Press release
Automotive SoC Market Analysis, Size, Share, Growth, Forecast 2024-2033 | Key Players: Samsung Electronics Co. Ltd., Robert Bosch GmbH, Intel Corporation, Denso Corporation, Qualcomm Technologies Inc.
Automotive SoC Market Report
The Business Research Company presents an extensive market research report on the Automotive SoC Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive SoC market size has grown strongly in recent years. It will grow from $24.99 billion in 2023 to $27.24 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to rising complexity in automotive electronics, advanced driver assistance systems (ADAS) adoption, infotainment systems integration, electric and hybrid vehicles development, safety and regulatory compliance.
The automotive SoC market size is expected to see strong growth in the next few years. It will grow to $38.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to autonomous vehicle technology, vehicle-to-everything (V2X) communication, e-mobility and battery management, connected car ecosystem, cybersecurity requirements. Major trends in the forecast period include integration of advanced sensor interfaces, advancements in heterogeneous computing architectures, emphasis on cybersecurity in automotive SoCs, adoption of functional integration and consolidation, focus on over-the-air (OTA) software updates.
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Key Market Players:
Major companies operating in the automotive SoC market report are Samsung Electronics Co. Ltd., Robert Bosch GmbH, Intel Corporation, Denso Corporation, Qualcomm Technologies Inc., Broadcom Inc., Toshiba Electronic Devices & Storage Corporation, NVIDIA Corporation, NEC Corporation, Advanced Micro Devices Inc., Texas Instruments Incorporated, MediaTek Inc., STMicroelectronics NV, Infineon Technologies AG, NXP Semiconductors NV, Analog Devices Inc. (ADI), Renesas Electronics Corporation, ON Semiconductor Corporation, Microchip Technology Inc., Marvell Technology Inc., Cadence Design Systems Inc., Cypress Semiconductor Corporation, Himax Technologies Inc., Nordic Semiconductor ASA, Lattice Semiconductor Corporation, Faraday Technology Corporation, Ambarella Inc., Telechips Inc., Infotmic Co. Ltd., Fujitsu Semiconductor Limited, Hyundai Autron Co. Ltd.
Market Drivers:
Increasing demand for electric vehicles across the world is expected to propel the automotive SoC market's growth going forward. Electric vehicles are vehicles that are powered fully on electric power or partially powered and operate on an electric engine instead of a conventional combustion engine. Automotive SoCs are used in electric cars to make them efficient, interactive, and safe, so an increase in electric vehicles will be required to propel market growth. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric cars (including fully electric and plug-in hybrids) had doubled in 2021 to set a record of 6.6 million, and the number of electric cars on the world's roads by the end of 2021 was about 16.5 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing demand for electric vehicles is driving the growth of the automotive SoC market.
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https://www.thebusinessresearchcompany.com/report/automotive-soc-global-market-report
The automotive SoC market covered in this report is segmented -
1) By Offerings: Hardware, Software, Services
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Application: Infotainment System SOCs, Advanced Driver Assistance Systems (ADAS), Intelligent Transport System, In-Vehicle Networking System, Connected Vehicle Platform
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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