Global Electric Vehicle ECU Market Registering a Significant CAGR of 22.49% During 2019-2024
Posted: Jul 17, 2020
According to the study published by BIS Research, the global electric vehicle ECU market was valued at $5.05 billion in 2018 and is projected to reach $17.77 billion by 2024, registering a CAGR of 22.49% during 2019-2024. The growth in the global electric vehicle ECU market is mainly attributed to the increasing sales of hybrid electric vehicles and battery electric vehicles in countries such as China, Norway, the U.S., Sweden, and Japan.
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Policies continue to have a significant influence on the development of electric mobility. Various policies in terms of incentives and subsidies are being deployed to facilitate the growth in demand for electric vehicles across the globe. In 2018, the global electric car fleet exceeded decent numbers in million, which was nearly 2 million up from 2017. China remained the world’s largest electric car market, followed by the U.S. and Europe.
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Several EV ECU manufacturers are shifting their production bases to developing countries in Asia-Pacific and Japan, which account for lower labor costs and lesser stringent environmental regulations than those in Europe and North America. SAIC, FAW, Dongfeng, Chana, BAIC, GAC, Chery, BYD, and Geely are some of the Chinese electric vehicle manufacturers. Thus, the presence of electric vehicle manufacturers will boost the demand for electric vehicle ECUs in the country.
Key Questions Answered in the Report:
- What are the major forces that are expected to increase the global market demand for EV ECUs during the forecast period, 2019-2024?
- What are the major challenges inhibiting the growth of the global electric vehicle ECU market?
- What was the revenue generated by the electric vehicle ECU market by type in 2018, and what are the estimates for the period between 2019 and 2024?
- Which are the key market players in the global electric vehicle ECU market?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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Bis Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.