Automotive Chip Market Poised to Expand at a Robust Pace Over 2020 to 2027

Automotive Chip Market Outlook 2027 -

Automotive chips are used in automobiles to control and observe the functioning of different components in a vehicle. Automotive chips are designed to carry out numerous operations such as functioning of sensors and similar operations. Types of car chips or incorporated chips are ICs, microcontrollers, simple ICs, blaze, and others. With increased production of advanced vehicles across the globe, there has been an increased demand for better and efficient automotive chips to be installed in vehicles. Therefore, this factor supplements the growth of the market across the globe.

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COVID-19 scenario analysis:

The global economy is equally dependent on the automotive industry as well as other industries. However, these industries are shut-down due to COVID-19, which has affected the automobile manufacturing industry.

The supply chain for the automotive industry requires a dependent industry to get back on track to retain sustainability in the market, which may take time after the pandemic.

The pandemic has put pressure on the automotive industry for its business model transformation as the industry is facing demand shock with an uncertain recovery timeline.

The cash burn rate in the industry is currently less than two months. Many OEMs are expected to face liquidity issue as operating cash flow is diminishing during the crisis.

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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The top impacting factors that lead to the growth of the global market are the expanding creation of vehicles and rising interest for traveler vehicles, which drive the growth of the market. Moreover, boards being subjected to extremely high voltages could face manufacturing defects, leading to a system failure which is expected to restrain the market growth. Furthermore, expected development and commercialization of fully-automatic vehicles, such as driverless taxis, are expected to provide lucrative opportunities for the growth of the automotive chip market.

The automotive chip market trends are as follows:

Expanding the creation of vehicles
The automotive industry is expanding due to mass production. However, it is still not able to meet the demands in many developing countries, which implies that the automotive market has a very bright future in the coming years in many nations. With the increase in the number of automobiles, safety becomes a big concern for costumers as well as manufacturers. Therefore, companies invest in automotive chips to obtain an overpowered safety system for customers. This is expected to drive the growth of the automotive chip market over the forecast period.

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Rise in interest for rented traveler vehicles

The interest in renting a car over owning it or driving to the destination is dominating the market these days. For instance, companies, such as UBER, have become popular in the market, which leads to the growth of the automotive chip market. In many developing countries, due to increase in traffic and pollution, customers rent an automobile to carry out their daily operations. Therefore, this leads to an increase in the number of automobiles in a country, which drives the growth of the automotive chip market during the forecast period.

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