The "Automotive Engine Management System Market by Vehicle Type (Passenger Car, LCV, & HCV), Engine Type (Gasoline & Diesel), Components (ECU, Sensors- Temperature, Position, Oxygen, & Knock), Communication Bus & Region - Industry Trends & Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global engine management system market is projected to grow to USD 63.2 billion by 2025 from USD 58.8 billion in 2020, at a CAGR of 1.5% during the forecast period.
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.
Position Sensors are estimated to be the fastest-growing and largest market share of the sensor segment
Position sensors are must-have sensors inside an engine management system of any kind of vehicle. Position sensors generally consist of throttle position, camshaft position, crankshaft position, and EGR position sensors. All above mentioned position sensors are installed in every vehicle owing to which the demand for position sensors is estimated to grow as the growing vehicle production across the globe. Moreover, the number of position sensors installed in each vehicle are multiple the growth rate for the position sensors market is also estimated to grow at the highest CAGR during the forecast period.
Passenger cars are expected to be the largest vehicle segment of the engine management system market
The growing population has increased the overall demand for Passenger cars across the globe. Passenger car production accounts for more than 75% of total vehicle production across the globe. Moreover, due to betterment in income opportunities and increasing disposable income demand for vehicles is estimated to increase in countries such as India, Mexico and Brazil. Which will drive the market for engine management system market in the forecast period.
Asia Pacific is estimated to be the largest geographical segment of the engine management system market
The upcoming emission norms in the Asia Pacific are the most prominent driving forces for the engine management system market. For instance, China implemented China 6a & 6b, India implemented BS VI norms in 2020. Also, At the same time, the demand for luxury cars has increased considerably. The increase in demand for vehicles, especially premium passenger cars, has accentuated the need for better emission technologies and better engine performance. Thus, the market for engine management systems in the region is expected to grow significantly in the coming years.
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