which is a good indication of the gradual progress of embedded system manufacturers.
Continental AG, Denso Corporation, Garmin Ltd., Harman International, Infineon Technologies AG, Mitsubishi Electric Corporation, NXP Semiconductors, Panasonic Corporation, Robert Bosch GmbH, and System Controls Technology Solutions Pvt. Ltd. are among the leading companies in the APAC automotive embedded system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Mitsubishi Electric Corporation stated that it would begin building a new facility in Gujarat, India, at its subsidiary Mitsubishi Electric Automotive India Pvt. Ltd (MEAI). MEAI's new factory, along with one in Manesar, Haryana, will allow the business to increase production of items like as electric power steering motor-control units, exhaust gas recirculation valves, and gigantic magnet-resistance sensors.
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