Automotive Chips Market to Witness CAGR of 10% (2022-2028) Due to Need for vehicle safety and demand for engine control unit| UnivDatos Market Insights

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NOIDA, India, Nov. 1, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Automotive Chips Market is expected to reach at 112.4 billion in 2028, growing at a CAGR of 10% from 2022-2028. The analysis has been segmented into Component Type (Logic ICs, Analog ICs, Microcontrollers & Microprocessors, and Memory); Application Type (Chassis, Powertrain, Safety, Telematics & Infotainment, and Body Electronics); Vehicle Type (Passenger Vehicle and Commercial Vehicle); Regions and Country.

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The Automotive Chips market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automotive Chips market. The Automotive Chips market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Automotive Chips market at the global and regional levels.

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Market Overview

Automotive chips market is expected to witness significant growth during the forecast period owing to the demand for advance electronic systems in vehicles pertaining to enhanced safety and comfort needs of consumers. Furthermore, the rising adoption of electric vehicles is also driving the demand for chips. China is estimated to produce more than 13 million battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) by the end of FY2023, more than any other country globally. Hence, growing sales of EVs and PHEVs would increase the overall demand for software and electronic component in the Automotive sector.

Some of the major players operating in the market include Robert Bosch GmbH, Microchip Technology Incorporated, Texas Instruments Incorporated, NXP Semiconductors, Infineon Technologies AG, Micron Technology Inc., NVIDIA CORPORATION, STMicroelectronics N.V., Renesas Electronics Corporation, and Maxim Integrated Products Inc.

COVID-19 Impact

The ongoing COVID-19 pandemic across the world have had a tremendous impact on different spectra of society, the market for Automotive Chips no less. Returning to some likeness of normalcy depends on continued safety measures, effective diagnostic testing, and widespread vaccination. COVID-19 has caused widely documented supply chain and logistics disruptions across industries, including those in the Automotive Chips industry, which have been exacerbated during the latter portion of fiscal 2020. The pandemic prevention measures have disrupted production. Various production factors were restricted due to the pandemic prevention and control measures. Measures such as personnel isolation, and flight and port restrictions have suspended the production of chip enterprises, resulting in passive reduced production capacity and shipments.

• Based on component type, logic ICs, analog ICs, microcontrollers & microprocessors, and memory. The microcontrollers & microprocessors category is expected to witness significant growth during the forecast period. Major automotive manufacturers globally are leveraging autonomous driving systems to provide a seamless experience to automobile users. Furthermore, owing to the recent evolution of the connected, autonomous, and semi-autonomous vehicle ecosystem, top automakers globally are prioritizing the safety and security concerns associated with automotive electronic systems.
• Based on application type, the market is bifurcated into chassis, powertrain, safety, telematics & infotainment, and body electronics. The telematics and infotainment category generated significant revenue owing to the emergence of integrated telematics in vehicles coupled with policies for driver safety, the increasing need for risk management and the rising importance of smartphones. Furthermore, automotive telematics offer improvements in road safety and driving behavior and is likely to streamline insurance premiums in tune with usage-based insurance.

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Automotive Chips Market Geographical Segmentation Includes:

• North America (United States, Canada, and the Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World

APAC grabbed the highest market share in the global automotive chips market in 2020, and it is expected to grow with a considerable CAGR during the forecast period. This can be mainly attributed to the growing working population and expanding middle-class population thus creating demand for new-age vehicles. Furthermore, the rising presence of a large pool of skilled & semi-skilled workforce and cost-effective manufacturing in countries like India and China, are further driving the market demand.

The major players targeting the market include

• Robert Bosch GmbH
• Microchip Technology Incorporated
• Texas Instruments Incorporated
• NXP Semiconductors
• Infineon Technologies AG
• Micron Technology Inc.
• NVIDIA CORPORATION
• STMicroelectronics N.V.
• Renesas Electronics Corporation
• Maxim Integrated Products Inc

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive Chips Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Automotive Chips market?
• Which factors are influencing the Automotive Chips market over the forecast period?
• What are the global challenges, threats, and risks in the Automotive Chips market?
• Which factors are propelling and restraining the Automotive Chips market?
• What are the demanding global regions of the Automotive Chips market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Automotive Chips Market Report Coverage

About UnivDatos Market Insights (UMI)

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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