PUBLISHER: Inkwood Research | PRODUCT CODE: 1152315
PUBLISHER: Inkwood Research | PRODUCT CODE: 1152315
The North America automotive embedded systems market is estimated to grow at a CAGR of 4.33% during the forecast period, 2022-2030. The market growth is accredited to the growing adoption of electric cars due to the increasing gasoline prices. At the same time, the depletion of fuel supplies and the growing crude oil prices boost the demand for electric vehicles in the region. This is set to result in a surging adoption of embedded systems.
Canada and the United States are assessed for the North America automotive embedded systems market growth evaluation. In Canada, the automotive manufacturing is an important industrial sector. It entails the manufacture of auto components and systems (MTDM), trucks, vehicles, buses, trailers, truck bodies, tires, etc. Also, the transport and logistics sector is witnessing significant demand for heavy-duty vehicles, passenger cars, trailers, and trucks. The increasing fleet is thereby raising the demand for advanced technologies that gather real-time information. Besides, the country needs automotive-related parts in bulk since it is one of the primary contractors of US technologies.
Furthermore, the demand for embedded components is estimated to rise to deliver a large number of vehicles and offer sufficient automotive-related parts for aftermarket services. Moreover, the surging number of trucks and trailers offers growth opportunities for the analyzed market. Such factors, alongside the presence of domestic companies developing transformative automotive technologies, make Canada a conducive market for automotive embedded systems.
Some of the key companies in the market include: Verizon Communications Inc, Intel Corporation, Infineon Technologies AG, Garmin Ltd, etc.