Automotive Chip Market Overview:
The automotive chip market can expect to jump
from USD 50.74 Billion in 2023 to USD 128.08 billion by 2032, at a 12.27% rate
from 2023 to 2032, says Market Research Future (MRFR). According to
projections, rising worries about protecting drivers and passengers from
collisions are increasing demand for automotive chips. The security systems
that these chips enhance include anti-theft, smart key, automotive vehicle
location, and anti-hijack systems.
Automotive chips
are used to monitor and regulate many different aspects of a car. By using
mathematics to explain various assignments, these chips greatly reduce the
driver's workload in the driving environment. Integrated circuits (ICs),
commonly referred to as car chips, are divided into five categories:
microcontrollers, DRAM, basic ICs, and blazing. Universally applicable logic
ICs allow PC fields and data equipment with a variety of power supply voltages,
capabilities, and capacities where higher performance is required.
According to projections,
the industry will benefit from growing customer interest in shared connection
and mobility as well as surges in demand for fully autonomous vehicles and
automatic parking. The increased preference for comfort and safety features, an
increase in sales of ultra-luxury automobiles, and other technical advancements
are further factors hastening the product's popularity in the automotive
industry. In addition, the industry is anticipated to be supported by growing
sales of luxury and medium-priced cars.
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Report of Automotive Chip Market
The predicted
development and commercialization of fully autonomous vehicles, such as
driverless taxis, will generate opportunities for market revenue growth in the
near future. Since fully automated vehicles require real-time data processing
from numerous sensors placed all around the vehicle, high-powered automotive chips are anticipated
to play a big part in the development of automobiles in the near future. Future
smart automobiles are expected to frequently use automotive chips, also
referred to as miniature supercomputers by companies like AQUATIA CORP. and
NVIDIA CORPORATION.
On the other
hand, the market is facing obstacles such as standardized manufacturing
processes, high entry barriers, and cyber security risks. Auto OEMs have
extensive and complicated testing and certification processes that may
significantly lengthen the product-to-market cycle, and IC design, testing, and
manufacturing processes require significant industry know-how and monetary
investment. Additionally, auto chips may need to operate under extreme
conditions (such as high temperature, power, etc.).
Automotive Chip Market
Segmentation
Analogue ICs,
microcontrollers & microprocessors, and logic ICs are included in the
product-based segmentation of the automotive chip market. As they manage
numerous operations in the car's electrical systems, microcontrollers, and
microprocessors are the segment that brings in the most money.
Body electronics,
telematics & infotainment, powertrain, safety system, and chassis are the
application-based segments of the automotive chip market. Market dominance was
held by the safety system category. The market is boosted by the increasing use
of mandatory safety features like airbags and digital connectivity.
Depending on the
kind of vehicle, the Automotive Chip Market is segmented into passenger cars
and commercial vehicles. The market's dominance of the passenger car can be
attributed to the rising desire for cutting-edge technologies and linked
services in common automobiles.
The
propulsion-based segmentation of the automotive chip market includes ICE, BEVs,
and HEVs. Due to the high-efficiency power modules that allow for the greatest
driving range and quickest recharging in contemporary electric vehicles, the
ICE sector has dominated the market.
Automotive Chip Regional
Insights
In part to the
fast urbanization, rising disposable incomes, large consumer base, and the
eventual increase in the demand for automobiles, the automotive chip industry
in the Asia Pacific will see quick growth from 2023 to 2032. It is anticipated
that the Indian automotive chip market will note the fastest growth in the region,
while the Chinese market will emerge as the leader in the following years.
Automotive Chip Market
Competitive Landscape:
The important
vendors in the automotive chip
industry are STMicroelectronics (Switzerland),
Infineon Technologies (Germany), Toshiba Corporation (Japan, ON Semiconductor
(US), Renesas Electronics (Japan), Robert Bosch GmbH (Germany), NXP
Semiconductors (Netherlands), Texas Instruments Incorporated (US), ROHM
Semiconductor (Japan), Denso Corporation (Japan) and more.
Major
corporations are spending a lot of money on substantial R&D to support
their product lines, which will assist the global market to grow significantly
in the forthcoming years. To expand their worldwide footprints, industry
players are also engaging in a variety of strategic activities, such as product
launches, mergers and acquisitions, contractual agreements, collaboration, and
greater investments. Competitors in the industry are providing reasonably
priced but technologically cutting-edge items in an effort to grow as well as
survive in a market environment that is becoming more competitive and volatile.
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