NEWARK, N.J. , July 15, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global automotive chip market is expected to grow from USD 21.81 Billion in 2020 to USD 60.82 Billion by 2030, at a CAGR of 10.8% during the forecast period 2021-2030.
A chip is made up of semiconductor material cut from a giant wafer of material that is only a few millimeters on one side in electronics. A transistor or integrated circuit can be etched on 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 complete the jobs, they employ a variety of algorithms.
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As a result, it can provide drivers with a smooth and simple driving experience. The driver can use their voices to control their automobile's navigation and infotainment systems using an automotive car chip. The sensors mounted to automobiles also deliver numerous other facts about the vehicle. It also safeguards automobiles by activating the anti-theft system. Micro supercomputers are another name for automotive chips. These characteristics are likely to become standard in a variety of smart cars.
The rising demand for enhanced automobile connectivity chips that provide high-capacity data networking and new electronic automobiles with enhanced safety features drive market expansion. 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. Furthermore, its characteristic of assuring vehicle safety through the deployment of anti-theft, anti-hijack, and smart keys is projected to play a significant role in market expansion. Over the next few years, the predicted development and commercialization of fully automated vehicles, such as driverless taxis, will present a potential for market revenue growth. High-powered automotive chips are positioned to be widely employed in automobiles soon, as fully automated vehicles require real-time data processing from a huge number of sensors installed throughout the vehicle.
Key players operating in the global automotive chip market are Infineon Technologies AG, Microchip Technology Incorporated, Micron Technology, Inc., NVIDIA CORPORATION, NXP Semiconductors, Robert Bosch GmbH, STMicroelectronics N.V. and Texas Instruments Incorporated among others. To enhance their market position in the global automotive chip market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
Qualcomm Technologies, Inc. is planning to acquire NXP Semiconductors, the current market leader, in a deal estimated to be worth more than USD 35.0 billion .
Renesas Electronics Corporation acquired Integrated Device Technology Inc. in 2018. The company's high-computing electronic systems for the automobile industry are predicted to improve in efficiency and performance.
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The logic ICs industry is predicted to achieve a significant valuation by 2030.
The component type segment is divided into microcontrollers & microprocessors, logic ICs, analog ICs, and memory. With the increasing sales of ultra-luxury cars, the logic ICs industry is predicted to achieve a significant valuation by 2030. Soon, drivers would use their voice to operate the whole navigation and infotainment system due to automotive chips. They also ensure that mobility and connectivity are improved.
The passenger vehicles segment led 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 vehicles segment led the market with a market share of 71.5% and a market value of around 15.59 billion in 2020. All personal use transport vehicles, such as luxury vehicles, SUVs, and sedans, are classified as passenger vehicles and are typically designed for the seating of five individuals. Throughout the forecast period, there will be a stronger demand for this vehicle type.
Over the forecasted period, the safety application segment is expected to grow at the fastest CAGR of 11.1%.
The application type segment is divided into powertrain, chassis, safety, body electronics, telematics & infotainment. Over the forecasted period, the safety application segment is expected to grow at the fastest CAGR of 11.1%. This increase can be ascribed to the growing awareness of safety and security while driving among the millennial population. Furthermore, increasing rules and regulations to ensure vehicle safety standards are likely to fuel market demand.
Regional Segment Analysis of the Automotive Chip Market
North America (U.S., Canada , Mexico )
Europe (Germany , France , U.K., Italy , Spain , Rest of Europe )
Asia-Pacific (China , Japan , India , Rest of APAC)
South America (Brazil and Rest of South America )
The Middle East and Africa (UAE, South Africa , Rest of MEA)
Asia Pacific region 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 significant firms operating in nations such as China , Japan , and India .
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The global automotive chip market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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