NEWARK, New Jersey, July 15, 2022 /PRNewswire/ — According to a report published by The Brainy Insights, the global automotive chip market is expected to grow from $21.81 billion in 2020 for $60.82 billion by 2030, at a CAGR of 10.8% over the forecast period 2021-2030.
A chip consists of a semiconductor material cut from a giant slice of material that measures only a few millimeters on a side in electronics. A transistor or integrated circuit can be etched onto this chip, but it will only take up one thousandth of an inch of the chip’s surface. Automotive chips are generally used to monitor and regulate the various functions of a vehicle. To perform the work, they use a variety of algorithms.
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As a result, it can provide drivers with a smooth and easy driving experience. The driver can use their voice to control their car’s navigation and infotainment systems using an automotive chip. Sensors mounted on automobiles also provide many other facts about the vehicle. It also protects automobiles by activating the anti-theft system. Micro-supercomputers are another name for automotive chips. These features are likely to become standard in a variety of smart cars.
Growing demand for improved automotive connectivity chips that provide high capacity data network and new electronic automobiles with enhanced security features are driving the expansion of the market. Miniature computers are another term for these chips. Those produced by companies such as AQAUNTIA CORP and NVIDIA CORPORATION are expected to play a crucial role in the development of smart vehicles. Also, its feature of ensuring vehicle security through the deployment of anti-theft, anti-hacking and smart keys is expected to play an important role in expanding the market. Over the next few years, the planned development and commercialization of fully automated vehicles, such as driverless taxis, will present potential for market revenue growth. High-power automotive chips are on their way to widespread use in automobiles, as fully automated vehicles require real-time data processing from a large number of sensors installed throughout the vehicle.
Major players operating in the global automotive chip market include Infineon Technologies AG, Microchip Technology Incorporated, Micron Technology, Inc., NVIDIA CORPORATION, NXP Semiconductors, Robert Bosch GmbH, STMicroelectronics NV, and Texas Instruments Incorporated, among others. To strengthen their position in the global automotive chip market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Qualcomm Technologies, Inc. plans to acquire NXP Semiconductors, the current market leader, in a deal valued at more than $35.0 billion.
Renesas Electronics Corporation acquired Integrated Device Technology Inc. in 2018. The company’s high-performance electronic systems for the automotive industry are expected to improve in efficiency and performance.
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The logic IC industry is expected to reach a significant valuation by 2030.
The component type segment is divided into microcontrollers and microprocessors, logic ICs, analog ICs, and memory. With the increase in sales of ultra-luxury cars, the logic IC industry is expected to reach a significant valuation by 2030. Soon, drivers would use their voice to operate the entire navigation and infotainment system. thanks to automotive chips. They also ensure that mobility and connectivity are improved.
The passenger vehicle segment dominated the market with a market share of 71.5% and a market value of around 15.59 billion in 2020.
The vehicle type segment is divided into commercial vehicles and passenger vehicles. The passenger vehicle segment dominated the market with a market share of 71.5% and a market value of around 15.59 billion in 2020. All transport vehicles for personal use, such as luxury vehicles , SUVs and sedans, are classified as passenger vehicles and are generally designed for the seating of five people. Throughout the forecast period, the demand for this type of vehicle will be higher.
During the forecast period, the security application segment is expected to grow at the fastest CAGR of 11.1%.
The application type segment is divided into powertrain, chassis, security, body electronics, telematics and infotainment. During the forecast period, the security application segment is expected to grow at the fastest CAGR of 11.1%. This increase can be attributed to the growing awareness of driving safety among the millennial population. Additionally, increase in rules and regulations to ensure vehicle safety standards are likely to fuel the market demand.
Regional Segment Analysis of Automotive Chip Market
North America (WE, Canada, Mexico)
Europe (Germany, FranceUK, Italy, SpainRest of Europe)
Asia Pacific (China, Japan, IndiaRest of APAC)
South America (Brazil and rest of South America)
The Middle East and Africa (UNITED ARAB EMIRATES, South Africarest of the MEA)
Asia Pacific The region has emerged as the largest market for the global automotive chip market, with a market share of 34.8% and a market value of around 7.59 billion in 2020. This is due to an increase in the number of important companies operating in countries such as China, Japanand India.
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About the report:
The global automotive chip market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.
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