Automotive Chip Industry to Generate $121.3 Billion, Globally, by 2031 at 9.6% Compound Annual Growth Rate: Allied Market Research

The global automotive chip market is driven by factors such as an increase in demand for advanced driving assistance systems (ADAS), a rise in demand for electric vehicles, and a surge in demand for autonomous driving.  

PORTLAND, Ore., Oct. 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Chip Market by Component (processor, analog IC, discrete power, sensor, memory, others), by Vehicle type (passenger car, light commercial vehicle, heavy commercial vehicle), by Application (powertrain, body electronics, safety systems, chassis, telematics & infotainment systems), by Propulsion Type (ICE vehicles, electric vehicles): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global automotive chip industry generated $49.8 billion in 2021 and is anticipated to generate $121.3 billion by 2031, witnessing a CAGR of 9.6% from 2023 to 2032.  

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Automotive chips, also referred to as automotive semiconductors or microcontrollers, are integrated circuits (ICs) specifically designed for automotive applications. Automotive chips are essential components of modern automotive systems, enabling the control and management of a variety of functions within a vehicle. 

 Prime Determinants of Growth: 

The global automotive chip market is driven by factors such as an increase in demand for advanced driving assistance systems (ADAS), a rise in demand for electric vehicles, and a surge in demand for autonomous driving. However, the complexity of design and high manufacturing costs are hampering the automotive chip market growth. On the contrary, increased focus on cyber security, and an increase in demand for connected cars are expected to offer remunerative opportunities for expansion of the automotive chip market during the forecast period. 

Leading Market Players in Automotive Chip Industry: - 

• Analog Devices, Inc. 
• Infineon Technologies AG 
• NVIDIA Corporation 
• NXP Semiconductors 
• Renesas Electronics Corporation 
• Robert Bosch GmbH 
• ROHM CO. 
• LTD, STMICRO Electronics 
• Texas Instruments Incorporated 
• TOSHIBA CORPORATION 

The report provides a detailed analysis of these key players in the global automotive chip market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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Car Chip Industry Report Coverage & Details: 

COVID-19 Scenario: 

• Due to the COVID-19 pandemic and the subsequent global lockdowns, the automotive chip market faced a downturn. 
• However, as the global situation has recovered, the demand has increased for EVs and ADAS-equipped vehicles which require automotive chip manufacturers to increase their production capacity and invest in new technologies to meet the growing demand for advanced automotive chips. 

The microcontrollers segment to maintain its leadership status throughout the forecast period 

Based on product, the microcontrollers segment held the highest market share in 2021, accounting for more than one-fourth of the global automotive chip market revenue, and is expected to maintain its leadership status throughout the forecast period. Due to the increase in demand for electric and autonomous vehicles, which require more advanced sensor technologies for functions such as battery management and perception systems is another factor driving the growth of sensor chips in the automotive chip market. However, the sensor segment is projected to manifest the highest CAGR of 11.3% from 2022 to 2031. This is due to the surge in awareness of environmental issues is driving the demand for sensor chips in the automotive chip industry. 

The safety systems segment to maintain its leadership status throughout the forecast period- 

Based on application, the safety systems segment held the highest market share in 2021, accounting for more than one-fourth of the global automotive chip market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment would also display the fastest CAGR of 10.5% during the forecast period. Safety systems manufacturers are utilizing advanced semiconductor technologies such as radar, LIDAR, and image sensors, as well as high-performance microcontrollers and processors to meet the stringent safety requirements of the automotive chip industry.  

The ICE vehicles segment to maintain its lead position during the forecast period- 

Based on propulsion type, the ICE vehicles segment accounted for the largest share in 2021, contributing to around four-fifths of the global automotive chip market revenue, and is projected to maintain the lead position during the forecast period. owing to the rise in awareness of zero emission and carbon neutrality, and the implementation of these objective in the vehicle regulation around the globe. Moreover, the electric vehicles segment is projected to manifest the highest CAGR of 16.3% from 2022 to 2031. This is owing to a rise in the government's incentives and subsidies to encourage the adoption of EVs as a part of their efforts to reduce carbon emissions and combat climate change. 

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Asia Pacific to maintain its dominance by 2031- 

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global automotive chip market revenue. Due to rise in the adoption of advanced driver assistance systems (ADAS) and electric vehicles. On the other hand, the Asia-Pacific region is projected to maintain its dominance during the forecast period. The same region would also portray the highest CAGR of 11.4% from 2022 to 2031, This is due to the increase in demand for electric and autonomous vehicles, as well as the developments in the automotive industry in this region.

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