Article written by: Allied Market Research
The global automotive chip industry is expected to generate $121.3 billion by 2031, according to Allied Market Research.
The global automotive chip industry was born $49.8 billion In 2021 it is expected to be generated $121.3 billion By 2031, we see a compound annual growth rate (CAGR) of 9.6% from 2023 to 2032, according to a new report from industry analyst Allied Market Research.
The global automotive chipset market is based on factors such as increasing demand for advanced driving assistance systems (ADAS), increasing demand for electric vehicles (EV), and increasing demand for autonomous driving. However, design complexity and high manufacturing costs are hindering the growth of the automotive chip market. On the contrary, increasing focus on cybersecurity and increasing demand for connected cars are expected to provide lucrative expansion opportunities in the automotive chipset market over the forecast period.
Impact of COVID-19
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The automotive chip market faced a downturn due to the COVID-19 pandemic and subsequent global lockdowns. However, as the global situation recovers, the demand for electric vehicles and vehicles equipped with advanced driver assistance systems has increased, requiring automotive chip manufacturers to increase their production capacity and invest in new technologies to meet the growing demand for advanced automotive chips.
MCU sector to maintain driving status throughout forecast period
Based on product, the microcontroller segment accounted for the highest market share in 2021, accounting for more than a quarter of the global automotive chipset market revenue, and is expected to maintain its leadership position throughout the forecast period. Due to the increasing demand for electric cars and autonomous vehicles, which require more advanced sensor technologies for functions such as battery management and perception systems, is another factor driving the growth of sensor chips in the automotive chip market.
However, the sensors sector is expected to register the highest CAGR of 11.3% from 2022 to 2031. This is due to increasing awareness of environmental issues driving the demand for sensor chips in the automotive chip industry.
Based on application, the safety systems segment accounted for the highest market share in 2021, accounting for more than a quarter of the global automotive chipset market revenue and is expected to maintain its leadership position throughout the forecast period. The same sector will also exhibit the fastest CAGR of 10.5% during the forecast period. Safety system manufacturers use advanced semiconductor technologies such as radar, LIDAR, and image sensors, as well as high-performance microcontrollers and processors to meet the stringent safety requirements of the automotive chip industry.
Based on propulsion type, the ICE vehicle segment accounted for the largest share in 2021, contributing around four-fifths of the global automotive chip market revenue, and is expected to maintain its leading position during the forecast period. Due to the rising awareness of zero emissions and carbon neutrality, and the implementation of these goals in vehicle regulation around the world.
Moreover, the EV sector is expected to record the highest CAGR of 16.3% from 2022 to 2031. This is due to increased government incentives and subsidies to encourage the adoption of EVs as part of its efforts to reduce carbon emissions and combat climate change.
The Asia-Pacific region will maintain its dominance by 2031
From a regional perspective, north america It accounted for the highest market share by revenue in 2021, accounting for nearly one-third of the global automotive chipset market revenue.
On the other hand, the Asia Pacific The region is expected to maintain its dominance during the forecast period. The region itself will also see the highest compound annual growth rate of 11.4% from 2022 to 2031. This is due to increasing demand for electric cars and autonomous vehicles, as well as developments in the automotive industry in the region.
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