Electric Vehicle On-Board Systems Market To Grow At CAGR
New York, November 17, 2021 (GLOBE NEWSWIRE) – Market Overview of On-Board Systems for Electric Vehicles: According to a comprehensive research report from Market Research Future (MRFR), “Embedded system for the electric vehicle market Research Report, By Technology, By Components, By Application, By Vehicle Type And By Region – Forecast To 2030 “, the market is expected to register a CAGR of 17.8% during the forecast period (2022-2030).
List of companies presented in the The global Electric Vehicle On-Board Systems market research report includes:
- Robert Bosch (Germany)
- Continental AG (Germany)
- Panasonic (Japan)
- Texas Instruments (United States)
- Mitsubishi Electric (Japan)
- DENSO (Japan).
- Among others.
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The global electric vehicle on-board systems market is both fragmented and competitive for the presence of various international and domestic industry players. Players have employed countless innovative strategies to stay ahead of the curve and meet growing customer needs, including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions , etc. In addition, they also invest in various research and development activities.
Future Market Research Review on Embedded System for Electric Vehicle Market
Supply chain disruptions, economic situations, fluctuations in the share of demand, as well as the long-term and immediate effect of the COVID-19 pandemic have had a negative effect on the on-board system for the growth of the electric vehicle market. The pandemic slowed economic activity and plunged the economy into a deep recession. With roots in China, supply chains around the world are facing unprecedented shutdown and disruption. But with the easing of lockdowns, this market should soon return to normal.
Browse the In-Depth (188 Pages) Electric Vehicle On-Board System Market Research Report
On-board system for motors in the electric vehicle market
Government emissions regulations to drive market growth
Government regulations on emissions and increased energy efficiency have resulted in an increased need for electric vehicles. The efficient electrical system helps to facilitate the optical distribution of power to different parts of the car and increases the overall efficiency of the car, resulting in lower emissions, increased precision and increased safety. Such advantages will help meet the need for vehicle electrification and, therefore, the market for on-board systems for electric vehicles.
Embedded system for electric vehicle market opportunities
Need for comfort and efficiency at the wheel to provide solid opportunities
The need for comfort and efficiency while driving will provide strong opportunities for the market during the forecast period.
Besides, the increase in the income levels of the people and the increase in vehicle customization are also adding to the growth of the market.
Embedded system for the constraints of the electric vehicle market
Underdeveloped aftermarket services to act as a market brake
The presence of underdeveloped after-sales services may act as a drag on the market during the forecast period.
Embedded system for the challenges of the electric vehicle market
Lack of knowledge to act as a market challenge
Lack of knowledge and high cost of on-board electric vehicle system could be a challenge for the market during the forecast period.
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The global electric vehicle on-board systems market is divided on the basis of components and applications.
By component, the sensors segment will dominate the market during the forecast period for the increasing need for vehicles.
By application, the safety and security segment will dominate the market during the forecast period for the increasing need for safety devices such as anti-lock braking systems in cars.
APAC will precede the on-board system for the electric vehicle market
The APAC region will lead the in-vehicle systems for electric vehicles market during the forecast period. The rapid increase in sales of electric vehicles, favorable government initiatives, increasing fuel prices, improving socio-economic conditions in India and China, increasing disposable income of customers, increasing Vehicle production in India and China and growing need for cars in Japan add to the global on-board system for electric vehicle market growth in the region.
North America to See Favorable Growth in On-Board Systems for Electric Vehicles Market
North America will experience favorable growth of the electric vehicle on-board systems market during the forecast period. Huge spending in expanding electric car infrastructure like charging stations as well as other policies, and the growing need in the United States for the growing need for electric cars, increasing disposable income and Government initiatives add to the global integrated system for electric vehicle market growth during the forecast period.
Market segmentation covered by research:
Electric Vehicle On-Board System Market Intelligence Report by Components (Sensors, MCUs, Transceivers, and Memory Devices), Application (Infotainment and Telematics, Body Electronics, and Safety and Security) and Regions – Global Forecast until 2030
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