The global automotive chip market is driven by factors such as an increase in demand for advanced driving assistance systems (ADAS), a rise in demand for electric vehicles, and a surge in demand for autonomous driving.
PORTLAND, Ore., Oct. 18, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Chip Market by Component (processor, analog IC, discrete power, sensor, memory, others), by Vehicle type (passenger car, light commercial vehicle, heavy commercial vehicle), by Application (powertrain, body electronics, safety systems, chassis, telematics & infotainment systems), by Propulsion Type (ICE vehicles, electric vehicles): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global automotive chip industry generated $49.8 billion in 2021 and is anticipated to generate $121.3 billion by 2031, witnessing a CAGR of 9.6% from 2023 to 2032.
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Automotive chips, also referred to as automotive semiconductors or microcontrollers, are integrated circuits (ICs) specifically designed for automotive applications. Automotive chips are essential components of modern automotive systems, enabling the control and management of a variety of functions within a vehicle.
Prime Determinants of Growth:
The global automotive chip market is driven by factors such as an increase in demand for advanced driving assistance systems (ADAS), a rise in demand for electric vehicles, and a surge in demand for autonomous driving. However, the complexity of design and high manufacturing costs are hampering the automotive chip market growth. On the contrary, increased focus on cyber security, and an increase in demand for connected cars are expected to offer remunerative opportunities for expansion of the automotive chip market during the forecast period.
Leading Market Players in Automotive Chip Industry: –
- Analog Devices, Inc.
- Infineon Technologies AG
- NVIDIA Corporation
- NXP Semiconductors
- Renesas Electronics Corporation
- Robert Bosch GmbH
- ROHM CO.
- LTD, STMICRO Electronics
- Texas Instruments Incorporated
- TOSHIBA CORPORATION
The report provides a detailed analysis of these key players in the global automotive chip market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Car Chip Industry Report Coverage & Details:
Report Coverage |
Details |
Forecast Period |
2022–2031 |
Base Year |
2021 |
Market Size in 2021 |
$49.8 Billion |
Market Size in 2031 |
$121.3 Billion |
CAGR |
9.6 % |
No. of Pages in Report |
294 |
Segments Covered |
Product, Application, Propulsion Type, and Region |
Drivers |
Increase in demand for advanced driving assistance system (ADAS) |
Rise in demand for electric vehicle |
|
Surge in demand for autonomous driving |
|
Opportunities |
Increased focus on cybersecurity |
Rise in demand for connected cars |
|
Restraints |
Complexity of design |
High manufacturing costs |
COVID-19 Scenario:
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the automotive chip market faced a downturn.
- However, as the global situation has recovered, the demand has increased for EVs