Global electric vehicle market expected to reach $17.77 billion by 2024


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The global electric vehicle market accounted for $5.05 billion in 2018 and is expected to reach $17.77 billion by 2024. The market is anticipated to grow at a CAGR of 22.49% during the forecast period 2019 to 2024. The market growth is mainly attributed to the rising number of government policies for electric vehicle, better availability of charging infrastructure and minimizing the level of carbon dioxide emissions. In addition, governments are coming up with awareness initiatives and incentives to encourage the adoption of electric vehicles, which is expected to drive the market growth during the forecast period says the report of Reportlinker.

The global electric vehicle ECU market is mainly attributed due to the increased demand for efficient vehicles, such as BEVs and PHEVs, across the globe. Additionally, the implementation of certain regulations on both producers and consumers to control the emissions from conventional vehicles, which are hazardous to the environment, is also boosting the electric vehicle ECU market.

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The increased demand for in-house infotainment systems in electric vehicles and increased installation of advanced driver assistance systems (ADAS) features in automobiles are driving the adoption of ECUs in electric vehicle.

A battery management ECU is an electronic regulator that monitors and controls the charging and discharging of rechargeable batteries.It also monitors and measures temperature and assures the adequacy of cooling.

A battery management system avoids the stress of heat and over-temperature, along with eliminating effects of excessive charging or discharging. It is essential for long battery life and optimum fuel efficiency.

The shift of automobiles from mechanical machines to electronic systems has increased the number of innovations such as infotainment, power steering, cruise control, HUD, in-car connectivity, and mobility.The increasing emphasis on advanced and innovative vehicle electronics technologies in electric vehicles is creating several opportunities for OEMs to expand their revenue stream and product portfolios.

The most prominent change in on-board electronics of electric vehicles is the electronic control unit (ECU).

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The major factors hindering the market growth is the decentralized ECU architecture.Factors such as autonomous braking, adaptive cruise control, and potentially even autonomous driving capability will decrease the number of ECUs per vehicle.

The decentralization of ECU will also affect the weight and cost of vehicle.For instance, the centralization will optimize wiring which reduces the overall weight of the vehicle and increases the efficiency.The centralization of ECU requires simpler protocols and fewer connections as compared to multiple ECUs.

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