Published on : Mar 29, 2016
The rapid expansion of the automotive industry worldwide has led to the surging demand for automotive engine management system. According to a report recently published by Transparency Market Research, the global market for automotive engine management system, which in 2014 stood at US$145.1 bn, is expected to reach US$210.6 bn by the end of 2021. If the figures hold true, the market will exhibit a positive CAGR of 5.50% between 2015 and 2021.
Automotive Engine Management System Improves Overall Performance of Vehicle
An automotive engine management system is one of the most integral parts in a vehicle. The system enables the vehicle to function properly and run smoothly without any trouble on road. A typical automotive engine management system includes engine sensors, engine control unit (ECU), fuel pump, and several other components that help to transmit the engine response to the engine management system. The automotive engine management system ensures fuel efficiency and low emission in vehicles. Also it helps to improve the overall performance of the vehicle.
Rapid Expansion of Automotive Industry to Boost Global Automotive Engine Management System Market
The automotive industry is currently touted as one of the fastest growing industries in the world. Furthermore, the industry exhibits incredible opportunities for technologically upgrading vehicles, making them more fuel-efficient and improving their overall performance. Thus, with the advent of the latest technologies in automobile designs, the demand for advanced automotive engine system is poised to increase exponentially. The engine system is also considered indispensable for LCV, HCV, passenger cars as well as commercial vehicles. This in turn is expected to boost demand from the automotive engine management systems market.
Europe Dominates Global Market for Automotive Engine Management System
Based on the type of engine, the global market for automotive engine management is bifurcated into gasoline and diesel. Among these, gasoline-run engines dominated the market, accounting for the largest share in 2014. Regionally, the market is dominated by Europe due to the presence of long-established original equipment manufacturers (OEMs) such as Mercedes Benz, BMW, and Volkswagen in the region. Likewise, Asia Pacific is anticipated to exhibit lucrative prospects for the global market for automotive engine management system.