Global 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 2023
Automotive Chip Market Overview
Automotive chips are gaining importance as the smooth functioning of vehicles rely heavily on this right application of these chips. It has substantial impact on the body electronics, powertrain, telematics & infotainment, and chassis & safety system and can help in applications like blind spot detection, lane-change assistance, advanced driving assistance system, and parking assistance. The global automotive chip market is expected to gain 12.87% CAGR during the forecast period (2018–2023). Market Research Future (MRFR), in their latest article on the automotive chip market revealed a substantial possibility of surpassing USD 72,428.6 million valuation by 2023.
Factors such as the inclusion of augmented reality in automotive, LED lights, Lidar sensor, and EV batteries is providing high traction to the global automotive chip market. Intense competition among manufacturers is also helping the global automotive chip market on its growth track.
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Companies, across the world, are showing keen interest in this automotive chip market as they have realized the potential this market can offer. MRFR enlisted several companies and profiled them for a holistic understanding of the possible market-changing trends. These companies are Robert Bosch GmbH (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Renesas Electronics Corporation (Japan), Texas Instruments Incorporated (US), Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), ROHM Semiconductor (Japan), Toshiba Corporation (Japan), and Denso Corporation (Japan). These companies are employing several strategies like merger, acquisition, product launch, innovation, and others.
In July 2019 Toyota announced its plan to collaborate with Denso to start chip venture. This is to stand in sync with the burgeoning demand for the connected and autonomous vehicles.
MRFR’s prediction of the global automotive chip market relies heavily on the segmentation they made in the report. These segments are product, application, vehicle type, and propulsion. The segmentation is backed by figures and facts of each section that have been derived from value-based and volume-based analyses conducted by analysts.
Based on the product, the automotive chip market can be segmented into analog ICs microcontrollers & microprocessors, Logic ICs, and others. The analog IC segment has 42.4% share of the entire market in 2017, with a market value touching USD 14,947.3 million. The segment is also expected to scale with a 15.93% CAGR over the forecast period. The device is set to enjoy substantial traction due to its utility in automotive applications, such as car audio, and safety systems.
Based on the application, the automotive chip market can be segmented into body electronics, telematics & infotainment, powertrains safety system, and chassis. Of these, the body electronics segment had well over 27.4% in 2017, with a market valuation assessed at USD 9,660.9 million, the market can touch a 12.24% CAGR during the forecast period.
Based on the vehicle type, the automotive chip market has two segments, passenger car and commercial vehicle. The passenger car segment had over 71.2% in 2017, with its expected valuation touching almost USD 25,132.7 million. Its expected CAGR would reach 12.32% during the forecast period.
Based on the propulsion, the automotive chip market includes ICE, BEVs, and HEVs. The ICE vehicle segment covered over 95.57% in 2017 with valuation scoring USD 34,072.2 million. The segment has a promise to rise by 12.67% CAGR during the forecast period.
The global automotive chip market, if considered on the basis of regions, can be segmented by North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW). This analysis has its foundation in data that helps in the revelation growth pockets.
The APAC market is the largest market with a more than half of the market coverage in 2017. It occupies almost 51.76% share of the global market. The region is witnessing extraordinary drive from countries like China was the largest market in 2017, valued at USD 9,659.5 million. In India, China, and Japan, the market has found strong infrastructures for the necessary push it needed. The need for semiconductor devices and growing demand for luxury and premium cars are expected to take the regional market to a different height.
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