Automotive Chip Market overview
Automotive Chip Market is expected to hold worth USD 117.76 billion by 2028 and a CAGR of 12.27% during the forecast period 2022 to 2030. The market was valued at USD 33.17 billion in 2021. Automotive chips are used to monitor and control the different functions of an automobile. It uses many algorithms to solve a particular task. Consumers can experience a smooth and easy driving experience to the drivers. Automotive cars can use the chip to handle the navigation and infotainment system.
It helps consumers to protect their vehicles by providing an anti-theft system. With the sudden coronavirus outbreak, the market got severely impacted. The impact was mostly due to the disruption in the supply chain, which led to decreases in the demand for commercial vehicles as the non-essential services declined.
Automotive Chip Market Key Players
The main cause of the supply chain disruption is the chip shortage. But as the situation improves, the market trends and the market will experience change. As the demand for vehicles increases, so are the passenger vehicles, which is the major factor for growth. The need for vehicle safety and increasing demand for engine control units in vehicles is increasing, improving market growth. With the increase of electric and hybrid cars, the market is also rising. As the chip is an electronic component, people can face defects, and it can fail as well, and the system failure can lead to the whole system failure. The increase in the price of chip-based products is the key challenge for the market.
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Industry news
To Volkswagen, bottlenecks would likely ease towards the end of this year, and by 2023, production can return to 2019 levels next year but still not enough to meet heightened demand for the chips.
Integrated Device Technology Inc. was acquired by Renesas Electronics Corporation in 2018. The company is expected to improve the efficiency and performance of the high-computing electronic systems which are offered to automotive industries.
STMicroelectronics introduced a new chip which was Chorus microcontroller chip, SPC58NH92x. The introduction of this chip has made cars more flexible, safe, and future-proof. This chip was launched in the year 2018.
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.
Automotive Chip Market segmentation
The Automotive Chip Market has some major segmentations segmented by product, application and vehicle type. Based on the Product, the market is segmented into Analog ICs, Microcontrollers & Microprocessors, and Logic ICs. The logic ICs held the largest market share in the forecast period and are expected to grow at the same pace in upcoming years. The Automotive Chip Market is categorised into Body Electronics, Telematics & Infotainment, Powertrain, Safety systems, and Chassis by the segment Application.
The chassis component dominates the market with good market growth during the forecast period. Each segment will have a good market value in the future. Vehicle Type variables are Passenger cars and Commercial Vehicles. Passenger cars will hold the largest market share in the forecast period. Propulsion segment is bifurcated into ICE, BEVs and HEVs. All the market segment contributes to the growth and will propel the market shortly.
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Automotive Chip Regional analysis
The Automotive Chip Market is studied in North America, Europe, Asia Pacific and the rest of the world. The Asia Pacific will dominate the market during the forecast period and reach a value of 26.05 billion in the future. The increasing demand for automotive semiconductor devices is enhancing market growth. In 2017, China was at USD 9,659.5 million; hence, the region propels the market.
Automotive Chip Market Segmentation
By Application
By Propulsion
By Product
By Vehicle Type
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