Automotive Chips Market: Current Analysis and Forecast (2021-2027)

Automotive Chips Market: Current Analysis and Forecast (2021-2027)

Automotive Chips Market is anticipated display a CAGR of around 10% over the forecast period (2021-2027). Increasing vehicle production, which in turn, is leading to the rise in demand for automotive chips coupled with rising trend of vehicle electrification and growing demand for advanced safety, convenience, and comfort systems are some of the key factors driving the growth of automotive chips market.

The COVID-19 pandemic have had a severe impact on the entire automotive industry. This has resulted in disruptions in the supply of automotive components due to lockdowns imposed by governments. This scenario negatively affected the automotive chips market, as the growth of this market is directly related to the production of vehicles. Moreover, the huge increase in demand for computers, mobile phones and other consumer electronics during the COVID-19 pandemic surpassed the availability of semiconductors, making them very scarce. On top of that, supply chains are still being disrupted by national bottlenecks and coronavirus-related restrictions in factories that produce microchips.

Insights Presented in the Report

“Amongst Component Type, Microcontrollers & microprocessors category to witness significant growth during the forecast perriod”

Based on component type, the market is categorized into logic ICs, analog ICs, microcontrollers & microprocessors, and memory. Microcontrollers & microprocessors category is expected to witness significant growth during the forecast period. Microcontrollers in automobiles are present in large equipment to small devices and are used to manage air conditioners, power windows, braking, headlights, and steering. Thus, with continuous research & development and launch of technologically advanced systems by automotive OEMs is to provide a boost to the market during 2021–2027.

“Amongst Vehicle Type, Passenger vehicles category held largest market share in 2020 ”

Based on vehicle type, the market is bifurcated into passenger vehicle and commercial vehicle. Owing to high production volume the passenger vehicle segment dominate the market and is expected to maintain its dominance throughout the forecast period. Furthermore, major automotive OEMs have become more competitive in terms of offering advance products and systems in vehicles. In addition, OEMs are focusing on providing enhanced fuel systems with advance electronics to comply with emissions norms and other regulations across different countries.

“Asia-Pacific will Dominate the Market During the Forecast Period”

For a better understanding of the market adoption of Automotive Chips, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of World. In 2020, APAC region held the highest market share in the global Automotive Chips market. Some of the major players operating in the market 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.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry