New York, US, May 04, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Chip Market Information by Product, Application, Vehicle Type, Propulsion, and Region - Forecast till 2030", The Automotive Chip Market can expect to attain a valuation of USD 117.76 billion by 2028, while developing at a rate of 12.27% from 2022 to 2030. In 2021, the market was worth USD 33.17 billion.
Automotive Chip Market Overview
Numerous aspects of an automobile are controlled and monitored by automotive chips. These chips make the driving environment significantly less demanding for the driver by using calculations to explain numerous assignments. Car chips, also known as integrated circuits (ICs), are separated into five categories: microcontrollers, DRAM, basic ICs, and blazing. Where greater performance is required, universally applicable logic ICs enable PC fields and data equipment with a range of power supply voltages, capabilities, and capacities.
Market Competitive Landscape:
The important vendors in the automotive chip market 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)
- Among others.
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Major companies are investing heavily in R&D to expand their product lines, which will help the worldwide market expand at a significant rate in the years to come. Industry participants are also undertaking different strategic activities to bolster their global footprints, including product launches, paired with mergers and acquisitions, contractual agreements, collaboration as well as higher investments. To expand as well as survive in an increasingly competitive and rising market climate, competitors in the business are offering cost-effective yet technological innovative products.
January 2023
Qualcomm Technologies Inc. (QCOM.O), a prominent manufacturer of mobile chips, revealed the Snapdragon Ride Flex SoC, a processing automotive chip that manages entertainment and assisted driving features. The number of chips used by automakers is skyrocketing and the automotive business has been a crucial development area for chipmakers due to the rise of electric vehicles and the expansion of autonomous capabilities in automobiles.
The new chip, which would be commercially available in the first half of next year, is already being tested by automobile clients, according to the business.
Automotive Chip Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2028: 117.76 billion USD 2030: Significant Value |
| CAGR during 2022-2030 | 12.27% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, Vehicle Type, Propulsion |
| Key Market Opportunities | Rise in the adoption of safety-related electronic systems and vehicles, automotive semiconductor vendors will earn a huge advantage by using the automotive chip in various cars |
| Key Market Drivers | Demand for passenger vehicles has also increased Need for vehicle safety and demand for engine control unit (ECU) in vehicles have been rising day by day Increase in the sales of electric and hybrid cars |
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Automotive Chip Market USP Covered:
Market Drivers:
According to estimates, the demand for automotive chip market is being driven up by worries about protecting drivers and passengers from collisions. The anti-theft, smart key, automotive vehicle location, and anti-hijack systems are just a few of the security systems that these chips improve.
It is projected that rising consumer interest in shared connectivity and mobility, as well as skyrocketing demand for completely autonomous vehicles and automatic parking, will boost the industry. Other reasons speeding up the product's acceptance in the automobile sector include the surging preference for comfort and safety features, rising sales of ultra-luxury vehicles, and other technical developments. In addition to this, the industry is also projected to be driven by booming sales of high-end and medium-segment automobiles.
In the near future, prospects for market revenue growth will be created by the anticipated development and commercialization of completely autonomous vehicles, such as driverless taxis. High-powered automotive chips are expected to play a significant role in the development of automobiles in the near future since fully automated vehicles require real-time data processing from numerous sensors positioned all over the vehicle. Automotive chips, often known as tiny supercomputers by businesses like AQUATIA CORP. and NVIDIA CORPORATION, are anticipated to become a regular component of future smart cars.
Market Restraints:
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 COVID 19 Analysis
The global automotive chip market has been severely damaged by the COVID-19 outbreak. Due to this circumstance, the chip scarcity issue got worse and the automotive chip industry also suffered. Lack of raw materials, incompetent labor, and the closing of several car production plants are some of the factors that contributed to a fall in automotive chip manufacturing in 2020.
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2020 saw a continuation of chip shortages' detrimental effects on the world's auto industry. However, the automotive chip business seems to be benefiting from the post-COVID climate. Notably, the scarce supply of chips is becoming better. In truth, the situation has been getting better, and recently, light vehicle manufacturing has exceeded expectations.
Automotive Chip Market Segmentation
By Application
Telematics and Infotainment, Chassis, Powertrain, Body Electronics, and Safety systems are the applications of automotive chips.
By Propulsion
With respect to propulsion, the key segments are BEVs, ICE, HEVs, and more.
By Product
Prime products in the market are Logic ICs, Microcontrollers and Microprocessors, Analog ICs, and Memory.
By Vehicle type
Commercial vehicles as well as Passenger cars are the vehicle types considered in the study.
Automotive Chip Market Regional Insights
During the projection period, the automotive chip market is anticipated to develop at the fastest rate in the Asia Pacific region. During the projection period, it's anticipated that the Asia Pacific will achieve a worth of $26.05 billion. China's market share in 2017 was worth $9,659.5 million. Thus, it was seen as having the greatest market. China, Japan, and India are all parts of the Asia Pacific area.
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The second-largest market share, however, was in Europe. Because renowned luxury automobile producers like AUDI, BMW, Porsche, and Volkswagen are present in Europe, the market is anticipated to expand significantly throughout the forecast period.
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