Automotive Chip Market to Reach New Heights owing to Surging Demand for Enhanced Automobile Connectivity Chips and Emergence of New-Age Smart Vehicles
Automotive Chip Market Scope & Overview
As per SNS Insider, the size of Automotive Chip Market was valued at USD 38.39 billion in 2022. It is projected to attain USD 90.42 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.3% during the forecast period of 2023-2030.
Automotive chips, also known as automotive integrated circuits (ICs) or automotive semiconductors, are specialized electronic components designed specifically for use in vehicles. These chips play a crucial role in the functioning of various automotive systems and technologies, powering a wide range of functionalities within modern vehicles. They are designed to perform tasks such as processing data, controlling actuators, managing sensors, and facilitating communication between different vehicle components.
Market Analysis
The automotive chip market is experiencing a significant boost in growth due to the increasing demand for enhanced automobile connectivity chips. These chips play a crucial role in providing high-capacity data networking within vehicles, enabling seamless communication and data transfer between various automotive components and systems. Moreover, they contribute to the development of new-age smart vehicles that prioritize driver and pedestrian safety.
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Key Players Covered in Automotive Chip market report are:
Robert Bosch GmbH (Germany),
NXP Semiconductors (Netherlands),
STMicroelectronics (Switzerland),
Toshiba Corporation (Japan),
ON Semiconductor (US),
Renesas Electronics (Japan),
Infineon Technologies (Germany),
Texas Instruments Incorporated (US),
ROHM Semiconductor (Japan),
Denso Corporation (Japan).
With the rapid advancement of technology, automobiles are becoming more connected than ever before. The integration of advanced features such as infotainment systems, GPS navigation, advanced driver assistance systems (ADAS), and autonomous driving capabilities requires robust connectivity solutions.
Impact of Recession
A recession has a significant impact on the market. Decreased consumer demand, production cutbacks, supply chain disruptions, shifts in priorities, government intervention, and technological advancements all contribute to the fluctuations and changes within the market. Automakers and chip suppliers need to adapt to the evolving economic landscape, seek opportunities for innovation, and closely monitor consumer trends to navigate through the challenges and emerge stronger in a post-recession environment.
Segmentation Analysis
The automotive chip market is witnessing a transformational shift, driven by the convergence of automotive and semiconductor technologies. Within this landscape, Logic ICs and passenger cars stand out as dominant forces, shaping the market’s trajectory. The growing demand for advanced driver assistance systems, infotainment features, electric vehicles, and autonomous driving capabilities has propelled the importance of Logic ICs in the automotive sector. Meanwhile, passenger cars continue to be the primary revenue generators and driving force behind the adoption of automotive chips.
Automotive Chip Market Segmentation as Follows:
By Component:
Logic ICs
Analog ICs
Microcontrollers & Microprocessors
Memory
By Application:
Chassis
Powertrain
Safety
Telematics & Infotainment
Body Electronics
By Vehicle Type:
Passenger cars
Commercial vehicles
Segmented by Region/Country
North America
Europe
China
Japan
Asia Other
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Regional Status & Analysis
The North American automotive chip market has witnessed steady growth, and this trend is expected to continue in the foreseeable future. The market presents significant opportunities for chip manufacturers to tap into the growing demand from millennial and capitalize on the evolving automotive industry. By providing innovative solutions that meet the preferences and expectations of this demographic, the market in North America is poised for significant expansion.
Conclusion
The future prospects for the automotive chip market are bright and promising. The ongoing transition towards electric vehicles, the development of autonomous driving technologies, the integration of connected car features, the increasing electronic content in vehicles, industry collaborations, and advanced manufacturing technologies all contribute to a thriving market. As the automotive industry continues to evolve, the demand for automotive chips is expected to grow, providing ample opportunities for innovation and market expansion.
Frequently Asked Questions/ Key Reasons to Purchase this Report
Q1. What is the projected outlook for automotive chip market growth?
– The market is projected to achieve a value of approximately USD 90.42 billion by the year 2030.
Q2. What are the major factors influencing the automotive chip market?
– The major factors influencing the market include technological advancements, industry trends such as electrification and connectivity, market demand for advanced features and safety, the regulatory environment, and supply chain considerations.
Q3. Who are the leading players in the automotive chip market?
– Robert Bosch GmbH (Germany), STMicroelectronics (Switzerland), NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), Renesas Electronics (Japan), ON Semiconductor (US), Infineon Technologies (Germany), ROHM Semiconductor (Japan), Denso Corporation (Japan).
Table of Content – Analysis of Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Automotive Chip Market Segmentation, By Component
9. Automotive Chip Market Segmentation, By Application
10. Automotive Chip Market Segmentation, By Vehicle Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
Continued…
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