Report : North America Automotive Embedded System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Software and Hardware), Component (Memory Devices, Microcontrollers, and Sensors and Drivers), and Application (Powertrain and Chassis Control, Body Electronics, and Multimedia and Integrated Systems/Services)
Hardware Segment to Dominate North America Automotive Embedded System Market during 2020–2028
According to a new market research study on “North America Automotive Embedded System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Component, and Application” is expected to reach US$ 1,374.26 million by 2028 from 899.59 US$ million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the North America automotive embedded system market along with the drivers and restraints pertaining to the market growth. Rising demand of electric vehicles is the major factor driving the growth of the North America automotive embedded system market. However, issues associated with durability of embedded systems hinders the growth of North America automotive embedded system market.
North America automotive embedded system market is segmented into type, component, application, and country. Based on type, the North America automotive embedded system market is segmented into software and hardware. Hardware segment held the largest market share in 2020. Based on component, the North America automotive embedded systems market is segmented into memory devices, microcontrollers, and sensor and drivers. Sensor and drivers segment held the largest market share in 2020. Based on application, the North America automotive embedded systems market is segmented into powertrain & chassis control, body electronics, and multimedia and integrated systems/services. Multimedia and integrated systems/services held the largest market share in 2020. Based on country, the North America automotive embedded system market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.
North America is known for the highest rate of adoption of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting the performance of industries in the region hinders its economic growth. Currently, the US is the world's worst-affected country due to the COVID-19 outbreak, Government authorities of various states in the country imposed several limitations on industrial, commercial, and public activities in 2020 to control the spread of infection. However, customers have returned to dealership floors as pandemic-related restrictions have relaxed in certain places. For the time being, several platforms, both real and virtual, exist alongside one another, complementing and competing with one another. Tesla, along with other early adopters such as Porsche, Volkswagen, and Volvo, is at the forefront of selling outside of a dealer showroom. Despite the COVID-19 breakdown, the North American automotive sector is catching up, which is a favorable indicator for automotive embedded system makers.
Continental AG, Denso Corporation, Garmin Ltd., Harman International, Infineon Technologies AG, Mitsubishi Electric Corporation, NXP Semiconductors, Panasonic Corporation, and Robert Bosch GmbH are among the leading companies in the North America automotive embedded system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Garmin International, Inc., a subsidiary of Garmin Ltd., has introduced an all-new 2021 voice-controlled dash cam series with automated video storage and Live View monitoring options1 to assist drivers in capturing the moment when events occur.
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