New York, Oct. 11, 2021 (GLOBE NEWSWIRE) — Automotive Chip Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Chip Market Research Report, Product, Application, Vehicle Type, Propulsion and Region – Forecast till 2028” the market is projected to be worth USD 117.76 billion by 2028, registering a CAGR of 12.27% during the forecast period (2021 – 2028)., The market was valued at USD 33.17 billion in 2021.
List of the leading companies profiled in the Automotive Chip Market Research Report 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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The automotive chip market is witnessing several strategic deals, such as partnerships collaboration, mergers & acquisitions, expansion, and product/ technology launches. Key market players make substantial investments to drive their research & development activities and expansion plans.
For instance, on Aug.19, 2021, Three US senators have asked the Taiwanese government for more help addressing the worldwide chip shortage that has left numerous auto production lines at times standing idle. The chip shortage has spurred production cuts & layoffs and move through the economies of states that are heavily dependent on the auto industry.
Senators added that they were hopeful they would continue to work with the governments and (chip) foundries to mitigate the risk confronting state economies. The three in a statement also confirmed that additional steps would be taken to increase chip production.
Market Research Future’s Review on Automotive Chip Market
The automotive chip market is rapidly recovering from the economic slump caused due to the COVID-19 pandemic and chip shortages. Over recent years, the demand for automotive chips was increased dramatically due to technical innovations in electric vehicles and artificial intelligence. Besides, the increased funding support from the public and private organizations was driving the market growth. With rising investments by major OEMs, the market is projected to witness significant gains during the next few years.
Browse In-depth Market Research Report (187 pages) on Automotive Chip
Augmenting Demand for AI Applications and Advanced Analytics Platforms in Automotives Boost Market Size
Growing adoption of AI, machine learning (ML), and IoT-based systems and the rising demand for better efficiency and productivity of overall automotive processes are major market trends. Automotive architectures demonstrate vast potential for deploying machine learning algorithms in the future. The approach promises to enhance specific tasks and develop algorithms that can learn in real-time.
Spurring rise in the sensor market, the need for better-performing ICs and the growing demand for automotive computing are major industry trends defining the increasing market landscape. Additionally, the growing adoption of automotive chips boosts the market size.
Increasing voice identification applications, machine vision, and video monitoring influence the market growth. The rise in vehicle production and the demand for passenger vehicles is a key driving force behind the market growth. Moreover, the growing demand for vehicle safety systems and engine control units (ECUs) substantiates the market value.
With the rising sales of electric and hybrid cars, the consumption of automotive chips is also rising. Rise in the adoption of electronic safety devices and systems provides significant opportunities to market players, increasing the uses of automotive chips in various cars. All these factors would allow the market to create a substantial revenue pocket.
COVID-19 Impacts on the Market
The onset of COVID-19 had a significant impact on the automotive chip industry. The pandemic disturbed the semiconductor production and supply chains. Chip manufacturers faced problems ranging from obtaining components and attracting workers from quarantines to delivering end products to markets.
Besides, strict lockdown mandates restricted cross-border trades, resulting in spiking the overall prices of chips. However, the automotive chip industry is rapidly getting back to normalcy, witnessing significant demand from automotive sectors worldwide. The market is expected to grow exponentially further during the assessment period.
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The automotive chip market is segmented into product types, propulsion, applications, vehicle types, and regions. The product type segment is sub-segmented into logic ICs, microcontrollers & microprocessors, analog ICs, and memory. Similarly, the propulsion segment is sub-segmented into BEVs, ICE, and HEVs.
The application segment is sub-segmented into telematics & infotainment, chassis, powertrain, body electronics, safety system, and others. Also, the vehicle type segment is sub-segmented into commercial vehicles and passenger cars. The region segment is sub-segmented into Europe, North America, Asia-Pacific, and rest-of-the-world.
The Asia Pacific region leads the global automotive chip market, witnessing significant growth in the automotive industry. Besides, the market growth is driven by the increasing adoption of AI, IoT, data analytics, and other technologies & solutions in the automotive sectors across the region.
Growing investments in product developments and automotive technologies foster the region’s automotive chip market shares. Moreover, the continually rising demand for automated systems and fast networks & processors with high computing power drives the automotive chip market growth in the region.
Segmentation of Market covered in the research:
Automotive Chip Market Report: Information by Product (Analog ICs, Microcontrollers & Microprocessors, Logic ICs), Application (Body Electronics, Telematics & Infotainment, Powertrain, Safety System, Chassis), Vehicle Type (Passenger Car, Commercial Vehicle), Propulsion (ICE, BEVs, HEVs), Region – Forecast till 2028
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