LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global hybrid vehicle electronic control unit (ECU) market to grow at a CAGR of close to 51% during the forecast period, according to their latest report.
The report has further categorized the market into different segments based on vehicle type (hybrid commercial vehicles and hybrid passenger cars) and geography (APAC, North America, and Europe).
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Technavio analysts highlight the top three market drivers that are contributing to the growth of the global hybrid vehicle electronic control unit (ECU) market:
- Cost reduction in hybrid vehicles leading to their increased adoption
- Increasing demand for safety solutions to push wider application of ECU
- Improved battery technology is pushing the adoption of EVs
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Cost reduction in hybrid vehicles leading to their increased adoption
In comparison to all the other segments, the hybrid segment is a prominent segment of Electric Vehicles (EV) because of the scalability of the segment in EVs. It is crucial for the ECU market that there is a growth of this segment and a vital role in promoting the growth is played by the cost of hybrid vehicles. For instance, Toyota Prius delivered consistent 10% efficiency improvement from 2000 to 2014, which resulted in increasing vehicle size and decreasing the manufacturing cost of the vehicle.
According to Keerthi Balu, a lead analyst at Technavio for automotive electronics research, “In the last three years, the incremental improvement reduced the cost of the motor, generator, and clutch subsystem by about 15%. During the forecast period, this is predicted to reduce further. The adoption among outreach customers is expected to rise due to the reduction in the price of hybrid vehicles. This will fuel the demand for hybrid vehicle ECU.”
Increasing demand for safety solutions to push wider application of ECU
The capability of safety systems to provide regular alerts to drivers to keep them and their vehicles out of potentially hazardous situations has increased their demand. Apart from this, vehicle accidents during critical situations can be prevented by these alerts and they also protect passengers from injuries. Passenger safety has become a key concern for automotive OEMs and therefore, there is a rise in the active and passive automotive safety systems being used in modern vehicles.
Automotive OEMs are primarily focusing on improving the integration of passive safety systems with active safety systems such as side airbags as they diminish the impact of accidents. This is a key driver for the rising adoption of hybrid ECU in the automotive market.
Improved battery technology is pushing the adoption of EVs
For the growth of pure electric and hybrid vehicles, the need to improve the battery technology is one of the most vital factors as EVs are powered and driven by battery-powered systems. The battery electric vehicles have been made more desirable to the consumers by making several improvements in their technology. In comparison to conventional lead-acid and valve-regulated lead-acid (VRLA) batteries, the advancement of Li-ion batteries has made them lightweight with a long lifespan.
“The development of Li-ion batteries with extended life has become the prime focus of manufacturers. Lithium possesses the highest electrochemical potential of all metals. A wide range of applications such as laptops, cell phones, medical devices, electric bikes, UPS systems, tablets, and electric scooters make use of Li-ion batteries and they have replaced lead-acid batteries. For a long useful life, these batteries have very high energy and power densities,” says Keerthi.
Browse Related Reports:
- Global Automotive LIDAR Sensors Market 2017-2021
- Global Electric Vehicle Battery Market 2017-2021
- Global Self-Balancing Motorcycle Market 2017-2021
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.