According to Nova one advisor, a major research and consulting group, the global Automotive Engine Management System market will grow at a rate of 2.0 percent per year through 2027 and Demand for Automotive Engine Management System will reach US$ 59.2 Billion in 2020. It is projected to reach US$ 66.0 Billion by 2027. Irrespective of unexpected consequences of the COVID-19 outbreak, businesses operating in the market will continue gaining momentum as investment is gradually recovers across industries.
The major driving factors for the engine management system industry are stringent emission norms, fuel efficiency regulations and growing vehicle production around the globe. However, increasing sales of electric vehicles due to attractive government incentives are expected to impact the engine management system market.
The automotive industry plays a crucial role in building the global economy. However, the COVID-19 outbreak disrupted the whole automotive supply chain on a global scale in the first 6-7 months of 2020. The pandemic presented an uncertain recovery timeline for the automotive industry due to the lockdown implementation and shutdown of manufacturing facilities in various parts of the world. The automotive industry faced four major challenges amid COVID-19 – limited supply of vehicle parts, drop in new vehicle sales, the shutdown of production facilities, and decline in working capital. As the engine management system market is dependent on vehicle production, this market is expected to be impacted due to this outbreak. However, with growing normalcy and momentum in vehicle production, the engine management system market is expected to pick up pace in the coming years.
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The market survey provides compelling insights into important drivers that enable growth. It highlights untapped potential in a variety of industries.For the purpose of the study, the market has been segmented in terms of By Vehicle Type, By Component Type, and regions. The report presents an incisive view of various factors impacting growth across these categories. Challenges posing threat also are studied in detail.
Apart from underscoring unexplored prospects, the report is intended to prepare businesses for unforeseen challenges in the future. It covers recommendations to help them navigate their businesses through obstacles to continue reporting growth at a sustainable pace.
COVID-19 Impact on Automotive Engine Management System Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Automotive Engine Management System market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Automotive Engine Management System market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Emerging Nations to Continue Attracting Investments
The expansion of various industries across India, China, Brazil, and other emerging countries will help the Automotive Engine Management System market flourish. Consistent investment towards industrialization and urbanization, as well as the implementation of policies favouring foreign investment, will continue to be major growth drivers.
Expansion initiatives undertaken by various countries will aid the growth of the Automotive Engine Management System market. Besides, the easy availability of raw materials and labours at a cheaper cost will attract an increasing number of companies within the Automotive Engine Management System market.
Opportunities: Replacement of ECUs due to increasing average life of vehicles
An automobile is made of complex components, each of which has its own life span and longevity characteristics. Car longevity is an important aspect and depends on several factors such as maximum service life and relationship of components to this lifespan. With the advancements in technology, lifespan of vehicles is increasing. Studies reveal that the average life of light vehicles on the road stood at a record high of 12 years in 2018. It is up from 11.2 years in 2012, and 10.9 years in 2010. With this, the replacement cycle of an engine management ECU repeats itself and it becomes necessary for the consumer to make this replacement.
The price of the engine control module in the replacement market or aftermarket proves to be a strong revenue pocket globally. Therefore, the aftermarket has many players expanding their businesses and leveraging opportunities.
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List of key players:
Robert Bosch (Germany), Continental AG (Germany), Denso (Japan), and BorgWarner (US), Hitachi Automotive (Japan), Infineon technologies (Germany), Hella (Germany), Sanken (Japan), NGK spark plug (Japan).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- By Vehicle Type
- Passenger Car
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- Commercial Vehicle
- By Component Type
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- Engine Control Unit (ECU)
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- Engine Sensors
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- Fuel Pump
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- Others
The regional segmentation covers:
-North America Region (U.S., Canada, Mexico)
-Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
-Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
-South America Region (Brazil, Argentina, Columbia, Rest of South America)
-The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Key Findings of the Automotive Engine Management System Market Study
- Backed by the presence of well-established industrial infrastructure and willingness to spend on advanced technologies will strengthen North America’s hold in the global market.
- The Europe market will continue gaining from surging demand in Germany, U.K., Italy, France, and Spain.
- Investment towards industrialization and favourable policies intended at encouraging foreign investment will drive growth in India and China, sealing Asia Pacific’s position as a highly lucrative market for Automotive Engine Management System.
- In Latin America, the market will gain from surging focus on economic development.
Why Buy this Report?
The purpose of Nova one advisor’s Automotive Engine Management System market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
Some of the key highlights of the report are:
- Automotive Engine Management System Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Nova one advisor presents the most precise rate of growth for the market for the assessment period starting from (start year) to (end year).
- Automotive Engine Management System Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Key Market Segments – To present an exhaustive overview, the global Automotive Engine Management System market is segmented in terms of By Vehicle Type, By Component Type, and region. Opportunities existing across each of these categories are reflected on to help businesses realize their true potential.
- Competitive Landscape Analysis – Some of the leading companies operating in the Automotive Engine Management System market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
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