Over the forecast period of 2021-2031, the global engine control unit market is expected to grow at a CAGR of 4.6%, finds Future Market Insights (FMI) in its latest study.
The global engine control unit industry is expected to grow significantly throughout the forecast period owing to rising demand for automobiles, technological advancements in the production of low-cost engine control units, and increasing demand for next-generation features in vehicles.
A key element driving the engine control unit market is government restrictions encouraging lower fuel consumption and public demand for better vehicle efficiency.
The expansion of the global engine control unit is due to an increase in vehicle production, government mandates on vehicle fuel economy, and the rising availability of fuel injections. Also, expansion of gasoline market will contribute towards global engine control unit’s growth.
Key Takeaways from Market StudyBy product type, gasoline ECUs are projected to account for more than three-fourth of global sales in terms of volume. c are expected to account for over 70% of engine control unit demand. The increasing demand for better fuel efficiency and focus towards curbing carbon footprint among passenger car owners will support growth in this category. East Asia is estimated to hold more than one third of the global market. The expansion of the automotive sector and the presence of some of the leading manufacturers in this region are driving the market. South Asia Pacific is projected to be the fastest growing market, exhibiting growth at little below 5.5% CAGR. China to account for around one-fourth of the worldwide engine control unit sales. The OEM segment will account for nearly 90% of all the engine control unit sold.
“The demand for engine control units will surge as car sales increase and more people seek improved fuel efficiency and lower emissions. Manufacturers are buoyed by changing consumer behavior to integrate technological advancements. Overall the engine control unit business is predicted to benefit from low-cost parts manufacturing in South and East Asia, as well as the development of new transit corridors,” said a lead analyst at FMI.
Engine Control Unit Market Competitive Landscape
The market has been described as consolidated. Some of the leading market participants included in this report are Robert Bosch GmbH, Denso Corp, Hyundai Motor Company, Hitachi Ltd., United Automotive Electronic Systems Ltd, Mitsubishi Electric Corporation, Marelli Holdings Co., Ltd., Aptiv Plc., Cummins Inc, Cardone Industries Inc, ACDelco, Standard Motor Products Inc., Dorman Products Inc., Electronic Concepts & Engineering Inc., Westport Fuel Systems Inc, aditel Automotive Electronics Ltd. who account for a share of more than 76% of the market.