Automotive Chip Market Progresses for Huge Profits During 2021-2031

According to the report, the global automotive chip market is projected to surpass US$ 127.5 Bn by 2031, expanding at a CAGR of 7.63% during the forecast period. Automotive chips are used to monitor, perform, and regulate various tasks in a vehicle.

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These chips use algorithms to accomplish numerous tasks, making driving experience considerably more comfortable for the driver. General and special purpose logic ICs, microcontrollers, DRAM, analog ICs, memory/flash and other types of automotive chips are being integrated in vehicles to perform various control, monitoring, and storage actions.

The automotive chip market is being driven by increased vehicle production and a rise in sale of passenger vehicles. Furthermore, increased need for improved vehicle safety, stringent transportation norms, and rising demand for additional comfort and entertainment features in automobiles are some of the key drivers boosting the global automotive chip market.

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Increase in investments by major players toward the development of automobile technology and its applications in order to improve vehicle safety are likely to drive the global automotive chip market. For instance, in December 2021, SAIC Motors invested US$ 78.5 Mn in Flagchip, a prominent China-based automotive chip maker. This company is a key supplier of low-consumption core based automotive chips to leading automakers in China, including SAIC Motors, Geely, and BYD. The rising interest of leading automakers in semiconductor chip technologies is expected to propel the market during the forecast period.

Expansion of Automotive Chip Market

The scenario where automobiles used to consist of core mechanical systems has been transforming over the last few years with growing integration of electronics and IT systems. The vehicles of present age consist of complex network of sensors, controllers, and storage devices that shift the load of numerous tasks from man to machine and modify the driving experience with more comfort. Features such as ABS, EBD, steering assist, lane change assist, and parking assist have become common in most vehicles sold across the globe. This transformation of conventional vehicles through integration of various electronic components is fueling the global automotive chip market.

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Expansion of the automotive sector and increase in investments in automotive chip manufacturing businesses around the world are expected to propel the market during the forecast period. The rise in adoption of electric vehicles is also fuelling the automotive chip market. An electric vehicle uses more number of chips as compared to I.C. engine powered vehicles in order to control various powertrain components such as motors, inverters, and batteries. Hence, increased sales of hybrid and electric vehicles is expected to boost the automotive chip market across the globe.

Based on application, powertrain and telematics & infotainment are rapidly expanding segments of the global automotive chips market. Infotainment systems in vehicles are becoming more sophisticated with the integration of novel connectivity technologies. For instance, Ford's SYNC technology enables drivers to make hands-free phone calls and use their voice to manage the whole navigation and infotainment system. These new technologies increase the number of semiconductor chips integrated per vehicle and thus propel the automotive chip market.

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Regional Analysis of Automotive Chip Market

In terms of region, the global automotive chip market has been segregated into North America, Latin America, Europe, Middle East & Africa, East Asia, and South APAC. Europe accounted for a major share of the global automotive chip market. Automakers in Europe were early developers of electronics-based automotive safety and comfort features and countries such as Germany, the U.K. are forerunners in the adoption of electric vehicles. These factors have fueled the demand for semiconductor chips, thus propelling the share held by Europe in the global automotive chip market.

China is the leading automobile production hub across the globe, owing to the presence of numerous OEMs and component manufacturers. Countries such as Japan and South Korea also have presence of leading global automakers such as Toyota, Hyundai, and Suzuki. This presence of leading automakers in the region fuels the share held by East Asia in the global automotive chip market.

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Automotive Chip Market Players

Prominent players operating in the global automotive chip market include BMW AG, Daimler AG, FCA Group, General Motor, Jaguar Land rover Ltd, KIA Motors Inc., Mazda Motor Corporation, Mercedes Benz, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, Volvo Car Corporation, Analog Devices, Infineon Technologies AG, Intel Corporation, Maxim Integrated Products, Inc., Microchip Technology Incorporated, Micron Technology, Inc., NVIDIA CORPORATION, NXP Semiconductors, Panasonic, Qualcomm Incorporated, Renesas, SK Hynix Inc., Spreadtrum Communications Inc., STMicroelectronics, Taiwan Semiconductor Manufacturing Company, and Texas Instruments Incorporated.

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