Report : Europe 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)
Sensor and Drivers Segment to Dominate Europe Automotive Embedded System Market during 2020–2028
According to a new market research study on “Europe Automotive Embedded System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Component, and Application” is expected to reach US$ 1,833.29 million by 2028 from 1,146.21 US$ million in 2021. The market is estimated to grow at a CAGR of 6.9% from 2021 to 2028. The report provides trends prevailing in the Europe automotive embedded system market along with the drivers and restraints pertaining to the market growth. Growing need for infotainment is the major factor driving the growth of the Europe automotive embedded system market. However, associated with embedded systems facing durability concerns hinders the growth of Europe automotive embedded system market.
Europe automotive embedded system market is segmented into type, component, application, and country. Based on type, the Europe automotive embedded system market is segmented into software and hardware. Hardware segment held the largest market share in 2020. Based on component, the Europe 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 Europe 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 Europe automotive embedded system market is segmented into Germany, France, Italy, UK, and Russia. Germany held the largest market share in 2020.
The automotive sector is crucial for economic growth and employment in several Central and Eastern European (CEE) nations, including the Czech Republic, Hungary, Poland, Slovenia, Slovakia, and Romania. The COVID-19 outbreak has wreaked havoc on the business. In spring 2020, lockdown tactics caused factories to shut or operate at a quarter of their typical capacity. Due to income losses and increased uncertainty, demand for automobiles has plummeted and is expected to remain low for some time. The economic future is unknown, although following a strong rebound in the third quarter of 2020, industry activity is expected to remain sluggish in the near to medium term. The COVID-19 problem is predicted to have a long-term impact on the economic growth of the CEE nations' primary trading partners. Based on the OECD Economic Outlook estimates and an anticipated link between vehicle sales and GDP growth, demand for automobiles manufactured in Europe is expected to stay below pre-crisis levels in 2021. As a result, the COVID-19 will have a detrimental effect on the automotive industry in Europe, stifling the embedded systems market growth.
Continental AG, Denso Corporation, Garmin Ltd., Harman International, Infineon Technologies AG, Mitsubishi Electric Corporation, NXP Semiconductors, Panasonic Corporation, and Robert Bosch GmbH are among the leading companies in the Europe 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, Jean-François Tarabbia has taken over the Connected Car Networking (CCN) business unit under Continental's Vehicle Networking and Information (VNI) business division.
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