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Automotive SoC Market Share, Opportunities Analysis, Recent Trends, Regional Growth And Outlook By 2033
Automotive SoC Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovations are a key trend gaining popularity in the automotive SoC market. Major companies operating in the automotive SoC market are focused on developing new technological solutions to strengthen their position in the market. For instance, in January 2023, Qualcomm Technologies Inc., a US-based semiconductor company, launched the Snapdragon Ride Flex, the automotive industry's first scalable family of SoCs. It is uniquely designed to support the digital cockpit and advanced driver assistance systems simultaneously. It comes pre-integrated with the Snapdragon Ride Vision stack, and its hardware and software were jointly built for computer vision, artificial intelligence, and efficient power consumption for the best performance in a mixed-criticality scenario.
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Major Key Players of the Market:
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.
Automotive SoC Market 2024 Key Insights:
• 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%.
• Electric Vehicle Surge Fuels Accelerated Growth In The Automotive System-On-Chip (SoC) Market
• Revolutionizing The Automotive SoC Market With Innovative Solutions
• Asia-Pacific was the largest region in the automotive SoC market in 2023
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