The global Automotive Chip Market size is expected to reach USD 56.24 billion by 2025, according to a study conducted by Grand View Research, Inc., exhibiting a CAGR of 10.7% during the forecast period. Rising awareness regarding energy-efficient lighting systems and burgeoning sales of luxury vehicles equipped with navigation and infotainment systems are creating an upswing in the demand for automotive chips.
Spiraling demand for commercial and passenger vehicles
is driving the automotive chip market. Automotive chip enhances a vehicle’s
security system and in-vehicle infotainment system. It also ensures the safety
and comfort of occupants including the driver. For instance, the SYNC
technology of Ford enables the driver to make hands-free phone calls and lets
them control the entire navigation and infotainment system using their voice.
These benefits are expected to stoke the growth of the market. However, complex
and expensive technology and network challenges in developing economies are
estimated to hinder the growth of the market over the forecast period.
In the North America region, the automotive chip
market is likely to expand at a CAGR of 9.2% over the forecast period.
Prominent vendors in the market include Microchip Technology Inc.; Texas
Instruments Incorporated; Robert Bosch GmbH; NXP Semiconductors; and Infineon
Technologies AG.
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Market Report
Automotive Chip Market Report Highlights
- Soaring
demand for connectivity and safety features is one of the key trends
boosting the market growth
- The
passenger car vehicle type segment is anticipated to emerge as the
fastest-growing segment owing to the burgeoning demand for SUVs
- On
the basis of application, the body electronics segment is poised to hold a
prominent position in the market throughout the forecast period due to
increasing digitization of vehicles and rising awareness among individuals
regarding vehicle electronic accessories
- The
safety application type segment is likely to post the highest CAGR during
the same period due to the continuous strengthening of vehicle safety
standards
- Some
of the key companies in the market are Microchip Technology Inc.; Texas
Instruments Incorporated; Robert Bosch GmbH; NXP Semiconductors; and
Infineon Technologies AG.
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