Embedded System for Electric Vehicle Market Information Report by components (Sensors, MCU, Transceivers, and Memory Devices), Application (infotainment & Telematics, Body Electronics, and Safety & Security), and by Regions - Global Forecast To 2023.

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Global Embedded System for Electric Vehicle Market Highlights:

The global embedded System for electric vehicle market has witnessed significant growth in recent past. Rapidly rising popularity of electric vehicles among consumers has significantly contributed growth of the embedded system for Electric Vehicle market. Increasing awareness among individuals regarding the depleting state of the environment, combined with the substantial advantages of electric vehicles over traditional fuel based vehicles, is expected to further fuel the demand for electric vehicles. This leads to increasing demand for embedded system for electric vehicles. With OEMs focusing on connected electric vehicle solutions for customers with electric vehicles range anxiety, the market for embedded system for electric vehicles is poised for rapid growth in the near future. Additionally, with the rise in income levels among individuals, there exists an increase in the incidences of customization in vehicles. Such trends in the market are expected to positively influence the growth of the embedded system for automotive market.

High initial cost associated with electric vehicles batteries, is expected to act as a major hurdle for the embedded system for electric vehicle market. Although the electric vehicle battery prices have been declining at a steady pace, the batteries still constitute a major chunk of the electric vehicles price, thus alienating a significant customer base. 

The global embedded system for electric vehicle market has been segmented on the on the basis of components as Sensors, MCU, Transceivers, and Memory Devices. On the basis of application the market has been segmented as infotainment & Telematics, Body Electronics, and Safety & Security.  On the basis of region the market for embedded system for electric vehicle has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America.

This market for embedded system for electric vehicle has seen substantial growth over the past few years and it has been observed that the market will remain on the same growth level during the forecast period. Among the regions covered, Asia Pacific has accounted the largest market, followed by Europe and North America. Major factors that have driven the electric vehicles market are the rapidly increasing sales of electric vehicles, supported by government initiatives and increasing fuel prices raising the demand of electric vehicles. The embedded system for electric vehicle market is currently flourishing in North America.  The massive outlay in the development of electric vehicle infrastructure in the form of recharge stations and other policies, are expected to drive the market for embedded system for electric vehicles in this region. In North America, the sales of electric car have doubled since 2014, which clearly implies that the demand for embedded system for electric vehicles have been rising at a rapid pace. Over the past few years, the sales of electric vehicles have doubled in the U.S., which means the market will generate ample revenue. The major factors that have driven the U.S. market are rising demand for electric cars, government initiatives and high disposable income. Europe is one of the most promising regions in the electric vehicles market. This market has achieved an ample scope due to the presence of profitable countries such as Germany, UK, France, and Norway.

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