Press Release Description

Global Automotive Chipset Market to Record a Substantial CAGR of Around 12.5% During 2024-30

The Global Automotive Chipset Market is projected to grow at a CAGR of 12.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market has witnessed substantial growth, primarily fueled by the increasing demand for connected cars and electric vehicles (EVs). This surge has been propelled by the automotive industry's transition towards interconnected vehicles and EVs, necessitating advanced semiconductor components to enable various functionalities such as safety features, entertainment systems, and autonomous driving capabilities.

Additionally, the proliferation of Advanced Driver Assistance Systems (ADAS) has heightened the requirement for sensors, processors, and other semiconductor components. Further, the automotive industry is experiencing the adoption of electric vehicles driven by environmental concerns, government regulations promoting clean energy, and advancements in battery technology. As more EVs are being produced, there is a corresponding increase in the demand for semiconductor chips.

Global Automotive Chipset Market

Moreover, the automotive sector's shift towards electrification & automation has been driving increased demand for automotive chipsets. Autonomous vehicles rely on sophisticated sensors, processors, and communication systems for real-time environmental observation and decision-making. Nevertheless, major players in the automotive chip market, such as NXP Semiconductors, Infineon Technologies, and Renesas Electronics, are heavily investing in R&D to meet the growing demand for connected and electric vehicles with state-of-the-art semiconductor components, further states the research report, “Global Automotive Chipset Market Analysis, 2024.”

Global Automotive Chipset Market Segmentation Analysis

Analog Integrated Circuits (ICs) Segment to Lead the Global Automotive Chipset Market Growth

Based on product type the market is categorized into Analog ICs, Logic ICs, Microcontrollers, and Others (Memory ICs, Interface ICs, etc.). The automotive market has been predominantly influenced by the dominance of the analog integrated circuits (ICs) segment, which owed its prominence to its widespread use in various automotive applications such as power management, audio systems, and driver assistance systems.

A key factor driving the robust growth of the analog ICs market was the increasing demand for advanced power management solutions, specifically designed for electric and hybrid vehicles. This heightened demand was further bolstered by the prevailing trend of integrating multiple functionalities onto a single chip, thereby improving efficiency and compactness in automotive electronic systems.

Asia-Pacific to Dominate the Automotive Chipset Market Expansion

Asia-Pacific to leads the Automotive Chip Market, driven by the strong presence of major automakers in countries like China, South Korea, and Japan. The region's dominance has been attributed to several factors, including the increasing demand for electric vehicles and advanced driver assistance systems (ADAS). This heightened demand has been bolstered by government initiatives aimed at promoting electric vehicle adoption and enhancing vehicle safety through ADAS technologies, contributing to the growth of the automotive chip market in the region. Additionally, Asia-Pacific has experienced a notable increase in vehicle production, further propelling the expansion of the automotive chip industry throughout the area.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including NXP Semiconductors, Analog Devices, Inc., Renesas Electronics Corporation, Toshiba Corporation, Robert Bosch GmbH, ROHM Co., Ltd., Infineon Technologies AG, Texas Instruments Incorporated, STMicroelectronics, Samsung Electronics, NVIDIA Corporation, Intel Corporation, Qualcomm Technologies, Inc., Microchip Technology, Inc., SK Hynix Inc., etc., are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Automotive Chipset Market?
  3. What key factors would propel and impede the industry across the various regions?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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