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Global Automotive Chips Market is projected to reach at a market value of US$ 53.7 Billion by 2031: Visiongain Research Inc
Visiongain has published a new report on Global Automotive Chips Market Report Forecast 2021-2031. Forecasts by Component Type (Logic ICs, Analog ICs, Microcontrollers & Microprocessors, and Memory), Vehicle Type (Passenger, Commercial), Application Type (Chassis, Powertrain, Safety, Telematics & Infotainment, and Body Electronics). Plus, Profiles of Leading Chip Manufacturing Companies and Regional and Leading National Market Analysis. PLUS, COVID-19 Recovery Scenarios.
Global automotive chips market was valued at US$ 26.9 billion in 2020 and is projected to reach at a market value of US$ 53.7 billion by 2031. The global market is estimated to grow at a CAGR of 7% in the first half period 2021-2026 and is projected to grow at CAGR of 7.8% in the other half period 2026-2031. North America market is expected to grow at a CAGR of 6.8% during the forecast period 2021-2031.
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The US is ahead of the global automotive chips’ adoption and application in terms of automakers and vehicle owners approaching the chip manufacturing companies for different components. Many US companies, semiconductor suppliers are concentrated in North America which allows for low shipping costs and thus lower unit prices and ensures a high level of awareness among vehicle owners.
Considering the pattern of industry in the automotive chips market, Visiongain has studied the market based on vehicle, passenger vehicle and commercial vehicle segments. Passenger vehicle segment remains the highest revenue generating segment in the vehicle category by growing at a CAGR of 7% during the forecast period to reach more than $30.15 billion by 2031. Companies have been developing technologies to provide successful product launches in the automotive industry. In Jan 2020, Texas Instruments introduced the Jacinto 7 processor platform, which is built on TI’s automotive systems with functional safety expertise. The new Jacinto 7 processor platform incurs deep learning capabilities to solve multiple design challenges in advanced driver assistance systems (ADAS) and automotive gateway applications.
COVID-19 Impact on Automotive Chips Market
The automotive industry has no escape from the impact of the pandemic which has majorly impacted supply chain networks of the industry. Globally, automotive industry was already witnessing a slowdown in vehicle sales in 2019, and the COVID-19 made it more difficult for industry to recover. The estimations for the automotive sales are expected to fall significantly. Initially the disruption in supply and manufacturing hampered the industry significantly and now with the multi fold decline in demand has led to the uncertainty regarding the recovery.
Market Drivers
Vehicle diagnostics and maintenance
Advance diagnostic system is a feature that will boost the automotive chips market. In advanced diagnostics, the system in the car will supply data about the vehicle to both automobile dealer and the customer, which will help predict potential automobile issues before they take place. The diagnostic service offered is an efficient way to diagnose the vehicles status. Automotive chips allow the overall management of maintenance as required by the vehicle categories thereby delivering cost optimization and time saving. The advanced system embed provides a maintenance schedule and timely reminders to the consumer. The diagnostic service sends a detailed report about the vehicle to the decision maker who decides on the service schedules for the automobile.
Safety and security
The increasing adoption of active safety systems in vehicles across countries such as China, India and Japan majorly drive the growth of the automotive chips in the global market. Government in various countries are playing a vital role in facilitating the adoption of ADAS in the vehicles which fuels the demand for different sensor integration such as RADAR, LiDAR and others. The Chinese government mandated lane departure warnings rule in 2006 to avoid rear-end collisions and lateral collisions of passenger cars. Safety and security are another aspect that could act as a driver for the chips in vehicle. This aspect has always been crucial from the consumers as well as the auto manufacturer’s perspective. In case of accidents, these cars have the ability to send an SOS message along with the coordinates of the driver’s location. In case of theft the owners will be able to track their vehicle at the tip of their fingers using a smart phone app developed for this purpose.
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Market Challenges
Hacking
Automotive chips are a brilliant innovation yet relatively new technology which finds application in all vehicle segments serving ADAS area, connected cars and others. Events such as unauthorized access to multiple car applications or breaking into the in-vehicle connectivity system can act as a restraint for the chips market. Proximity is not required to infect the cars system as a malware can spread by hacking into manufacturers or dealers web portal. The major security concern is that the hacker has access to the cars computer system as well as to the data that it collects and stores on microprocessors and microcontrollers present inside the vehicle.
Competitive Landscape
Some of the companies profiled in the report include Automotive Chips Market. Some of the company’s profiled in this report include Microchip Technology Inc., Robert Bosch, STMicroelectronics, Infineon Technologies, NVIDIA Corporation, Texas Instruments, NXP Semiconductors, Micron Technology, Maxim Integrated, Renesas Electronics Corporation, Toshiba Corporation and Analog Devices. The companies have performed various strategic moves and initiatives to uptick in the overall market.
For instance, in May 2020, NXP Semiconductors launched new devices within its KW3x range of microcontrollers (MCUs). The new KW39/38/37 MCUs add Bluetooth 5.0 long-range capabilities and expanded Bluetooth advertising channels. These enhancements are made while offering seamless migration with hardware, software and tools compatibility with the previous generation of devices, KW34/35/36.
In June 2020, NVIDIA partnered with Mercedes with an aim to up the ante with a computer-system-on-a-chip that’s under development—the Nvidia Orin. The newly designed chip will be capable of computing an outrageous 200 trillion operations per second (200 TOPS), which will enable the addition of a variety of autonomous features.
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About Visiongain
Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports mean that you can have a bespoke piece of market intelligence customized to your very own business needs.
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