Market Size of Electric Vehicle Motor Micro Controller Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.58 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Electric Vehicle Motor Micro Controller Market Analysis
Currently, the Electric Vehicle Motor Micro Controller Market is valued at USD 3.36 Billion and is expected to reach USD 6.93 Billion over the next five years at a CAGR of 15.58%.
The global coronavirus pandemic has had a negative impact on the market for Electric Vehicle Motor (EVM) controllers due to severe lockdowns, decreased sales, and a halt in automobile production. The market for Electric Vehicle Motor (EVM) controllers has suffered due to the widespread implementation of lockdowns and the rapid global spread of the coronavirus. Manufacturers in the automotive industry are making up for losses caused by the disruption of the ecosystem and the decline in sales of electric vehicles.
On the other hand, while the global automotive industry is recovering from the COVID-19 sales drop, another crisis is preventing its revival. Production of automobiles around the world is disrupted by a worldwide shortage of semiconductors, which may delay the sales of new vehicles. The scarcity of microcontrollers, which are an essential component of the electronic control units that are utilized in contemporary infotainment systems, Advanced Driver Assist Systems (ADAS), Anti-lock Braking Systems (ABS), and other electronic stability systems, has forced automobile manufacturers to reduce production. As a result, automakers halt production at specific locations until the shortage improves. On the other hand, the market is anticipated to move quickly in the near future.
Microcontrollers that are in charge of automating vehicle tasks are in high demand due to the development of automation. MCUs are employed in automobiles to carry out automatic tasks like distributing electricity to various vehicle components, keeping the exhaust system clean, and lowering fuel usage. Due to their low weight, high performance, and low fuel consumption, electric cars are becoming increasingly popular in developing nations. Battery-powered electric vehicles are becoming increasingly popular with consumers due to their low emissions. To use cutting-edge components for electric vehicles, major automakers are investing and expanding their production capacity.
Additionally, as vehicles become electrified, there is a growing demand for fresh, specialized MCUs that are tailored to meet the requirements of Electric Vehicles (EVs). Companies in the industry are developing cutting-edge goods and funding great R&D efforts to meet the spike in demand for EVs.
