According to the report published by The Brainy Insights, the global automotive chip market is projected to grow from USD 21.81 Billion in 2020 to USD 60.82 Billion by 2030, at a CAGR of 10.8% during the forecast period 2021-2030. Asia Pacific region emerged as the largest market for the global automotive chip market with a 34.8% share of the market revenue in 2020. This is because of an increase in the number of significant firms operating in nations such as China, Japan, and India. Due to the growing number of luxury automobile manufacturers such as BMW, AUDI, and Porsche, Europe held the second-largest share of the worldwide market.
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Automotive Chip Market Size by Component Type, Vehicle Type, Application Type, Regions, and Forecast 2021 to 2030
Leading companies in the industry include Infineon Technologies AG, Microchip Technology Incorporated, Micron Technology, Inc., NVIDIA CORPORATION, NXP Semiconductors, Robert Bosch GmbH, STMicroelectronics N.V. and Texas Instruments Incorporated among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The component type segment is divided into logic ICs, microcontrollers & microprocessors, analog ICs, memory. Due to rising sales of ultra-luxury cars, the logic ICs industry is predicted to achieve a significant valuation by 2030. Drivers may use their voice to operate the whole navigation and infotainment system due to automotive chips. They have ensured that mobility and connectivity are improved. The vehicle type segment of automotive chip market is divided into commercial vehicles, passenger vehicles. The passenger vehicles segment led the market with a market share of 71.5% in 2020. All personal use transport vehicles, such as sedans, luxury vehicles & SUVs are classified as passenger vehicles and are typically designed for the seating of five individuals. Throughout the forecast period, there will be a stronger demand for this vehicle type. The application type segment of automotive chip market is divided into powertrain, chassis, safety, body electronics, telematics & infotainment. Over the forecasted period, the safety application segment is expected to grow at the fastest rate. This increase can be ascribed to the growing awareness of safety and security while driving among the millennial population. Furthermore, the growing number of rules and regulations aimed at assuring vehicle safety standards is likely to fuel market demand.
The demand for passenger automobiles has increased in line with the expansion in vehicle production. This is one of the primary factors propelling the automotive chip industry forward. The need for engine control units (ECU) in automobiles has been steadily increasing as the requirement for vehicle safety has grown. As the number of electric and hybrid cars on the road grows, so does the use of automotive chips in these vehicles.